TaxTMI 
TaxTMI 
2022 (12) TMI 216
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....excluding the period from 15.03.2020 to 30.05.2022, in view of the judgment of the Hon'ble Apex Court in SMW(C) No.3 of 2020 dated 23.09.2021 due to outbreak of Covid-19 pandemic. The assessee has filed a condonation petition as well as an Affidavit of CEO of the assessee, stating the reasons for belated filing of the appeal before the Tribunal. It is stated in the condonation petition that the assessee came to the knowledge of the impugned order only on 08.09.2022 when it received a mail from Demand Facilitation Centre, Income Tax Department with respect to the outstanding demand of the assessee, to which it submitted reply on 14.09.2022, thereafter it was realized that the order u/s 263 of the I.T.Act was passed by the PCIT. It was also s....
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.... Ltd. v. ACIT in ITA No.102 of 2008 (judgment dated 11.02.2022) (Bombay) 3. The learned Departmental Representative was duly heard. 4. We have heard rival submissions and perused the material on record. On perusal of the reasons stated in the petition for condonation of delay for belated filing of the appeal before the Tribunal, we are of the view there is sufficient cause and no latches can be attributed to the assessee for belated filing of this appeal before the Tribunal. In this context, we rely on the judicial pronouncements, cited supra. Therefore, the delay of 115 days in filing this appeal before the Tribunal is condoned and we proceed to dispose of the same on merits. 5. The grounds raised read as follows:- "1. Th....
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....make a disallowance, on the facts and circumstance of the case. b. The learned CIT was not justified in appreciating that the interest income on fixed deposits, when considered under the head other sources, the interest expenditure incurred was also required to be set off against the income, on the facts and circumstances of the case. 7. The appellant craves to add, alter, amend, substitute, change and delete any of the grounds of appeal. 8. For the above and other grounds that may be urged at the time of hearing of the appeal, the Appellant prays that the appeal may be allowed and justice rendered. 6. The brief facts of the case are as follows: The assessee is a co-operative society, providing credit facili....
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.... The limited submission of the learned AR is that when income is sought to be assessed under the head `income from other sources'', only the net interest income earned from scheduled banks ought to be brought to tax. In other words, the learned AR submitted that the administrative expenses and expenses to earn the said interest income, which is brought to tax u/s 56 of the I.T.Act, ought to be allowed as deduction u/s 57 of the I.T.Act. In this context, the learned AR relied on the judgment of the Hon'ble Apex Court relied on by the PCIT and also the judgment of the Hon'ble jurisdictional High Court in the case of Totagars Cooperative Sale Society Ltd. v. ITO reported in (2015) 58 Taxmann.com 35 (Karnataka). 8. The learned DR supported t....
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.... (Karnataka) had held when the assessee-co-operative society earned interest on deposits kept with scheduled banks only the net interest, i.e., the interest income reduced by the administrative expenses and other proportionate expenditure to earn the said income had to be brought to tax u/s 56 of the I.T.Act. The relevant finding of the Hon'ble jurisdictional High Court in the case of Totagars Co-operative Sale Society Ltd. v. ITO reported in (2015) 58 Taxmann.com 35 (Karnataka), reads as follows:- "11. Having heard the learned counsel for the parties and perusing the records and in the light of the finding recorded by the Hon'ble Supreme Court that the interest income earned by the appellant falls within the category of "other inc....