TMI Blog2020 (9) TMI 156X X X X Extracts X X X X X X X X Extracts X X X X ..... ons of law framed by a bench of this court. Admittedly, it is the contention of the assessee that under the relevant clauses of the agreement, the interest earned on capital bond was required to be paid to Prestige Holiday Resorts Company Ltd. However, the Tribunal while passing the impugned order has failed to consider the terms and conditions of the agreement. The impugned order passed by the Income Tax Appellate Tribunal is therefore, set aside and the matter is remitted to the Tribunal for decision afresh in accordance with law pertaining to Assessment years 1997-98 to 2000-01, 2002-03 to 2004-05. - I.T.A. NO. 219 OF 2012 - - - Dated:- 31-8-2020 - THE HON'BLE MR. JUSTICE ALOK ARADHE And THE HON'BLE MR. JUSTICE H.T.NARENDRA P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M/s Prestige Holiday Resorts Company Pvt. Ltd., which is in the business of property development and development of resorts. The aforesaid company formed a club viz., Royal Goan Bench Club, which was formed with an object to secure for its members exclusive rights of occupation of certain apartments fully furnished at various locations in India for a specified period each year. In pursuance of the agreement, a trust deed was executed between the parties on 21.04.1995 and the assessee agreed to act as a trustee, as a trust and in the capacity of trust company. A capital bond agreement was executed between Prestige Holiday Resorts Company Ltd., and the assessee wherein it was agreed that Prestige Holiday Resorts Company Ltd which was in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed appeal before Income Tax Appellate Tribunal (hereinafter referred to as 'the Tribunal', for short). The tribunal vide order dated 30.03.2012 upheld the orders of the Commissioner of Income Tax (Appeals). Being aggrieved, the assessee is in appeal before us. 4. Learned counsel for the assessee has raised a singular contention that the Tribunal while deciding the appeal has failed to consider the terms and conditions of the agreement and therefore, the matter be remitted to the Income Tax Appellate Tribunal for decision afresh. Learned counsel for the revenue could not point out from the order passed by the Tribunal that the terms and conditions of the agreement have been considered by the Tribunal. 5. In view of aforesaid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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