2014 (9) TMI 1267

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.... Mr.Balbir Singh, Sr.Standing Counsel with Mr. Abhishek Singh Baghel ORDER 1. This appeal by Krishak Bharati Co-operative Ltd., a multi state Cooperative Society engaged in the business of manufacture of fertilizers such as Urea, Ammonia at their plant in Hazira, District Surat, Gujarat (the undertaking), relates to the Assessment Year 1996-97. 2. The impugned order passed by the Inc....

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.... decided on 04.10.2013 and ITA No. 955/2008, decided on 23.04.2012. The aforesaid factual position and that the amounts/income mentioned in Serial No. (i) to (v) are covered by the said decisions, is accepted by the counsel for the appellant- assessee, who states that appeals are preferred and pending before the Supreme Court. Following the aforesaid orders, the present appeal in respect of Serial....

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....fits and gains of business or profession but is restricted only to income derived from an industrial undertaking after a certain date etc. The expression ?derived from? refers to the first or the immediate cause/source of income earned, which in the present case would be the deposits in the bank and interest paid by the said bank and not the industrial undertaking. The aforesaid interest....