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2016 (10) TMI 1381 - AT - Income TaxExemption u/s 11 - Registration u/s 12AA - Doctrine of Mutuality - Addition to the income of the assessee, the interest received from Bank, interest received on IT refund and interest received from Cable Operator simply because the interest income was received from 3rd parties - HELD THAT:- We find that assessee has been granted exemption u/s. 11 by virtue of registration u/s. 12AA granted by the CIT, Ghaziabad w.e.f. 24.4.2007 and principle of Doctrine of Mutuality has been accepted by the ITAT in assessee’s own case relying on ALL INDIA ORIENTAL BANK OF COMMERCE WELFARE SOCIETY [2003 (1) TMI 704 - DELHI HIGH COURT] as directed to grant the assessee the exemption in respect of the interest on the bank by applying the principle and doctrine of mutuality.Therefore find considerable cogency in the contention of the Assessee’s AR that the issue involved in ground nos. 1 and 2 are squarely covered by the ITAT decision as aforesaid. Allowance of expenses which were in. the nature of recurring, office and administrative expenses incurred in the course of earning income - Both the revenue authorities have not discussed this issue in their respective orders, therefore, the ground is remitted back to the file of the AO for fresh consideration, as per law, after giving adequate opportunity of being heard to the assessee.
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