2021 (12) TMI 1288

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....RDER PER Dr. A. L. SAINI, AM: The captioned appeal filed by the assessee, pertaining to assessment year 2012-13, is directed against the order passed by the Learned Commissioner of Income Tax (Appeals), which in turn arises out of an assessment order passed by the Assessing Officer u/s 143(3) of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') dated 30.01.2015. 2. Grounds o....

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....he Ld CIT(A) has grievously erred in directing the A.O. to allow the only proportionate expenses out of the interest income, whereas, entire income of the appellant is shown and assessed as business income." 4. At the outset ld Counsel submits that assessee has raised the additional ground on the legal issue challenging the disallowance of Rs. 1,44,99,847/-, which was never claimed by the asses....

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....ny Ltd., vs. CIT (1998) 229 ITR 382 (SC), we admit the additional ground raised by the assessee. 5. Learned Counsel submits that assessee has not claimed deduction to the tune of Rs. 1,44,99,847/-, despite of this assessing officer has made disallowance of Rs. 1,44,99,847/-. However, ld DR states that the said issue should be verified by the assessing officer whether assessee has claimed the de....

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.... From the above chart, it is clear that the assessee society had received interest other than from Co-op. Societies amounting to Rs. 1,44,99,847/- which was not claimed by the assessee but disallowed by the assessing officer. Therefore, we remit this issue back to the file of the assessing officer to examine whether assessee has claimed the deduction to the tune of Rs. 1,44,99,847/- or not? If the....