TaxTMI 
TaxTMI 
2016 (5) TMI 1153
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....Nos. 847/Chd/2013 and 810/Chd/2013 for the assessment year 2010-11, claiming the following substantial questions of law:- i) Whether in the facts and circumstances of the case, the orders (Annexure A-1), (Annexure A- 3) and partly (Annexure A-2) are legally sustainable? ii) Whether on the facts and circumstances of the case, the Learned Income Tax Appellate Tribunal is right in law in holding that the income earned from banks other than cooperative banks as interest on its bank accounts as income from other sources being attributable to its business income and thereby not allowing deduction u/s 80P(2)(a)(i) of the Income Tax Act, 1961? iii) Whether in the facts and in the circumstances of the case the Learned Income Tax Appellate Tribuna....
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....ut shortly, the facts necessary for adjudication of the present appeal as narrated therein are that the assessee filed its return of income for the assessment year 2010-11 on 14.10.2010 declaring the income at 'nil' after claiming deduction of Rs. 22,16,98,658/- under Section 80P of the Act. Along with the return, the assessee filed a computation chart (Annexure A-4) of its income. The Assessing Officer vide order dated 28.2.2013 (Annexure A-1) framed the assessment at Rs. 37,73,963/- (rounded off Rs. 37,73,960/-) as net taxable income by levying income tax on the said income and disallowed various claims under Section 80P(2) (a)(i) of the Act. Feeling aggrieved, the assessee filed an appeal before the Commissioner of Income Tax (Ap....
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....on 80P(2) (a)(i) of the Act stands concluded by the decision dated 10.5.2011 (Annexure A-5) passed by this Court in ITA No. 643 of 2010 (Commissioner of Income Tax-II, Chandigarh v. M/s Punjab State Cooperative Federation of Housing Building Societies Ltd.) whereby the question has been decided in favour of the revenue. Accordingly, question No. (ii) cannot be held to be a substantial question of law. 7. Question Nos. (iii) and (vi) as have been sought to be raised now do not arise from the order of the Tribunal as no such plea was argued before the Tribunal. Thus, no substantial question of law emanates from the order of the Tribunal and, therefore, do not arise for consideration of this Court. 8. Adverting to question Nos. (iv) and (v) ....