9911796707
TMI Blog2016 (9) TMI 751X X X X Extracts X X X X X X X X Extracts X X X X ..... essee as at 31st March, 2006 filed before us shows that the assessee has shown a sum of ₹ 17,94,28,895/- under the head ‘Investments’. The balance sheet further shows that as per schedule-6, under the current assets, loans and advances, three items are appearing. It is, however, not clear from the balance sheet and profit and loss account filed before us, as to from which heads of above current assets, the assessee has earned interest income so as to decide the correct nature of interest income. So, proper examination is required on this count at the stage of Assessing Officer. If the impugned interest is found to have been earned by assessee from investments as per schedule-5 of the balance sheet, such interest income cannot be tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... untant Member: This appeal of the assessee was earlier disposed of by the Tribunal vide order dated 12.10.2012, whereby the appeal was dismissed. The assessee, thereafter filed a miscellaneous petition No. 06/Del./2013 for seeking rectification in the order dated 12.10.2012, which too stood rejected vide order dated 19.12.2014. The assessee challenged this order, passed in miscellaneous application of assessee, before the Hon ble High Court, who vide order dated 15.02.2016 set aside the order of Tribunal dated 19.12.2014 and restored the appeal in ITA No. 427/Del./2010 of the assessee with the following directions given in para 15 16 of the decision : 15. In that view of the matter the impugned order dated 19th December, 2014 pass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess was allowable to the assessee. It was also brought to the notice of Tribunal that similar expenditures have been allowed by the Revenue authorities in assessment order for A.Y. 2008-09 in the identical facts and circumstances of the case. However, the Tribunal dismissed the appeal of the assessee stating that the assessee could not bring any evidence that it was doing any business activity to allow the business expenditure of the assessee. It was also opined by the Tribunal that the assessee could not demonstrate how the rental income, interest income or dividend income of the assessee is to be assessed as a business income. The assessee tried to seek rectification in the above findings of the Tribunal given vide order dated 12.10.2012 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terest income and admittedly in this year, the assessee did not carry on the business of Vyaj Badla. It was also held that mere earning of interest income of a meager sum of ₹ 48,312/- that too by investing own funds, cannot be said to be carrying on of the business. The Tribunal accordingly rejected the application of assessee vide order dated 19.12.2014 as noted above. Against this order, the assessee approached the Hon ble High Court for redress and therefore, in view of the aforesaid directions of Hon ble High Court, the present appeal is being disposed of as follows. 3. We have heard the submissions of both the parties and have carefully gone through the entire material available on record. As per directions of Hon ble High Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 31st March, 2006 filed before us shows that the assessee has shown a sum of ₹ 17,94,28,895/- under the head Investments . The balance sheet further shows that as per schedule-6, under the current assets, loans and advances, three items are appearing, the breakup of which is as under : Cash and bank balance 69,75,244/- Other current assets 854/- Loans Advances 56,66,956/- It is, however, not clear from the balance sheet and profit and loss account filed before us, as to from which heads of above current assets, the assessee has earned interest income of ₹ 48,812/- so as to decide the correct nat ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
