2024 (6) TMI 1296

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....ebruary 2018 passed in Tax Appeal No. 16 of 2015. 2. I.A. No. 2610 of 2020 has been filed seeking condonation of delay in filing the Civil Review petition. 3. In this application, the Samiti has made the following statements: "3. That the appellant states that it was not aware of the judgment and order passed/pronounced by this Hon'ble Court on 14.02.2018. 4. That the appellant states that it came to know of the judgment and order of the Hon'ble Supreme Court of India case of Income Tax Officer, Mumbai v. Venkatesh Premises Co Operative Society Ltd. in SLP (C) No. 30194/2010 on 10.11.2019. The appellant immediately thereafter approached its counsel to inform him of the status of his appeal. 5. That the appel....

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.... proper to record the stand taken by the rival parties. 5. In Tax Appeal No. 16 of 2015, a challenge was laid by Adarsh Sahkari Grih Nirman Swawlambi Samiti Limited (in short, Samiti) to the order passed by the Income Tax Appellate Tribunal at Ranchi (Circuit Bench) in ITA No. 136/ Ran/2010 for the assessment year 2002-03. The controversy involved was whether the Samiti was entitled for exemption under section 80-P(2)(a)(i) of the Income Tax Act, 1961 on the interest received by it. Another plea raised by the Samiti was that the transfer charge received by it is not taxable income. The writ Court after examining the provisions under section 80-P and other relevant provisions under the Income Tax Act held that no substantial question of l....