M/S. BHOLASONS ENTERPRISES,NEW DELHI vs. ACIT, NEW DELHI

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ITA 1084/DEL/2015Status: DisposedITAT Delhi21 July 2016AY 2008-093 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal noted that a similar issue for a preceding assessment year was remitted back to the AO for fresh consideration. Following this precedent, the Tribunal set aside the impugned order and sent the matter back to the AO for a fresh decision.

What were the facts?

The assessee claimed deduction under Section 10B for interest income, which was assessed as 'Income from other sources' by the AO. The CIT(A) upheld this assessment. The assessee appealed this decision.

What were the issues?

Whether interest income, claimed by the assessee as business income eligible for deduction under Section 10B, should be treated as 'Income from other sources'.

Which sections of the Income-tax Act were involved?

Section 10B

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCHES : SMC-I : NEW DELHI

Before: SHRI R.S. SYAL

For Appellant: Shri R.S. Singhvi, CA
Hearing: 21.07.2016Pronounced: 21.07.2016

Date of Hearing : 21.07.2016 Date of Pronouncement : 21.07.2016 ORDER This appeal filed by the assessee is directed against the order passed by the CIT(A) on 20.01.2015 in relation to the assessment year 2008-09.

2.

The only issue raised in this appeal is against not allowing deduction u/s 10B in respect of interest of Rs.30,02,961/- assessed as ‘Income from other sources’ against the claim of the assessee being, the same from business.

3.

I have heard the rival submissions and perused the material on record. It is observed that similar issue came up for consideration before the Tribunal in the assessee’s own case for the immediately preceding assessment year, namely, 2007-08. Vide order dated 29.10.2010 in the Tribunal for the A.Y. 2007-08 ( sic 2006-07) has remitted the matter to the file of AO for fresh decision in the light of certain directions given in para 7 of its order. Since the facts and circumstances of the instant case are mutatis mutandis similar to those of the immediately preceding assessment year, respectfully following the precedent, I set aside the impugned order and send the matter back to the file of the AO for a fresh decision in conformity with the directions given by the Tribunal in its earlier order.

4.

In the result, the appeal is allowed for statistical purposes.

The order pronounced in the open court on 21.07.2016.

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