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7.2. Reliance in this connection is placed on decision of the Hon'ble High Court of Calcutta in the case of SAIL DSP VR Employees Association 1998 vs. Union of India (2003) 128 Taxman 704 (Calcutta) wherein the Hon'ble Court has observed as under:

"................ What is not otherwise taxable cannot become taxable because of admission of the assessee. Nor there can be any waiver of the right otherwise admissible to the assessee in law. The chargeability is not dependent on the admission of or waiver by the assessee. Chargeability is dependent on the charging section, which needs to be strictly construed. Referring to the decision in CIT vs. Bhaskar Mitter [1994] 73 Taxman 437 (Cal) at p. 442 (paragraph 8), we had occasion to so hold in the decision in Maynak Poddar (HUF) v. WTO [IT Appeal No. 84 of1998, dated 24-2-

I T A N o s . 1 6 3 1 &1 6 4 8 / K o l / 2 0 1 6 Assessment Year:2010-11 theHon'ble High Court of Calcutta in the case of SAIL DSP VR Employees Association 1998 vs. Union of India (2003) 128 Taxman 704 (Calcutta).

Therefore, we remit the issue back to the file of Assessing Officer to examine whether the interest and consultancy charges of Rs. 49,76,484/- is capital expenditure or revenue expenditure and adjudicate the issue in accordance with law. Statistical purposes, the appeal of the assessee is treated to be allowed.