Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (2) TMI 1244 - AT - Income TaxTaxability of interest income on principles of mutuality - Held that:- The Hon’ble jurisdictional High Court in assessee’s own case (1975 (12) TMI 6 - ANDHRA PRADESH High Court ) has decided the issue against the assessee by holding that interest income earned from deposits with member banks is taxable in the hands of the assessee. Considering such submissions of the assessee and going through the decision of the Hon’ble High Court in assessee’s own case we uphold the order of the CIT (A) by dismissing the ground raised by assessee. Set off of operational loss against income assessed - Held that:- On a careful reading of sec. 71 of the Act, we are of the view that the aforesaid section allows set off of loss under any head of income, other than capital gains, against income assessable for that assessment year under any other head. Only restriction being, there should not be any income under the head capital gains. Therefore, if the assessee has sustained loss under any head, except capital gains, and the assessee has no income from capital gains during the year, then loss can be set off against income assessable under any other head. However, it appears from the record that assessee has not raised this issue before the first appellate authority. That apart, full facts relating to this issue have not been brought on record. It is also submitted by the learned AR that similar issue pertaining to asst. year 1996-97 and asst. years 1998-99 to 2003-04 are pending before the CIT (A) having been remitted by the Income-tax Appellate Tribunal. Considering the totality of facts and circumstances of the case, we deem it appropriate to remit this issue to the file of CIT (A) for deciding afresh - Decided in favour of assessee for statistical purposes.
|