2017 (4) TMI 127

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....asani for the respondent. P.C. :- 1. The Revenue has challenged an order passed on 10th May, 2013 by the Mumbai Bench of the Income Tax Appellate Tribunal. The respondent assessee is a company and registered under the Indian Companies Act, 1956. It is Royal Country Club India Private Limited. The assessment year in question is 2007-08. In the return of income filed on 26th October, 2007, the....

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....siness of buying and selling points based holiday timeshare. These points allow the buyers to enjoy flexible rights to occupy specific resort accommodation. Since the assessee company did not have marketing infrastructure in place, it had appointed M/s. Prestige Holiday Resorts Pvt. Ltd. as its marketing agent. The assesse had entered into an agreement with M/s. Prestige Holidays Resorts Pvt. Ltd.....

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....earned counsel appearing for the appellant that this addition made by the assessing officer was wrongfully deducted by the Commissioner (Appeals) and that order of the Commissioner is erroneously upheld by the tribunal. The tribunal has merely relied upon its earlier order and it is not clear whether it followed a ruling of this court in holding in favour of the assessee. 4. We are unable to....

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....day Club. 6. We do not think that merely because the tribunal did not make any reference and specifically to the two rulings/judgments of this court or the detailed finding in the Commissioner's order that it has committed any perversity or its order is vitiated by an error of law apparent on the face of the record. We do not think that the tribunal acted in any manner contrary to law. 7....