TMI Blog2012 (7) TMI 970X X X X Extracts X X X X X X X X Extracts X X X X ..... peal preferred by the assessee- M/s.Bangalore Club for the assessment year 2007-08 against the appellate order dated 16-9-2011 of the CIT(A)-I, Bangalore. 2. The assessee has taken the following grounds of appeal: 1. The order of reassessment is bad in law and void ab initio for want of requisite jurisdiction especially, the mandatory requirement to assume jurisdiction under section 147 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity does not apply to the interest received on such deposits under the facts and circumstances of the case. 5. The authorities below are not justified in law in holding that the banks which the appellant has deposited its funds are not its corporate members and thus the concept of mutuality is not applicable on the contrary the said banks are the corporate members under the facts and circums ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e placed on record paper compilation 37 pages comprising therein the following: 1. Written submissions of the assessee dt.17-7-2012. 2. Apex Court judgment dt.8-9-2006 in CP No.14470/2006. 3. Apex Court judgment dt.5-1-2007 in CP No.14470/2006. 4. Judgment of the Karnataka High Court in WP No.22445/2004 C/w 16858/2004 dated 24-8-2006 in the case of Chikkaveerappa vs. The Stat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cision in the case of the same assessee for assessment year 2000-01. He drew our attention to the decision of the Tribunal for the assessment years 2000-01 and 2002-03 to 2006-07 in the case of the same assessee in ITA Nos.791 to 796/Bang/2010 order dt.6-9-2011 and submitted that identical issues in the earlier years were remitted to the file of the AO to decide the same in accordance with law aft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act. In our opinion, it is consequential in nature and the AO shall give consequential relief while deciding other issues which are restored to him by us in the above paragraphs of our odder. 6. In the result, the assessee s appeal is allowed for statistical purposes. Order pronounced in the open court at the close of the hearing on 17th July, 2012. - - TaxTMI - TMITax - Income T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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