OBEROI WOODS OPERATIVE HOUSING SOCIETY LTD ,MUMBAI vs. INCOME TAX OFFICER CIRCLE 26(1), MUMBAI
Income Tax Appellate Tribunal, MUMBAI BENCH “C”, MUMBAI
Before: SHRI SANDEEP GOSAIN & SHI OMKARESHWAR CHIDARAOberoi Woods Co-operative Housing Society Ltd, B-Wing, Obseroi Woods Co-operative Housing Society, Mohan Gokhale Marg, Off Western Express Highway, Goregaon East, Mumbai-400 063 PAN : AAAA01714E vs The Income Tax Office Circle-26(1), Mumbai, Kautilya Bhavan, BKC, Bandra, Mumbai-400 051 APPELLANT
Per SANDEEP GOSAIN (JM) :
At the very outset we notice that assessee was exparte before Ld.CIT(A) and in this regard it has been argued by the Ld.AR that the Ld.CIT(A) erred in confirming the action of the Ld.AO in disallowing deduction under section 2
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Oberoi Woods cooperative Housing Society Ltd
80P(2)(d) of the Act in respect of interest received by the assessee from bank deposits from co-operative banks.
2. On the other hand, the Ld.DR relied on the orders passed by the revenue authorities.
4. After having heard both the parties and on perusal of the materials on record as well as orders passed by the revenue authorities and without going into the merits of the allegations and counter allegations, the Bench is of the view that the interest of justice would be met only if the issues between the parties are decided on merits after providing fair opportunity of hearing.
5. Be that as it may, keeping in view the above position in mind, we are inclined to provide one more opportunity to the assessee to prove its case before the revenue authorities. Therefore, the present appeal is restored to the file of the CIT(A) for fresh adjudication by providing reasonable opportunity of hearing to the parties. The assessee shall not seek any adjournment on frivolous grounds and will remain co-operative during the course of proceedings.
6. Before parting, we make it clear that our decision to restore the matter back to the file of the CIT(A) shall in no way be construed as having any reflection or expression on the merits of the dispute, which shall be adjudicated by the CIT(E) independently in accordance with law.
7. In the result, appeal is allowed for statistical purpose.
Order pronounced in the open court on 22nd day of April, 2025. (OMKARESHWAR CHIDARA)
JUDICIAL MEMBER
Mumbai, दिन ांक/Dated: 22/04/2025
Pavanan
3
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Oberoi Woods cooperative Housing Society Ltd
Copy of the Order forwarded to:
अपील र्थी/The Appellant , 2. प्रदिव िी/ The Respondent. 3. आयकर आयुक्त CIT 4. दवभ गीय प्रदिदनदि, आय.अपी.अदि., मुबांई/DR, ITAT, Mumbai 5. ग र्ड फ इल/Guard file.
BY ORDER,
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(Asstt.