2016 (12) TMI 505

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....For The Appellant : Mr. M.R. Sharma, Advocate For The Respondent : Ms. Urvashi Dhugga, Advocate S.J. VAZIFDAR, C.J. (ORAL) This is an appeal against the order of the Income Tax Appellate Tribunal dismissing the appellant/assessee's appeal and partly allowing the respondents/revenues' appeal. The matter pertains to the assessment year 2011-2012. 2. According to the appellant, the follow....

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....er of the Commissioner of Income Tax (Appeals), Chandigarh treating gross interest income of Rs. 15,11,996/- received by the appellant as interest on the loans advanced to its employees for housing and conveyance as a condition precedent of its service rules more so when the earlier order of the Tribunal was a reasoned order based on various judgements of the Supreme Court of India and has not bee....

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....its held with scheduled banks was chargeable to tax u/s 56 under the head 'income from other sources' without allowing any deduction in respect of cost of funds and proportionate administrative and other expenses u/s 57? (vi) Whether in the facts and in the circumstances of the case the learned Income Tax Appellate Tribunal grossly erred in upholding the order of the Assessing Officer and also ....

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....se Building Societies Ltd., Chandigarh Vs Commissioner of Income Tax-II, Chandigarh and another. Question (ii) is, therefore, decided against the appellant. 5. Question (iii) is covered against the appellant by virtue of our order and judgement dated 11.11.2016 in ITA-638-2009 titled as The Commissioner of Income Tax-I, Chandigarh Vs M/s Punjab State Cooperative Agricultural Development Bank Lt....