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TMI Blog2018 (7) TMI 2192X X X X Extracts X X X X X X X X Extracts X X X X ..... ome Tax Act, 1961 (for short 'the Act'). 2. Ground No. 3 relates to condonation of delay of 31 days in filing of appeal. 3. The learned Sr. D.R. submitted that there is a delay of 31 days in filing of appeal. It was submitted that the A.O. was busy in time barring assessment at the relevant time, therefore, the appeal could not be filed in time. 4. On the other hand, the learned counsel for the assessee has no objection if the delay is condoned. 5. We have considered the facts and find that the delay on the part of the A.O. as she was busy in time barring assessment and housing keeping job. It is a settled law that the court is quasi judicial bodies and empowered to condone the delay if the litigant satisfied the court that there were s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m the eligible business profit only. In view of these, the claim made by the assessee u/s. 36(1)(vii) was deleted. 8. Being aggrieved, the assessee has filed appeal before CIT(A). The CIT(A) noted that this issue was also in the A.Y. 2009-10 in appellant own case wherein, the CIT(A) vide his order dtd.17.09.2012 has deleted the addition. The ITAT, Ahmedabad vide its order dtd.23.08.2013 in ITA No.2791/Ahd/2012 for the A.Y.2009-10 has confirmed the order of the CIT(A) while dismissing appeal of the Department. 9. Being aggrieved, the Revenue filed this appeal before us. The learned Sr. D.R. relied on the order of the A.O., whereas, learned counsel for the assessee submitted that the issue have been duly covered by the decision o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the appellant did not prove that whatever the amount set aside by it, constitutes 20% of profits derived from the eligible business. All the relevant details are present in the P&L account only and AO himself could have computed the 20% of profit derived from the eligible business. The appellant has again furnished all the required details and worked out the profit amounting to 250.44 lacs, 20% of profit thereof is Rs. 50.09 lacs. Amount credited to special reserve is Rs. 50,09,000/- which is 20% of the income from housing loans and SSI long term loans. This working has not been challenge by AO. It is therefore, held that the appellant has claimed expenses under this head as per provisions of section 36(1)(viii) which are allowable to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts Rs. 3,59,301/- shown by the assessee as short term capital gain is hereby treated as business income and taxed accordingly. 12. Being aggrieved, the assessee filed appeal before CIT(A). The CIT(A) observed that the A.O. misconstrued facts and law arriving at the conclusion by treating capital gain of Rs. 3,59,301/- as business income. The A.O. did not allow the STCG from the sale and added under the business income. The SLR Securities even invested as per the guidelines of RBI for any other purpose. Since, maintaining the SLR ratio they are purely for running the business of the bank has been shown as income from business. Maintaining the SLR to the tune of 25% of its term and demand liability the statutory requirement of bank whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ving relief to the assessee. Though learned counsel of the assesee tried to distinguish the facts of assesse's case with that of Supreme Court decision in the case of Sardar Indra Singh (supra), we are of the considered opinion that this exercise should be done by him before Ld. CIT(A) as we are inclined to restore the matter back to the file of Ld. CIT(A) for fresh adjudication in the light of Supreme Court decision in the case of Sardar Indra Singh (supra). This ground of revenue is allowed for statistical purpose. 14. Since, the facts on the issue are identical as that of A.Y. 2009-10, therefore, this issue is set aside to the file of the learned CIT(A) for fresh adjudication in light of decision of S.C. in the case of Sardar Indra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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