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TMI Blog2014 (10) TMI 989X X X X Extracts X X X X X X X X Extracts X X X X ..... from other sources’. The issue is answered in favour of the appellant. - TAX APPEAL NO. 181 of 2002 - - - Dated:- 10-10-2014 - HONOURABLE MR.JUSTICE K.S. JHAVERI AND HONOURABLE MR.JUSTICE K.J. THAKER MR. SOPARKAR, SR. ADVOCATE WITH MRS SWATI SOPARKAR, ADVOCATE FOR THE APPELLANT MR KM PARIKH, ADVOCATE FOR THE RESPONDENT ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) By way of this appeal, the appellant has challenged the order dated 10.12.2001 passed by the Income-tax Appellate Tribunal in ITA No. 2313/Ahd/2000 for assessment year 1997-98 whereby the appeal was dismissed. 2. The following question of law was framed. Whether, on the facts and in the circumstances of the case, the ITAT was right i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the receipts of ₹ 2,10,285.09 as income of the assessee from other sources. Deduction u/s. 57 was allowed of ₹ 55/- only. The Assessing Officer relied upon the decision of Madras High Court in the case of SOUTH INDIA SHIPPING CORPORATION VS. CIT 240 ITR 24 in support of the finding that the income from the activities carried on by the assessee is assessable under the head income from other sources. 4. The assessee appealed to the CIT(A) pleading that the income from interest, etc. may be assessed under the head `business income' and the expenses of ₹ 2,32,888/- relating to business be allowed. Reference was made to the special resolution passed in the meeting of the shareholders authorising the company to carry on b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income from other sources. 6. In the alternative, it was contended that the Assessing Officer was wrong in not considering the expenses claimed by the assessee under Section 57 of the Act against income assessed under the head `income from other sources'. Relying on the decision of the Tribunal in the case of Dinman Vinimay Pvt. Ltd. in ITA No. 1756/Ahd/2000 dated 28.11.2000, it was claimed that under similar facts, the Tribunal had allowed the appeal of the assessee and treated the interest income derived by the assessee as `income from business'. 7. The Tribunal, after considering the arguments of both the assessee and the revenue and after taking into account the citations pointed out by the parties, dismissed the appeal b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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