IILM Society, Uttar Pradesh V. JCIT, Noida

ITA 749/DEL/2015

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 5129 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 6 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-08-2017
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Next Hearing Date: 15-06-2017
• Assessment Year: 2009-2010
• Appeal Filed On: 06-02-2015
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: T VASANTHAN
• Assessee Lawyers: ANIL KANODIA; SANDEEP MITTAL
• Section: 12A; 12AA; 12

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES SMC: NEW DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER ITA.NO.749/DEL./2015 ASSESSMENT YEAR 2009-2010 IILM SOCIETY, PLOT NO.17 & 18, KNOWLEDGE PART-II, INSTITUTIONAL AREA, GREATER NOIDA, GAUTAM BUDHA NAGAR (U.P.) PAN AAAAI2038P VS. THE JCIT, RANGE-3, NOIDA. (APPELLANT) (RESPONDENT) FOR ASSESSEE : SHRI SANDEEP MITTAL, ADVOCATE & SHRI ANIL KANODIA, C.A. FOR REVENUE : SHRI T. VASANTHAN, SR. D.R. DATE OF HEARING : 09.08.2017 DATE OF PRONOUNCEMENT : 09.08.2017 ORDER THIS APPEAL BY ASSESSEE HAS BEEN DIRECTED AGAINST THE ORDER OF LD. CIT(A), NOIDA DATED 07.07.2014 FOR THE A .Y. 2009-2010. 2. BRIEFLY, THE FACTS OF THE CASE ARE THAT THE A.O. ASKE D THE ASSESSEE WHY THE INTEREST INCOME ON FDR WITH BANK SHOU LD NOT BE TAXED AS INCOME OF THE SOCIETY. THE A.O. NOTED THAT FDR HAS BEEN TAKEN BY THE ASSESSEE IN HIS NAME AND INTEREST HAS BEEN ALLOWED IN THE NAME OF THE ASSESSEE. THUS, THE INTEREST ON THE SAID FDR SHALL BELONG TO THE ASSESSEE. SINCE THE ASSESSEE HAS NOT SHOW N INTEREST INCOME OF RS.21,71,932 AS INCOME, THEREFORE, THE A.O . WAS OF THE VIEW THAT THE INTEREST INCOME HAS TO BE ADDED AS INCOME OF THE ASSESSEE. THE A.O. ALSO NOTED THAT SINCE THE ASSESSEE IS MAINTAIN ING BOOKS OF ACCOUNT ON MERCANTILE BASIS, THEREFORE, INTEREST HAS TO B E ADDED ON ACCRUAL BASIS. THE A.O. ACCORDINGLY, ADDED RS.21,71 ,932 TO THE INCOME OF THE ASSESSEE. THE ASSESSEE SUBMITTED BEFORE THE CIT( A) THAT IT HAS APPLIED FOR REGISTRATION UNDER SECTION 12AA OF THE I.T. ACT BEFORE CIT, 2 ITA.NO.749/DEL./2015 IILM SOCIETY, GREATER NOIDA, GAUTAM BUDHA NAGAR (U.P.) GHAZIABAD AND REGISTRATION ORDER IS NOT YET BEEN RECEI VED. THE LD. CIT(A) HOWEVER, DISMISSED THE APPEAL OF ASSESSEE. 3. THE LEARNED COUNSEL FOR THE ASSESSEE ON EARLIER DATES OF HEARING INTIMATED THAT REGISTRATION MATTER UNDER SECTION 12 AA IS PENDING BEFORE CIT. THE LEARNED COUNSEL FOR THE ASSE SSEE, DURING THE COURSE OF HEARING MADE STATEMENT THAT HE MAY BE PERMITT ED TO WITHDRAW THE PRESENT APPEAL WITH THE LIBERTY TO MOVE TO THE A.O. FOR APPROPRIATE RELIEF IN CASE REGISTRATION UNDER SECTION 1 2AA IS GRANTED BY THE CIT CONCERNED. 4. IN VIEW OF THE SUBMISSIONS OF THE LEARNED COUNSEL FOR THE ASSESSEE, THE ASSESSEE IS PERMITTED TO WITHDRAW THE APPE AL AND THE SAME IS DISMISSED AS WITHDRAWN WITH THE LIBERTY TO AS SESSEE TO MOVE TO THE A.O. FOR APPROPRIATE RELIEF IN ACCORDANCE WITH L AW, IN CASE REGISTRATION IS GRANTED TO THE ASSESSEE UNDER SECTION 12A A OF THE I.T. ACT. 5. IN THE RESULT, APPEAL OF ASSESSEE IS DISMISSED AS WITHDRAWN WITH THE LIBERTY ABOVE. ORDER PRONOUNCED IN THE OPEN COURT. SD/- (BHAVNESH SAINI) JUDICIAL MEMBER DELHI, DATED 09 TH AUGUST, 2017 VBP/- COPY TO 1. THE APPELLANT 2. THE RESPONDENT 3. CIT(A) CONCERNED 4. CIT CONCERNED 5. D.R. ITAT SMC BENCH 6. GUARD FILE 3 ITA.NO.749/DEL./2015 IILM SOCIETY, GREATER NOIDA, GAUTAM BUDHA NAGAR (U.P.) // BY ORDER // ASST. REGISTRAR ITAT : DELHI BENCHES : DELHI.