2016 (12) TMI 505

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....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 following substantial questions of law arise in th....

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....andigarh 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 been even distinguished while passing the order appea....

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....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 the order of the Commissioner of Income Tax (Appeals) ho....

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....me 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 Ltd., Chandigarh. 6. Question (vi) is covered against the appella....