2014 (2) TMI 1244

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....ppeals have been filed with a delay of 125 days. The assessee has filed petitions for condonation of the said delay being supported by affidavits. The learned AR explaining the cause of delay as stated in the condonation petition submitted that the impugned order of the CIT (A) was received by a staff Sri N.P. Anjaneyulu, General Manager (Finance) who was looking after the tax matters and was advised to take action after consulting the Chartered Accountant. However, no action was taken by him to carry the matter further and the papers were lying in the office. This came to the knowledge of the management in the last week of September, 2013 when the CIT (A) for the subsequent assessment years i.e., 2008-09 to 2010- 11 involving the same issu....

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....tional loss during the year under consideration and the Assessing Officer ought to have been directed to adjust the loss against the income to be assessed." 4. Any other ground that may be urged at the time of hearing." 6. Ground Nos. 1 and 4 being general in nature, are not required to be adjudicated. In ground No.2, the assessee has assailed the taxability of interest income Rs. 41,15,158/- on principles of mutuality. 7. Briefly the facts are, assessee is a club assessed in the status of AOP. It carries on social activities including sports and recreational events. For the impugned assessment year the assessee filed return of income declaring total income of Rs. 3,00,006/-. During the scrutiny assessment proceeding the Asse....

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....e have heard the parties and perused the materials on record. The learned AR fairly submitted that the Hon'ble jurisdictional High Court in assessee's own case (150 ITR 401) has decided the issue against the assessee by holding that interest income earned from deposits with member banks is taxable in the hands of the assessee. Considering such submissions of the assessee and going through the decision of the Hon'ble High Court in assessee's own case we uphold the order of the CIT (A) by dismissing the ground raised by assessee. 11. In ground No.3, the assessee has raised the issue of set off of operational loss against income assessed. 12. We have heard the parties. The learned AR submitted before us that during the year the assessee ....