JOLLY MAKER 1 PREM CO-OP SOC LTD,MUMBAI CITY vs. ASSISTANT COMMISSIONER OF INCOME TAX 17(2), MUMBAI

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ITA 2826/MUM/2023Status: DisposedITAT Mumbai12 February 2024AY 2013-1413 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the CIT(A) had not properly considered the assessee's submissions and the judicial precedents, including orders from the Bombay High Court and ITAT in the assessee's own cases. Therefore, the issues were restored to the CIT(A) for fresh adjudication.

What were the facts?

The assessee, a cooperative society, had income from house property and interest income. The Assessing Officer (AO) assessed these incomes on a protective basis, considering them to belong to a trust for which the society was a trustee. The assessee argued that these incomes had consistently been assessed in its hands for many years.

What were the issues?

Whether income from house property and interest income should be assessed substantively in the hands of the cooperative society, and whether service charges and incidental expenses are allowable deductions.

Which sections of the Income-tax Act were involved?

Section 60,Section 80P,Section 250,Section 143(2),Section 148,Section 57,Section 24

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Cases cited in this judgment(1)Show list

Detected automatically from the text. The count shows how many other judgments on BharatTax rely on the same authority.

  • 396 ITR 274
    396 ITR 274
    4 citing

Income Tax Appellate Tribunal, “SMC” BENCH, MUMBAI

Before: SHRI NARENDER KUMAR CHOUDHRY & SHRI AMARJIT SINGH

Hearing: 12.12.2023Pronounced: 12.02.2024

आदेश की �ितिलिप अ�ेिषत/Copy of the Order forwarded to : अपीलाथ� / The Appellant 1. ��थ� / The Respondent. 2. आयकर आयु� / CIT 3. िवभागीय �ितिनिध, आयकर अपीलीय अिधकरण DR, ITAT, 4.

P a g e | 13 to 2828/Mum/2023 Jolly Maker 1 Premises Coop Society Ltd. Vs. ACIT-18(2)

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