2022 (1) TMI 1478

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... by filing present appeal and cross objections sought to set aside the impugned order dated 28.03.2019 passed by Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A)] on the grounds inter alia that:- ITA No. 3566/M/2020 "1. Treating of interest income on non-earmarked fund as income from other sources - Rs. 1,86,73,436/- 2. Treating of rental income as income from other sources - Rs. 1,46,000/-." CO No. 64/M/2020 "1. On the facts and in the circumstances of the case and in law, the respondent prays that in case the interest income of Rs. 1,86,73,436 is held to be taxable under the head "Income from Other Sources" as prayed for by the Department in ground no. 2 of their appeal no. 3566/Mum/2019, then deductio .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... interest income as revenue receipt so as to bring it to tax as income from other sources. Declining the contention raised by the assessee company the AO proceeded to treat the interest income of Rs. 1,97,07,000/- on non-earmarked fund as income from other sources and brought the same to tax. The AO also made addition of Rs. 1,46,000/- received by the assessee company as rental income from Abhitek Developers Pvt. Ltd. which has been subjected to TDS but not shown in the computation of income or in the accounts as rental income and thereby framed the assessment at the total income of Rs. 1,98,53,000/- under section 143(3) of the Act. 4. The assessee carried the matter before the Ld. CIT(A) by way of filing the appeal who has partly allowed t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... t in order to substantiate the cause of justice, issues cropped up in the present appeal be also remitted to AO to decide afresh in the light of the directions issued by the co-ordinate Bench of the Tribunal in assessee's own case in order dated 11.10.2017 (supra) passed for A.Y. 2011-12. 9. In view of what has been discussed above, we are of the considered view that since the evidence entertained by Ld. CIT(A) during the appellate proceedings has not seen the light of the day during assessment proceedings and AO has never been given an opportunity to look into and verify the facts taken in the additional evidence, the order passed by the Ld. CIT(A) is not sustainable, hence liable to be set aside. 10. Consequently, appeal filed by th .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X