2017 (11) TMI 1851

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.... For the Respondent Shri Dilip Kumar Kar, Officer-in-Charge ORDER Shri A.T.Varkey, This is an appeal filed by the revenue against the order of Ld. CIT(A)-10, Kolkata dated 10.11.2015 for AY 2012-13. 2. At the time of hearing, Ld. AR for the assessee submitted an application praying for adjournment of the appeal. After hearing the submission of the Ld. AR and also considering the adjour....

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....assessee society that it has received interest on its investment from various banks at Rs. 3,34,19,457/- and the same has been taken by the assessee under the head "Profit and Gains from business". The AO issued show cause notice to the assessee to explain as to why income received on investment should not be treated as income from other sources and why it should not be added to its total income. ....

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..... 2,43,97,796/- was added to the total income of the assessee under the head "Income from Other Sources." Aggrieved, assessee preferred an appeal before the Ld. CIT(A), who allowed the assessee's grounds of appeal by following the judgment of Hon'ble jurisdictional High Court at Calcutta in the case of SE, SEC & E.Co. Railways Employees'Cooperative Credit Society Vs. ACIT (2014) 41 CCH 218 and als....

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....ays Employees' Cooperative Credit Society (supra) and also the Third Member decision in assessee's own case in ITA Nos. 1168 & 1169/Cal/1994, ITA No. 746/Cal/1995 & ITA No. 816/Cal/1996 for AYs. 1989-90 to 1992-93 dated 26.09.2000. We also note that the Ld. CIT(A) has allowed the appeal of assessee by following the aforesaid two decisions, cited supra, and has observed as under:  "......