2017 (5) TMI 1655

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.... PER SUSHMA CHOWLA, JM: The captioned appeal filed by the Revenue is against order of CIT(A)- I, Nashik, dated 04.09.2014 relating to assessment year 2010-11 against order passed under section 143(3) of the Income-tax Act, 1961 (in short 'the Act'). 2. The Revenue has raised the following grounds of appeal:- "1. Whether on the facts and in the circumstances of the case, the Ld.CI....

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....unds of appeal as and when the occasion demands." 3. Despite service of notice none appeared on behalf of the assessee nor any application was filed for adjournment of the case. Hence we proceed to decide the present appeal after hearing the Ld. Departmental Representative for the Revenue since the issue raised in the present appeal is covered by the order of the Tribunal. 4. The only issue ....

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....f the view that since the interest income do not constitute the operational income of the assessee society, therefore, it was not entitled to deduction under section 80P(2)(a)(i) of the Act. The Assessing Officer allowed expenditure to the extent of Rs. 3,55,253/- against the said income and the net income of Rs. 53,60,042/- was added to the total income of the assessee under section 56 of the Inc....