2010 (2) TMI 408

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.... case are that the assessee-respondent is engaged in the business of sale and purchase of units of mutual funds and money lending business. It has filed its return of income in respect of the assessment year 2004-05 on September 22, 2004, declaring nil income after adjusting brought forward business losses to the tune of Rs. 9,75,060, out of which Rs. 8,01,881 related to the assessment year 1999-2000 and Rs.1,73,179 pertains to the assessment year 2001-02. The assessee respondent had also shown a net loss from sale and purchase of units of mutual funds to the tune of Rs. 25,63,574, whereas the dividend income received from the mutual funds has been shown at Rs. 57,76,085, claiming that it is exempted under section 10(33) of the Act and wa....

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....6,66,950 and Rs.2,57,502 and added the same to the income of the assessee-respondent. 3. The Assessing Officer further found that the assessee-respondent has also claimed the following "interest income"as "business income":                                                         Rs. (i) Interest on income-tax refunds      4,04,937 (ii) Interest from parties              ....

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....fficer. On the issue of "interest income"assessed under the head "Income from other sources", the Commissioner of Income-tax (Appeals) treated the income earned on FDRs amounting to Rs. 38,63,248 as "Income from other sources"and the balance income of Rs. 58,25,482, which was claimed to be pertaining to the money-lending business, has been held to be the business income of the assessee-respondent and allowed the benefit of set off of the brought forward business losses out of this income. Against the order dated March 6, 2008, passed by the Com- missioner of Income-tax (Appeals), the Revenue-appellant filed an appeal before the Tribunal. The Tribunal confirmed the order of the Commissioner of Income-tax (Appeals) in deleting the addition ma....

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....ned a finding of fact. The finding recorded by the Com- missioner of Income-tax (Appeals) is that the amount of deductions in all under section 80HHC comes to Rs. 56,66,950. In respect of the assessment year 1997-98, deduction is Rs. 29,39,114 while for the assessment year 1996-97, it is Rs. 27,27,836. The Tribunal further referred to the finding of the Commissioner of Income-tax (Appeals) that the aforesaid factual position has remain unrebutted by the Revenue-appellant as no effort has been made to dislodge the stand of the assessee-respondent on the basis of any cogent material. Such being the nature of finding of fact, we do not think that any question of law much less a substantial question of law, within the meaning of section 260A, w....