2015 (8) TMI 1267

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....OUNTANT MEMBER This is an appeal filed by the revenue directed against the order of the CIT(A) Meerut dated 4.9.2012 for the asstt. year 2007-08. The assesee is a co-operative society and it filed its return of income for the assessment year 2007-08 on 18.10.2007 declaring total loss at Rs. 18,48,23,232/-. The AO completed the loss of Rs. 1,66,35,600/- disallowing the following :- 1. Subscripti....

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....e case the Ld. Commissioner of Income Tax (Appeals) has erred in law in deleting the disallowance of additional interest of Rs. 3,07,922/- paid to the Sugar Development Fund (Govt. Of India) 1991 ignoring the fact that the same was in the nature of penalty. 3. Whether in the facts and circumstances of the case the Ld. Commissioner of Income Tax (Appeals) has erred in law in deleting the disallow....

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....m of the assessee. In fact the AO in his order disallowed the amount by merely following his order for the assessment year 2003- 04. The department accepted the order of the first appellate authority for the assessment year 2003-04. Under these circumstances we see reason to interfere in the order of the first appellate authority, specifically as the subscription is allowable u/s 37 (1) of the Act....

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....s hit by the provisions of section 43B(d) of the Act. 7. Section 43B(d) of the Act reads as follows :- d) "any sum payable by the assessee as interest on any loan or borrowing from any public financial institution (or a State financial corporation or a State industrial investment corporation), in accordance with the term and conditions of the agreement governing such loan or borrowing " As the i....