2020 (9) TMI 156

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..... ADV FOR THE RESPONDENT : SRI. K.V. ARAVIND, ADV JUDGMENT This appeal under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as 'the Act', for short) has been preferred by the assessee. The subject matter of the appeal pertains to Assessment years 1997-98 to 2000-01 and 2003-04. The appeal was admitted by a Bench of this Court on 05.11.2012 to consider the following su .....

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..... the assessee is engaged in providing services to Holiday Resort Company, for which it receives service charges besides the other income, which was offered for taxation. The assessee entered into an agreement / contract with M/s Prestige Holiday Resorts Company Pvt. Ltd., which is in the business of property development and development of resorts. The aforesaid company formed a club viz., Royal Goa .....

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..... any Ltd agreed to park with the assessee, the funds, which were to be kept in deposit by way of capital bond and interest accrued on capital bond was to be paid by assessee to Prestige Holiday Resorts Company Ltd. The assessee made deposits out of the funds given to it by Prestige Holiday Resorts Company Ltd and in return of income it had offered the income derived from deposits and it had also cl .....

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..... r passed by the assessing authority was upheld. The assessee thereupon filed appeal before Income Tax Appellate Tribunal (hereinafter referred to as 'the Tribunal', for short). The tribunal vide order dated 30.03.2012 upheld the orders of the Commissioner of Income Tax (Appeals). Being aggrieved, the assessee is in appeal before us. 4. Learned counsel for the assessee has raised a singula .....

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..... ed order has failed to consider the terms and conditions of the agreement. The impugned order passed by the Income Tax Appellate Tribunal is therefore, set aside and the matter is remitted to the Tribunal for decision afresh in accordance with law pertaining to Assessment years 1997-98 to 2000-01, 2002-03 to 2004-05. In the result, the appeal is disposed of.
Case laws, Decisions, Judgements, .....

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