TaxTMI 
TaxTMI 
2011 (2) TMI 149
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.... the revenue under Section 260-A of the Income Tax Act, 1961 against the order dated 31.3.2009 of the Income Tax Appellate Tribunal, Chandigarh Bench, Chandigarh in I.T.A. No.91/CHD/2009 for the assessment year 2006- 07 proposing to raise following substantial question of law:- i) Whether the ITAT was justified in deleting the addition made on interest accruing to the assessee on advance of Rs.7,33,00,000/- to the HSAMB without getting examined the factual position regarding liability of HSAMB to pay interest to the assessee, although no clear finding has been recorded by either the CIT(Appeals) or the Assessing Officer on this point? ii) Whether the failure of the ITAT to get proper inquiry made by lower authorities in a ca....
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....ittees. 4. Income of the assessee is exempted from tax as it is registered as a charitable institution under Section 12A of the Act. The assessee claimed depreciation on its assets for the purpose of calculating its income. The assessing officer held that depreciation was not permissible as income being exempt as charitable institution, depreciation amount will give it double benefit. 5. The CIT(A) upheld the additions but the Tribunal set aside the same holding:- Issue of notional interest income "7. We have considered the rival submission carefully. Evidently, the provision of Section 145 dealing with the method of accounting to account for income comes into play only in case where an assessee is eligible f....
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.... Personnel Selection (supra). The Assessing Officer denied the claim of the assessee in view of the order of the CIT(Appeals) for the assessment year 2005-06 in the case of the assessee. The said decision has since been set aside by the Tribunal and issue remanded to the file of the Assessing Officer for a decision afresh. Following the aforesaid precedent, which is not opposed by the Revenue, we set aside the order of the CIT (Appeals) and restore the issue to the file of the Assessing Officer who shall verify the claim of the assessee and allow the same in terms of decision of the Hon'ble Bombay High Court in the case of Institute of Banking Personnel Selection (supra). Thus, the assessee succeeds for statistical purpose on this ground." ....