ADDL. CIT, NEW DELHI vs. M/S. AGRICULTURE INSURANCE COMPANY OF INDIA PVT. LTD., NEW DELHI

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ITA 6647/DEL/2016Status: DisposedITAT Delhi05 April 2022AY 2008-092 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal, noting that the issue was already adjudicated in favour of the assessee in a subsequent assessment year, declined to interfere with the CIT(A)'s order. The appeal filed by the Revenue was dismissed.

What were the facts?

The Revenue appealed against the CIT(A)'s order which reversed an addition of Rs.9,01,83,000/- made by the AO on account of income from investment in a corpus fund. The assessee pointed out that an identical issue for a subsequent assessment year was decided in their favour by a co-ordinate bench.

What were the issues?

Whether the income earned from investment in a corpus fund is taxable. Whether the CIT(A) was justified in reversing the addition made by the AO on this account.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH “A” DELHI

Before: SHRI SAKTIJIT DEY & SHRI PRADIP KUMAR KEDIA

For Appellant: Shri Akash Singhal, CA

PER PRADIP KUMAR KEDIA, A.M.: The captioned appeal has been filed by the Revenue against the order of the Commissioner of Income Tax (Appeals)-I, New Delhi [‘CIT(A)’ in short], dated 06.10.2016 arising from the assessment order dated 28.12.2015 passed by the Assessing Officer (AO) under Section 143(3) r.w. Section 147 of the Income Tax Act, 1961 (the Act) concerning AY 2008-09.

2.

As per its grounds of appeal, the Revenue has challenged the reversal of addition of Rs.9,01,83,000/- by the CIT(A) on account of income earned from investment in corpus fund.

1.

3. When the matter was called for hearing, the ld. counsel for the assessee pointed out that identical issue was subject matter of challenge in assessee’s own case in relevant to Assessment Year 2012-13 wherein the action of the First Appellate Authority towards reversal of such addition was endorsed by the Co-ordinate Bench.

4.

Ld. DR for the Revenue did not offer any comment but relied upon the assessment order.

5.

In the wake of the fact that issue has been already adjudicated in favour of the assessee in subsequent Assessment Year 2012-13, there is no occasion for us to delve into issue afresh. Consequently, we decline to interfere with the order of the CIT(A).

6.

In the result, the appeal of the Revenue is dismissed.

Order pronounced in the open Court on 05/04/2022.

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