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TMI Blog2009 (12) TMI 106X X X X Extracts X X X X X X X X Extracts X X X X ..... of MADRAS GYMKHANA CLUB VS. DEPUTY COMMISSIONER OF INCOME-TAX [2009 -TMI - 34308 - MADRAS HIGH COURT] and COMMISSIONER OF INCOME TAX VS. BANKIPURCLUB LIMITED [2008 -TMI - 5595 - SUPREME Court] - 2156 of 2006, 214, 1024 and 1025 of 2007 - - - Dated:- 22-12-2009 - Coram: The Honourable Mr.Justice K.Raviraja Pandian And The Honourable Mr.Justice M.M.Sundresh Tax Case Appeals in T.C.A.Nos.2156 of 2006, 214, 1024 and 1025 of 2007 are filed under section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal, Madras 'D' Bench, Chennai, dated 25.11.2005 in I.T.A.Nos.1548, 1550, 1549 and 1551/Mds/2002 for the assessment years 1994-95, 1996-97, 1995-96 and 1997-98 respectively. For appellant: Mr.M.P. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment arrived at net surplus of Rs.2,06,372/- and allowed the same to be accumulated under Section 11 of the Income Tax Act. Aggrieved by the assessment order, the appellant filed an appeal before the Commissioner of Income Tax (Appeals) claiming that the interest income from fixed deposits and miscellaneous income consisting of charges received from members towards hall charges for dinner, guest charges, mike charges, telephone calls recovery charges,etc., are not chargeable to tax since appellant company is a mutual concern and claimed exemption under section 11 in the alternative. The Commissioner of Income-tax (Appeals) had dismissed the appeal in common order for assessment years 1994-95 to 1996-97.Aggrieved by the order the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1956. The appellant filed its return of income declaring deficit of Rs.11,73,612/-. The return was processed under Section 143(1)(a) on 15.2.1996. Subsequently, the assessing officer had while completing the assessment under Section 143(3) held that the concept of mutuality will not be applicable in respect of interest on investment and miscellaneous income received from non-members amounting to Rs.2,91,490/- and assessed the same to tax. Aggrieved by the assessment order, the appellant filed an appeal before the Commissioner of Income Tax (Appeals) claiming that the interest income from fixed deposits and miscellaneous income consisting of charges received from members towards hall charges for dinner, electricity charges, guest charges, mi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed the appeal in common order for assessment years 1994-95 to 1996-97.Aggrieved by the order the appellant filed appeal before the Income Tax Appellate Tribunal and the Tribunal dismissed the appeal. Aggrieved by the same, the present appeal is filed. 3. Learned counsel appearing on either side submitted that the first question of law in the first three appeals in T.C.A.Nos.2156 of 2006 and 214 and 1024 of 2007 and the question of law in T.C.A.No.1025 of 2007 are decided by the Division Bench of this Court in the case of MADRAS GYMKHANA CLUB VS. DEPUTY COMMISSIONER OF INCOME-TAX reported in (2009) 226 CTR 179 = (2009) 28 DTR (Mad) 9 and held against the assessee. 4. In respect of the second question of law, learned counsel appearing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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