GEETANJALI TRADING LTD INVESTMENTS LTD, v. ITO 6(3)(1),

MA 703/MUM/2010 | 2004-2005
Pronouncement Date: 11-03-2011 | Result: Allowed

Appeal Details

RSA Number 70319924 RSA 2010
Assessee PAN AAACG3265A
Bench Mumbai
Appeal Number MA 703/MUM/2010
Duration Of Justice 3 month(s) 16 day(s)
Appellant GEETANJALI TRADING LTD INVESTMENTS LTD,
Respondent ITO 6(3)(1),
Appeal Type Miscellaneous Application
Pronouncement Date 11-03-2011
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted G
Assessment Year 2004-2005
Appeal Filed On 25-11-2010
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES G : MUMBAI BEFORE SHRI D.K.AGARWAL J.M. & SHRI J.SUDHAKAR RED DY A.M. MISC. APPLICATION NO. 703/MUM/2010 ARISING OUT OF ITA. NO. 5428/MUM/2007 ASSESSMENT YEAR 2004-2005 GEETANJALI TRADING & INV. LTD. MUMBAI 400 018 PAN AAACG3265A VS. ITO WARD 6 (3) 1 MUMBAI - 020 (APPLICANT) (RESPONDENT) FOR APPLICANT : SHRI D.H. SHAH FOR RESPONDENT : SHRI D.SONGATE D.R. ORDER PER J.SUDHAKAR REDDY A.M. 1. BY THIS MISCELLANEOUS APPLICATION THE ASSESSEE POINTS OUT THAT THE TRIBUNAL HAS FAILED TO DISPOSE OF GROUND N O. 2A WHICH READS AS FOLLOWS : TREATMENT OF INTEREST INCOME OF RS.3 44 038/- AS INCOME FROM OTHER SOURCES AS AGAINST BUSINESS INCOME. 2. AFTER HEARING MR. D.H. SHAH LEARNED COUNSEL FO R THE ASSESSEE AND MR. D.SONGATE LEARNED D.R. WE FIND TH AT THE ASSESSING OFFICER HAS DEALT WITH THIS ISSUE AT PARA 13 PAGE 3 OF HIS ORDER AND THE CIT(A) HAS ALSO DEALT WITH THIS ISSUE AT PARA 3 PAG E 3 OF HIS ORDER. THE ASSESSEE HAS RAISED THE GROUND AGAINST SUCH FINDING . THE TRIBUNAL HAS NOT ADJUDICATED THIS ISSUE. THUS WE AGREE WIT H THE LEARNED COUNSEL FOR THE ASSESSEE THAT A MISTAKE APPARENT FR OM THE RECORD HAS CREPT INTO THE ORDER OF THE TRIBUNAL DATED 24 TH DECEMBER 2009. 3. IN VIEW OF THE ABOVE WE RECALL OUR ORDER DATED 24 TH DECEMBER 2009 IN ITA. NO. 5428/MUM/2007 FOR THE LI MITED PURPOSE TO DISPOSE OF THE GROUND ON THE ISSUE WHETHER INTE REST INCOME OF RS.3 44 038/- SHOULD BE ASSESSED AS BUSINESS INCO ME OR AS INCOME 2 FROM OTHER SOURCES. REGISTRY IS DIRECTED TO POST T HE CASE FOR REGULAR HEARING IN DUE COURSE. 4. IN THE RESULT M.A. OF THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED ACCORDINGLY IN THE OPEN COURT ON 11-3-2011. SD/- (D.K.AGARWAL) JUDICIAL MEMBER SD/- (J.SUDHAKAR REDDY) ACCOUNTANT MEMBER DATED : 11 TH MARCH 2011 VBP/- COPY TO 1. GEETANJALI TRADING & INV. LTD. 3A BARODAWALA M ANSION 81 DR. ANNIE BESANT ROAD WORLI MUMBAI 400018 PA NAAACG3265A 2. ITO WARD 6 (3) 1 AAYAKAR BHAVAN MUMBAI - 020 3. COMMISSIONER OF INCOME TAX (APPEALS)-XXVI MUMBA I 4. C.I.T-6 MUMBAI 5. DR G BENCH 6. GUARD FILE. BY ORDER TRUE COPY ASSTT. REGISTRAR ITAT MUMBAI