2014 (9) TMI 1267

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.... 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 Income Tax Appellate Tribunal (Tribunal, in sh....

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.... 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 Nos. (i) to (v) has to be dismissed and is accordingly so ordered. 5. Income at serial ....

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....n 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 income, therefore, cannot be treated as income derived from the industrial undertaking cover....