TMI Blog2021 (1) TMI 155X X X X Extracts X X X X X X X X Extracts X X X X ..... r 2011-12I [ 2018 (5) TMI 40 - ITAT MUMBAI] identical issue had come up before the Tribunal in an appeal by the Revenue and Tribunal decided the issue in favour of assessee - CIT(A) accepted the contentions of the assessee and held that interest income earned by the assessee is to be taxed under the head Business Income . The Revenue has accepted the same and has not filed any appeal before the Tribunal. This fact has not been controverted by the ld. Departmental Representative. Thus, in the facts of the case and the decision of Tribunal in assessee s own case for assessment year 2011-12, the appeal of assessee is accepted. - ITA NO. 1193/MUM/2019 - - - Dated:- 2-11-2020 - Shri Vikas Awasthy, Judicial Member For the Assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... changed the head of income and assessed interest income earned by the assessee under the head Income from other sources . In appeal the CIT(A) following the Rule of Consistency accepted assessee s contention and reversed the findings of Assessing Officer. In assessment year 2011-12, the Department carried the issued in appeal before the Tribunal in ITA No.1578/Mum/2016. The Tribunal vide order dated 23/04/2018 upheld the finding of CIT(A) and dismissed the appeal of Revenue. The ld. Authorized Representative for the assessee further pointed that a perusal of P L Account for the Financial Year ending on 31/03/2014 would show that interest income of the assessee is substantial as compared to the income from brokerage. This clearly shows that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee declaring interest income from money lending business under the head Business Income and Assessing Officer disputing the same holding the interest income under the head Income from Other Sources is recurring in the past couple of assessment years. In assessment year 2011-12 identical issue had come up before the Tribunal in an appeal by the Revenue in ITA NO.1578/Mum/2016 (supra). The Tribunal decided the issue in favour of assessee by observing as under:- 6. Coming to the Revenue s appeal, the only issue is whether the interest income received by the assessee should be assessed as business income or income from other sources. 7. The assessee is an individual also a member of Mumbai stock exchange and doing business ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent year 2007-08, 2008-09 and 2010-11 the Assessing Officer has accepted interest income of the assessee as Business Income . Further, the Tribunal has also answered the objections of Revenue that for conducting money lending business, licence is not a pre-condition in so far as Income Tax purpose. 7. The ld. Departmental Representative has raised objection that the principle of res-judicata does not apply under Income Tax Act. There is no dispute on this proposition. However, when the facts are identical, rule of consistency has to be followed. The Hon'ble Supreme Court of India in the case of Radhasoami Satsang, 193 ITR 321 (SC) has held that rule of consistency has to be followed where there is no change in the facts. 8. A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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