TMI Blog2018 (1) TMI 1570X X X X Extracts X X X X X X X X Extracts X X X X ..... istinguish the facts of earlier years with that of impugned AY. Therefore, in view of the binding judicial precedent in the shape of the order of co-ordinate bench of the Tribunal, taking same stand, we dismiss revenue s appeal. - I.T.A. No.1958/Mum/2016 - - - Dated:- 10-1-2018 - Shri Joginder Singh, JM And Shri Manoj Kumar Aggarwal, AM Assessee by: S.C.Tiwari, Rituja Pawar,Ld. ARs Revenue by: H.N.Singh, Ld. CIT DR ORDER Manoj Kumar Aggarwal 1. The captioned appeal by revenue for Assessment Year [AY] 201213 assails the order of the Ld. Commissioner of Income-Tax (Appeals)-1 [CIT(A)], Mumbai, Appeal No. CIT(A)-1/IT/E-II(164)/2014-15 dated 27/01/2016 qua relief provided to the assessee against pharmacy shop s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the trust was not maintaining separate books of accounts for the shop. Finally, the net surplus of ₹ 16.73 Crores earned from the shop was assessed as business income against which exemption u/s 11 was denied to the assessee on the premises that the shop was not incidental to attainment of objectives of the trust and the assessee failed to maintain separate books of accounts for the same. The Ld. AO also placed reliance on the observation of Hon ble Bombay High Court order dated 25/08/2014 made in writ petition Nos. 1197/2014 1198/2014 filed by the assessee challenging the reopening notices issued u/s 148 for AY 2006-07 2008-09. 3. Aggrieved, the assessee contested the same successfully before Ld.CIT(A) vide impugned order d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the observation of Hon ble Bombay High Court is concerned, the same is unwarranted in view of the subsequent observation of Hon ble Court in review petition filed by the assessee as rightly noted by Ld. CIT(A) on Page No.15 of the appellate order. Therefore, the same could not be of any assistance to the revenue. 6. Proceeding further, we find that the issue has already been decided in assessee s favor by first appellate authority for AY 2010-11 2011-12. This Tribunal, vide ITA No.87/Mum/2015 order dated 17/08/2016 for AY 2010-11, after considering the judgment of Hon ble Bombay High Court in rendered in Baun Foundation Trust Vs CCIT [2012 73 DTR 45 (Bom)] Mumbai Tribunal in Hiranandani Foundation Vs. ADIT [ITA Nos. 560-563/Mum/2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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