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2012 (7) TMI 615 - AT - Income TaxCondonation of delay - delay of 529 days - sole reason given for the delay in filing this cross objection is that assessee was adviced to file this cross objection, as the re-opening was a mere change of opinion – Held that:- Assessee was not able to properly explain the reasons for the delay in filing the cross objection - grounds raised by the assessee dismissed Denial of Deduction under section 80IA of the Income Tax Act – business of cold storage - Assessing Officer denied the deduction partially on the ground that – (i) the service charges credited was on account of pasteurisation and packing of milk and cold storage – Held that:- Quantum of service charges was being calculated on the basis of quantum of milk packed but was charged only for cold storage - Assessing Officer has not understood the fact clearly. Packing and pasteurisation are not done by the assessee but only a place is given to Dudh Sungh - functions of Dudh Sungh and the assessee are defined in clear terms vide these agreements - it is only the methodology devised for quantifying the charges and it does not indicate that the assessee is rendering services other than cold storage - ground raised by the Revenue dismissed. Income derived from redemption of units of mutual funds - simply observed in the order that such an income bears the character of interest and as such has to be brought to tax under the head ‘Income from Other Sources’ – Held that:- Assessing officer is therefore directed not to treat the income as interest taxable under the head ‘Income from other sources’. The income shall continue to be taxed as capital gains as claimed by the appellant.
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