SOCIAL CLUB AND KREEDA BHAVAN,BELGAVI vs. ITO, WARD - 2(1), BELGAVI

In the result, appeal of the assessee is partly allowed

Bench: Shri Laliet Kumar, Jm & Dr. Mitha Lal Meena, Am Social Club & Kreeda Bhavan, Vs Ito, Ward-2(1), Belagavi College Road, Belagavi-590002 Pan No.Aacas 6996 A (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. यनधााररती की ओर से /Assessee By : Shri B.B.Chandargi, Ca राजस्व की ओर से /Revenue By : Shri Sourabh Nayak, Sr.Dr सुनवाई की तारीख / Date Of Hearing : 07/10/2021 घोषणा की तारीख/Date Of Pronouncement : 07/10/2021 आदेश / O R D E R Per Bench : This An Appeal Filed By The Revenue Against The Order Passed By The Cit(A), Gulbarga, Dated 19.10.2017 For The Assessment Year 2013- 2013, On The Following Grounds :- 1. The Learned Commissioner Of Income Tax (Appeals), Belgaum Has Erred In Upholding The Order Assessing Officer Disallowing Expenses Under The Head Business Or Profession Even Though Income Is Exempted As Mutual Concern By The Assessing Officer. This Is Opposed To Law & Facts Of The Case.

40a(ia) and 43B of Income Tax Act 1961 which are applicable to expenses relating to Business or Profession. 3. The learned Commissioner of Income Tax (Appeals), Kalburgi has erred in not appreciating the fact that AO has assessed the Income of the Assessee as Mutual concern 2 and not taxed the surplus arising among dealing from Members but disallowed