9911796707
TMI Blog2007 (7) TMI 224X X X X Extracts X X X X X X X X Extracts X X X X ..... UMAR, J. - This order shall dispose of ITA No. 594, 595 and 596 of 2006 as all the appeals are directed against one common order dated 16-06-2006 passed by Income-Tax Appellate Tribunal, Chandigarh Bench (B) in ITA No. 519, 404 and 405/Chandi/2005 in respect of Assessment Years 1999-2000, 2000-01 and 2001-02. The revenue has claimed in these appeals filed under Section 260 A of the Income-Tax Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned interest of Rs. 75,00,000/- (Rupees Seventy Five Lakhs only) in respect of Assessment Year 1999-2000 from the investment made in HDFC bonds and after granting deduction of 20% as expenditure, the balance income of Rs. 60,00,000/- (Rupees Sixty Lakhs only) has been treated as income from 'other sources'. Accordingly the same has been taxed. 3. On appeal the Commissioner of Income-Tax (Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entioned judgments. 5. On the basis of the aforementioned Division Bench Judgment of this Court and that of Hon'ble the Supreme Court, the Tribunal has held that the income earned from HDFC bonds was eligible for deduction under Section 80P(2)(a)(i) of the Act. The Tribunal rejected the contention of the revenue that the income earned from HDFC bonds has to be regarded as income from other source ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e learned counsel and express our inability to accept the same because no such argument has been raised before the Tribunal. A perusal of the order dated 16-6-2006 passed by the Tribunal on the contrary shows that the counsel for the revenue was not able to controvert the argument of the assessee who relied upon the judgments of Hon'ble the Supreme Court in CIT v. Karnataka State Co-operativ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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