2016 (1) TMI 1499

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... (DR). ORDER PER RAJENDRA, AM- Challenging the order dated 18.3.2011 of the CIT (A)-II, Thane, the assessee has filed the appeals for above mentioned two Assessment Years (AY.s.). ITA/5185/Mum/2011-AY.-2007-08 Assessee, a cooperative society, is engaged in providing the credit facility to its Members. It filed its return of income on 5.10.2007 declaring total income of Rs. Nil. The Assessin....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....portionate expenses should be allowed against the interest. However, the AO was of the view that assessee was entitled to claim proportionate expenses amounting to Rs. 54,226/- as against Rs. 4.32 lakhs claimed by it. 3. Aggrieved by the order of the AO, the assessee preferred an appeal before the First Appellate Authority(FAA). After considering the submission of the assessee and the assessment ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....uring the course of hearing before us, the authorised representative (AR) contended that similar issue had arisen in the appeal filed by the AO for the AY. 2009-10 (ITA No. 1935/ Mum/2014 dated 10.9.2015), that the Tribunal had dismissed the appeal filed by the AO. He also relied upon the case of Jaoli Taluka Sahakari Patpedhi Maryadit (ITA 6620/Mum/2014 - AY.2011-12 dated 10.8.2015), Mehsana Dist....