2022 (12) TMI 1316

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....nal Faceless Appeal Centre (NFAC), Delhi [in short ld. "CIT(A)"] dated 28.07.2022. 2. Registry has informed that the appeals are time barred by 4 days. At the outset, ld. Counsel for the assessee submitted explaining the reasons for the delay in filing the appeals. After perusing the same, I find force in the reasons mentioned therein and am satisfied that the assessee was prevented for reasonable cause in filing the instant appeals within statutory time limit. I, therefore, condone the delay and admit the appeals for adjudication. 3. The assessee is in appeal before the Tribunal raising the following grounds of appeal: Assessment Year 2014-15: "For that the learned Commissioner of Income Tax (Appeals) erred in Rs. 9....

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....e assessee for the payment of electricity charges; the income not being income earned from investment of surplus funds ought to be regarded as income arising in the course of fulfilment of the objects of the assessee and thus ought not to be treated as income from other sources and charged to tax." 4. On perusal of the grounds, we notice that the common issue raised is that "whether principle of mutuality" applies on the interest earned on deposits of Rs. 93,161/- & Rs. 95,556/- with The Calcutta Electric Supply Corporation Limited (in short "CESC Ltd.") for AYs 2014-15 & 2015-16 respectfully made for power connection. 5. At the outset, ld. Counsel for the assessee submitted that the assessee being an association for the residents of ....