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2016 (10) TMI 94 - HC - Income TaxReceipt of interest - nature of income - “Income from Business” or “Income from other sources” - Tribunal holding that receipt of interest from the New Mangalore Fort Trust loans, Interest on TDRs and interest on dues from Oil Coordination Committee is liable to tax under the head “Income from Business” and not under head “Income from other sources” as held by the Assessing Officer - Held that:- Normally, we do not entertain an appeal from an order of the Tribunal which merely follows its own earlier order on an identical fact situation particularly when the earlier order has not been subject to challenge before this Court. However, in this case, one Mr. Joseph Rodrigues, Assistant Commissioner of Income Tax has filed affidavit dated 17th June, 2016, pointing out that an appeal had been filed to this Court from the order dated 11th December, 2003 for Assessment Year 1999-2000. We were informed by Mr. Kotangle, learned Counsel for the Revenue states that no attempt was made. Therefore, it is evident that the Revenue has accepted the order dated 11th December, 2003 passed in Respondent Assessee's own case in respect of Assessment Year 1999-2000. Nothing is stated in the affidavit nor any submission is made as to why in spite of the Revenue, having accepted the order dated 11th December, 2003 for Assessment Year 1999-2000, the appeal for the impugned order is being filed and persisted with. In the aforesaid circumstances, we see no reason to entertain this appeal.
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