TMI Blog2014 (2) TMI 985X X X X Extracts X X X X X X X X Extracts X X X X ..... the CIT(A) – Decided against Revenue. - ITA Nos. 1354, 1355 & 1356/Hyd/2013 - - - Dated:- 6-2-2014 - Shri Chandra Poojari And Shri Saktijit Dey,JJ. For the Petitioner : Shri Jeevan Lal Lavidiya For the Respondent : Shri V. Raghavendra Rao ORDER Per Chandra Poojari, A. M. These appeals pertaining to one assessee are preferred by the Revenue directed against the separate orders of CIT(A)-II Hyderabad dated 24/07/2013 for the assessment years 2009-10, 2010-11 2011-12. Since common issues are involved in these appeals, they were clubbed and heard together and, therefore, a common order is passed for the sake of convenience. 2. The ground raised by revenue in these appeals is common, which is as follows: "The learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ers of the revenue authorities. We find that similar issue came up for consideration before the coordinate bench of Hyderabad in assessee's own case for assessment years 2005-06, 2006-07 and 2007-08 (supra) wherein the coordinate bench held as follows: 4. We have heard the Learned Departmental Representative and perused the impugned orders of the lower authorities and other material on record. Similar issue, viz. nature of chit dividend paid/credited, came up for consideration in the case of Marga Soochi Chit Pvt. Ltd., in I.T.A. No. 995/Bang/2008 and also in the case of Sahib Chits (Delhi) (P) Ltd., before the Delhi High Court in I.T.A. No. 44 of 2008 order dated 24.7.2009 wherein it was held that the amount disbursed by a chit fund comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pay the total monthly subscription and instead, they pay the monthly subscription after deducting the amount of dividend earned. Members who have bid for the chit in auction have the liability to keep the contribution to the chit till the end of the chit period and the prized members get dividend in future months also. Usually the discount, namely, the sum of money, which the prized subscriber is required to forgo, decreases over periods. The person getting money in the last period received the full scheme amount." 6. Following the ratio laid down by various courts in the cases noted above, it has been consistently held by the coordinate Benches of this Tribunal, as in ITA Nos.804/Hyd/2011 for assessment year 2005-06 in the case of M/s. V ..... X X X X Extracts X X X X X X X X Extracts X X X X
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