JANJIVHALA SAHAKARI PATSANSTHA MARYADIT, MUMBAI V. ITO 15(2)(1), MUMBAI

ITA 332/MUM/2015

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 2803 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 5 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-06-2016
• Appeal Filed By: Assessee
• Bench Allotted: SMC
• Next Hearing Date: 30-06-2016
• Assessment Year: 2010-2011
• Appeal Filed On: 13-01-2015
• Court: TRIBUNAL
• Department Lawyers: AJAY
• Assessee Lawyers: PRIYANKA JADHAV
• Keywords: Opportunity of being heard; Principle of natural justice

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL SMC BENCH, MUMBAI BEFORE SHRI D. KARUNAKARA RAO, ACCOUNTANT MEMBER I.T.A. NO.332/M/2015 (ASSESSMENT YEAR: 2010 - 2011 ) JANJIVHALA SAHAKARI PATSANSTHA MARYADIT, D - 16, JOKHIM MENDOSA CHAWL, INDIRA NAGAR, KANJURMARG EAST, MUMBAI 400 042. / VS. INCOME TAX OFFICER - 15(2) - 1, MATRU MANDIR, MUMBAI. ./ PAN : AAATJ5979M ( / APPELLANT) .. ( / RESPONDENT ) / APPELLANT BY : MS. PRIYANKA JADHAV / RESPONDENT BY : SHRI AJAY, DR / DATE OF HEARING : 30.06.2016 / DATE OF PRONOUNCEMENT : 30.06.2016 / O R D E R PER D. KARUNAKARA RAO, AM: THIS APPEAL FILED BY THE ASSESSEE ON 30.1.2015 IS AGAINST THE ORDER OF THE CIT (A) - 26, MUMBAI DATED 20.10.2014 FOR THE ASSESSMENT YEAR 2010 - 2011. 2. THE ONLY ISSUE RAISED IN THIS APPEAL RELATES TO THE PROPER HEAD OF INCOME FOR TAXING THE INTEREST RECEIPT S EARNED BY THE SOCIETY FROM THE BANKS / SOCIETIES WHERE THE FUNDS ARE PARKED EITHER UNDER THE STATUTORY OBLIGATION OR OTHERWISE. AT THE OUTSET, LD COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE CIT (A) DECIDED TO CONFIRM THE TAXABILITY OF INTEREST RECEIPTS UNDER THE HEAD INCOME FROM OTHER SOURCES IN VIEW OF THE ABSENCE OF PRECEDENT AT THE RELEVANT POINT OF TIME ON THIS ISSUE. IN THIS REGARD, LD COUNSEL FOR THE ASSESSEE FILED A COPY OF THE ORDER OF THE TRIBUNAL IN THE CASE OF M/S. JAOLI TALUKA SAHAKARI VS. I TO IN ITA NO.6627/M/2014 (AY 2010 - 2011), DATED 10.8.2015 AND SUBMITTED THAT THE ASSESSEE WILL GET RELIEF IF THE RATIO OF THE SAID DECISION OF THE TRIBUNAL (SMC BENCH) IS EXAMINED AND APPLIED TO THE INSTANCE CASE. 2 3. BEFORE ME, LD REPRESENTATIVES OF BOTH TH E PARTIES FAIRLY SUBMITTED THAT THE ISSUE RAISED IN GROUND NO.1 MAY BE REMANDED FOR FRESH ADJUDICATION IN TUNE WITH THE ABOVE CITED DECISION OF THE TRIBUNAL. 4. AFTER HEARING BOTH THE PARTIES AND ON PERUSAL OF THE CITED DECISION OF THE TRIBUNAL (SUPRA) DAT ED 10.8.205, I FIND, THE SAME IS RELEVANT TO THE ISSUE UNDER CONSIDERATION. THEREFORE, I REMAND THE MATTER TO THE FILE OF THE CIT (A) FOR EXAMINING THE FACTS OF THE PRESENT CASE WITH THAT OF THE ONE CITED ABOVE (SUPRA) AND APPLY THE RATIO OF THE SAID DECI SION. ASSESSEE SHALL BE GIVEN A REASONABLE OPPORTUNITY OF BEING HEARD TO THE ASSESSEE AS PER THE SET PRINCIPLES OF NATURAL JUSTICE. I ORDER ACCORDINGLY. 5. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 30 TH JUNE, 2016. SD/ - (D. KARUNAKARA RAO) ACCOUNTANT MEMBER MUMBAI ; 30 .6.2016 . . ./ OKK , SR. PS / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) - 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE . //TRUE COPY// / BY ORDER, / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI