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2011 (3) TMI 1702 - ITAT MUMBAI

2011 (3) TMI 1702 - ITAT MUMBAI - TMI - ITA No. 801/Mum/2009 - Dated:- 25-3-2011 - SHRI S V MEHROTRA, ACCOUNTANT MEMBER AND SHRI VIJAY PAL RAO, JUDICIAL MEMBER Appellant by : Shri Raja B Singh Respondent by : Shri D Songate O R D E R PER VIJAY PAL RAO,JM This appeal by the assessee is directed against the order dated 14.11.2008 of CIT(A) for the assessment year 2005-06. 2. The assessee has raised the following grounds in this appeal: 1. The ld. AO has wrongly assessed by demanding the tax of  .....

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ess of income over expenditure of ₹ 47,69,412/-. The assessee claimed entire income as deduction u/s 80IA of the Act. The AO disallowed the claim of the assessee and assessed the surplus of ₹ 47,69,413/- as income of the assessee. 4. On appeal, the CIT(A) has confirmed the disallowance made by the AO. 5. Before us, the learned AR of the assessee has submitted that the assessee has claimed the surplus as not taxable on the principle of mutuality though the assessee has also claimed th .....

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and issue of concept of principle of mutuality directed to be decided. 6. On the other hand, the learned DR has relied upon the orders of the lower authorities. 7. We have considered the rival contentions and relevant record. The AO has recorded the reasons for not allowing the claim of the assessee u/s 80IA(4)(i)(a) as under : The assessee has also sought to explain the concept of mutuality in its letter dated 25.1.2007. the assessee has also relied upon the various cases laws, though none of .....

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