GEETANJALI TRADING LTD INVESTMENTS LTD, V. ITO 6(3)(1),

MA 703/MUM/2010

• Counselvise Citation: [2011] 123 COUNSELVISE.COM (IT) 6215 (ITAT-MUMBAI)
• Duration Of Justice: 3 month(s) 16 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 11-03-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: G
• Assessment Year: 2004-2005
• Appeal Filed On: 25-11-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Business income

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES G : MUMBAI BEFORE SHRI D.K.AGARWAL, J.M. & SHRI J.SUDHAKAR RED DY, A.M. MISC. APPLICATION NO. 703/MUM/2010 ARISING OUT OF ITA. NO. 5428/MUM/2007 ASSESSMENT YEAR 2004-2005 GEETANJALI TRADING & INV. LTD. MUMBAI 400 018 PAN AAACG3265A VS. ITO, WARD 6 (3) 1 MUMBAI - 020 (APPLICANT) (RESPONDENT) FOR APPLICANT : SHRI D.H. SHAH FOR RESPONDENT : SHRI D.SONGATE, D.R. ORDER PER J.SUDHAKAR REDDY, A.M. 1. BY THIS MISCELLANEOUS APPLICATION THE ASSESSEE POINTS OUT THAT THE TRIBUNAL HAS FAILED TO DISPOSE OF GROUND N O. 2A WHICH READS AS FOLLOWS : TREATMENT OF INTEREST INCOME OF RS.3,44,038/- AS INCOME FROM OTHER SOURCES AS AGAINST BUSINESS INCOME. 2. AFTER HEARING MR. D.H. SHAH, LEARNED COUNSEL FO R THE ASSESSEE AND MR. D.SONGATE, LEARNED D.R. WE FIND TH AT THE ASSESSING OFFICER HAS DEALT WITH THIS ISSUE AT PARA 13 PAGE 3 OF HIS ORDER AND THE CIT(A) HAS ALSO DEALT WITH THIS ISSUE AT PARA 3 PAG E 3 OF HIS ORDER. THE ASSESSEE HAS RAISED THE GROUND AGAINST SUCH FINDING . THE TRIBUNAL HAS NOT ADJUDICATED THIS ISSUE. THUS, WE AGREE WIT H THE LEARNED COUNSEL FOR THE ASSESSEE THAT A MISTAKE APPARENT FR OM THE RECORD HAS CREPT INTO THE ORDER OF THE TRIBUNAL DATED 24 TH DECEMBER, 2009. 3. IN VIEW OF THE ABOVE, WE RECALL OUR ORDER DATED 24 TH DECEMBER, 2009 IN ITA. NO. 5428/MUM/2007 FOR THE LI MITED PURPOSE TO DISPOSE OF THE GROUND ON THE ISSUE, WHETHER INTE REST INCOME OF RS.3,44,038/- SHOULD BE ASSESSED, AS BUSINESS INCO ME OR AS INCOME 2 FROM OTHER SOURCES. REGISTRY IS DIRECTED TO POST T HE CASE FOR REGULAR HEARING IN DUE COURSE. 4. IN THE RESULT, M.A. OF THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED ACCORDINGLY IN THE OPEN COURT ON 11-3-2011. SD/- (D.K.AGARWAL) JUDICIAL MEMBER SD/- (J.SUDHAKAR REDDY) ACCOUNTANT MEMBER DATED : 11 TH MARCH, 2011 VBP/- COPY TO 1. GEETANJALI TRADING & INV. LTD., 3A, BARODAWALA M ANSION, 81, DR. ANNIE BESANT ROAD, WORLI, MUMBAI 400018 PA NAAACG3265A 2. ITO, WARD 6 (3) 1, AAYAKAR BHAVAN, MUMBAI - 020 3. COMMISSIONER OF INCOME TAX (APPEALS)-XXVI, MUMBA I 4. C.I.T-6, MUMBAI 5. DR G BENCH 6. GUARD FILE. BY ORDER TRUE COPY ASSTT. REGISTRAR, ITAT, MUMBAI