2015 (10) TMI 407

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..... Considering the reason for the adjournment to be not justifiable, we dismiss the adjournment application filed by ld. A.R. and proceed to decide the issue on merits ex-parte qua the Assessee. 3. The relevant facts as culled out from the material on record are as under. 4. Assessee is stated to be a Co.op. Society registered under Gujarat Co.op. Society Act and engaged in the business of agricultural and non agricultural activities. It electronically filed its return of income for A.Y. A.Y. 2008-09 on 29.09.2008 declaring total income at Rs. Nil after claiming deduction of Rs. 73,58,943/- u/s. 80P(2) of the Act. The case was selected for scrutiny and thereafter the assessment was framed under section 143(3) vide order dated 22.12.201....

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.... to the Members of the Society and also to the non members. He also noticed that the Assessee was carrying out mixed activities and the profits from some of the activities were eligible for deduction u/s. 80P(2) and some were not eligible for deduction but according to A.O, Assessee had claimed deduction on the profit earned from both exempted as well as non exempted activities. He was of the view that when Assessee was carrying out two types of activities one of which qualified for deduction u/s. 80P and other did not qualify for deduction, the Assessee was required to maintain separate books of accounts but however Assessee was maintaining composite accounts for exempt income as well as non exempt income. He was therefore of the view that....

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.... 8. We have heard the ld. D.R. and perused the material on record. We find that ld. CIT(A) while deleting the addition has given a finding that the facts and circumstances of the case in the year under appeal are identical to that of A.Y. 2007-08. We find that in A.Y. 07-08, Revenue against the order of ld. CIT(A) had preferred appeal before Tribunal. The Co-ordinate Bench of Tribunal in ITA No.813/Ahd/2011 order dated 12.12.2014 decided the issue by holding as under:- 5. We find that the Assessing Officer has stated that no separate books of accounts were maintained for agricultural activities and non-agricultural activities and therefore, the total administrative expenses and interest expenses are to be apportioned in respect of the sa....