RUPMATA MULTISTATE CO-OPERATIVE SOCIETY LTD.,OSMANABAD vs. INCOME TAX OSSICER, WARD-1, LATUR, LATUR

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ITA 320/PUN/2024Status: DisposedITAT Pune07 May 2024AY 2018-19Bench: SHRI R. K. PANDA (Vice President), SHRI VINAY BHAMORE (Judicial Member)5 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal condoned the delay in filing the appeal and restored the issue to the file of the CIT(A)/NFAC. The assessee was granted one final opportunity to substantiate its case with requisite details.

What were the facts?

The assessee, a co-operative credit society, declared nil taxable income after claiming deductions. The AO made an addition of Rs. 59,61,016/- on account of interest earned from investments, treating it as 'Income from other sources'. The CIT(A) dismissed the appeal for want of prosecution as the assessee failed to make submissions.

What were the issues?

Whether the interest earned by the assessee from investments should be treated as 'Income from other sources' and whether the assessee should be granted a final opportunity to present its case before the CIT(A) after failing to appear earlier.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 143(3A),Section 143(3B)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE BENCH “B”, PUNE

Before: SHRI R. K. PANDA & SHRI VINAY BHAMORE

For Appellant: Shri Pratik Sandhbhor
For Respondent: Shri Sourabh Nayak, Addl.CIT

आदेश की प्रतितिति अग्रेतिि/Copy of the Order is forwarded to:

1.

अपीलार्थी / The Appellant; 2. प्रत्यर्थी / The Respondent 3. The concerned Pr.CIT, Pune 4. DR, ITAT, ‘B’ Bench, Pune गार्ड फाईल / Guard file. 5. आदेशानुसार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अधिकरण ,पुणे / ITAT, Pune

S.No. Details Date Initials Designation 1 Draft dictated on 06.05.2024 Sr. PS/PS 2 Draft placed before author 06.05.2024 Sr. PS/PS Draft proposed & placed before the 3 JM/AM Second Member Draft discussed/approved by Second 4 AM/AM Member 5 Approved Draft comes to the Sr. PS/PS Sr. PS/PS 6 Kept for pronouncement on Sr. PS/PS 7 Date of uploading of Order Sr. PS/PS 8 File sent to Bench Clerk Sr. PS/PS Date on which the file goes to the Head 9 Clerk 10 Date on which file goes to the A.R. 11 Date of Dispatch of order

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