M/s. B.D. Gupta & Sons, New Delhi V. ITO, New Delhi

ITA 5643/DEL/2014

• Counselvise Citation: 564320114 RSA 2014
• Duration Of Justice: 9 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-07-2015
• Appeal Filed By: Assessee
• Bench Allotted: SMC 1
• Next Hearing Date: 30-07-2015
• Assessment Year: 2001-2002
• Appeal Filed On: 20-10-2014
• Court: TRIBUNAL
• Department Lawyers: OM PRAKASH MEENA
• Assessee Lawyers: M P RASTOGI; LALITHA KRISHNAMURTHY
• Keywords: Business income

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : SMC-I : NEW DELHI BEFORE SHRI R.S. SYAL, ACCOUNTANT MEMBER ITA NOS.5637 TO 5643/DEL/2014 ASSESSMENT YEARS : 1993-94 TO 1998-99 & 2001-02 B.D. GUPTA & SONS, 26, SCHOOL LANE, BANGALI MARKET, NEW DELHI. PAN : AADHB5998K VS. ITO, WARD-31(2), NEW DELHI. (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI M.P. RASTOGI, ADVOCATE & MS LALITHA KRISHNAMURTHY , CA DEPARTMENT BY: SHRI OM PRAKASH MEENA, SR.DR DATE OF HEARING : 30.07.2015 DATE OF PRONOUNCEMENT : 31.07.2015 ORDER THESE APPEALS FILED BY THE ASSESSEE RELATE TO ASSES SMENT YEARS 1993- 94 TO 1998-99 & 2001-02. THE ASSESSEE IN ALL THESE APPEALS IS AGGRIEVED AGAINST THE INCLUSION OF BUSINESS INCOME AND INTERE ST INCOME IN ITS HANDS. ITA NOS.5637 TO 5643/DEL/2014 2 2. THESE APPEALS WERE HEARD ALONG WITH THE APPEAL F OR THE A.Y. 1992-93. IN FACT, BOTH THE SIDES SIMPLY ARGUED FOR THE A.Y. 1992-93 AND THEN ADOPTED THEIR RESPECTIVE ARGUMENTS FOR THE YEARS UNDER CONS IDERATION. I HAVE PASSED A SEPARATE ORDER IN ITA NO.5636/DEL/2014 FOR THE AS SESSMENT YEAR 1992-93 DIRECTING THAT BUSINESS AND INTEREST INCOME BE EXCL UDED FROM THE TOTAL INCOME OF THE ASSESSEE HUF AND, SIMULTANEOUSLY, DIR ECTIONS HAVE BEEN GIVEN TO THE AO FOR TAXING THE INCOME FROM THE ESTA TE OF SHRI B.D. GUPTA IN TERMS OF SECTION 168 OF THE ACT. BOTH THE SIDES ARE IN AGREEMENT THAT THE FACTS AND CIRCUMSTANCES OF THESE APPEALS ARE SIMILA R TO THOSE OF ASSESSMENT YEAR 1992-93. FOLLOWING MY SEPARATE ORDER PASSED F OR AY 1992-93, THE BUSINESS AND INTEREST INCOME ARE DIRECTED TO BE EXC LUDED FROM THE TOTAL INCOME OF THE ASSESSEE HUF AND AO IS DIRECTED TO TA X INCOME FROM THE ESTATE OF THE DECEASED AS PER SECTION 168 OF THE AC T. 3. IN THE RESULT, ALL THE APPEALS ARE DISPOSED OF I N ABOVE TERMS. THE DECISION WAS PRONOUNCED IN THE OPEN COURT ON 31 ST JULY, 2015. SD/- (R.S. SYAL) ACCOUNTANT M EMBER DATED: 31 ST JULY, 2015. ITA NOS.5637 TO 5643/DEL/2014 3 DK COPY FORWARDED TO 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR DY. REGISTRAR, ITAT, NEW DELHI