Case Law Details
Brief of the case
ITAT Mumbai held In the case of DCIT v. The Indian Hotels Co. Pvt. Ltd. that principle of consistency should be followed when there were similar issues and the similar principal was laid down in the case of Assessee’s Sister Concern.
Facts of the Case
The assessee, is engaged in the business of hoteliering, catering etc., filed a revised return claiming deduction u/s 80HHD. AO assessed income at Rs. 1,05,85,36,899/-, which was subsequently enhanced to Rs. 1,06,27,47,646/- vide order passed u/s 154 of the Act. Meanwhile, notice u/s 148 of the Act was issued and served on the assessee to reopen the impugned assessment. Accordingly, the re-assessment order was passed u/s 143(3) r/w 147 of the Act on 25.3.2004 and the assessed income was determined at Rs. 1,07,74,26,410/- after treating the said interest income amounting to Rs. 3,51,91,070/- under the head ‘income from other sources’.
Order of the Ld. CIT(A)
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