2015 (10) TMI 1748

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.... Katoch, Adv ORDER Ajay Kumar Mittal, J. 1. This order shall dispose of ITA Nos.586 and 587 of 2009 as the issue involved in both the appeals is identical. However, the facts are being extracted from ITA No.586 of 2009. 2. ITA No.586 of 2009 has been preferred by the assessee under Section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 27.2.2009 Annexure....

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.... money lending income as business income in AY 2005-06 under scrutiny assessment for the AY 2005-06 vide its order dated 21.11.2007? ii) Whether the Tribunal was not justified in confirming the very action of issuance of notice under section 148 of the Income Tax Act, 1961, by the authorities below, as valid without appreciating the fact that though the ITAT itself has held on merits that....

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....utual funds and interest from the business of money lending. The return was processed on 26.2.2003 under Section 143(1) of the Act. Refund of Rs. 2,28,364/- was issued to the appellant. On 25.9.2006, the Assessing Officer issued notice under section 148 of the Act to the appellant and directed her to file the return of income. The appellant filed reply dated 31.3.2007 requesting the Assessing Offi....

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....ection 148 of the Act. Feeling aggrieved, the assessee approached the Tribunal. Vide order dated 27.2.2009, Annexure A.1, the Tribunal though treated the interest income from money lending as business income against the holding of the Assessing Officer who treated the same as income from other sources but confirmed the order of the authorities below on the issuance of notice under section 148 of t....