9911796707
TMI Blog2012 (5) TMI 708X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Revenue is directed against the order of CIT(A), Chandigarh dated 22.1.2010 relating to assessment year 2007-08. 2. Ground No.1 of the appeal raised as under : - 1. On the facts and in the circumstances of the case, the Ld. CIT(A) has erred in deleting addition of ₹ 4.72 crores made for non making of provision of interest for the year on losses incurred by the Corporation to the tu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -09 for the assessment year 2006-07. 5. Ground No.2 of the appeal reads as under: - 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in deleting addition of ₹ 12.72 crores made for non-making of provision of interest on outstanding amount of ₹ 106.03 crores receivable form M/s Food Corporation of India. 6. The facts noted by the authorities ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Assessing Officer was not satisfied with the reply of the assessee and disallowed interest of ₹ 12.72 crores. 7. On appeal, the CIT(A) deleted the addition following the order of his predecessor passed in assessee's case dated 15.6.2009 in appeal No. 350/2008-09 for the assessment year 2006-07. 8. After hearing the Ld. representatives of both the parties, we find that both the issues ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . In second appeal, the Tribunal upheld the order of CIT(A) on both the issues observing as under: - "22. We have considered the rival submissions carefully. The asessee before us is a Co-operative Society, which i s an agency of the State Government for procurement of wheat and paddy. It also under takes such activities for FCI. In the course of carrying on of such activities, it incurred amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... round, where by affirm the order of the CIT(Appeals). Thus, Ground Nos. 3 & 4 raised are dismissed." 10. The facts of the present year are similar to that of assessment year 2006-07. Respect fully following the order of the Tribunal passed in assessee's case for assessment year 2006-07 (supra), we do not find any merit in the appeal preferred by the Revenue. Accordingly, we dismiss the same. 11 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
