2021 (7) TMI 250

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....mutually exclusive of and without prejudice to each another- General Ground 1. That on the facts and in law, the impugned order passed by the Ld. Commissioner of Income Tax (Appeals) -15 ('Ld. CIT(A)') confirming the order of the Assessing Officer ('AO') and assessing the total income of the Appellant at Rs. 3,91,94,261 as against NIL returned income, is bad in law. Principle of Mutuality 2. That on the facts and in law, the Ld. CIT(A) has grossly erred in holding that the Appellant cannot be classified as a mutual concern and consequently its income would not be exempt from tax. 3. That on the facts and in law, the Ld. CIT(A) has failed to appreciate that there being complete identity between th....

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....diversion of income by overriding title. 9. Without prejudice to the above, on the facts and in law, the Ld. CIT(A) failed to appreciate that even assuming that the said AMP contribution partakes the character of income, it is diverted for a specific purpose (AMP activities) by virtue of a pre-existing obligation attached to the source of such contribution itself and hence the contribution was not exigible to tax. Other Grounds 10. That the Ld. CIT(A) has erred in following the order of the Hon'ble Income Tax Appellate Tribunal in Appellant's own case for AY 2001-02 despite appreciating that there has been change in facts in the current year. 11. That the Ld. C1T(A) has erred in not appreciating the busin....

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.... 04. Assessee preferred an appeal before the ld. CIT (Appeals) who dismissed the appeal on both the counts. 05. Before us, the ld. AR fairly conceded that both these issues are covered against the assessee by the decision of the co-ordinate bench in assessee's own case for earlier years on the issue " diversion of Income by overriding tittle" and by the decision of the Hon'ble Supreme Court in assessee's own case on the principle of mutuality. However, he submitted that if the income is to be included then the assessee should be granted the benefit of carry forward of losses to be set off against this income. 06. The ld. DR fairly agreed with the argument of the assessee. 07. We have carefully considered the rival contentions and....