(Per : HONOURABLE MR.JUSTICE AKIL KURESHI) Assessee is in appeal against the judgment of the Tribunal dated 28.9.07 raising following questions for our consideration :
(i) Whether, in the facts and under the circumstances of the case, the ITAT was right in applying the provisions of S.68 of the Act to the share application money received by the appellant?
(ii) Whether, in the facts and under the circumstances of the case, the ITAT was right in holding that Rs.1,80,000/- received by the appellant as share application money was unexplained cash credit u/s.68 of the Act ?
(iii) Whether, in the facts and under the circumstances of the case, the ITAT was right in confirming addition u/s 68 of the Act even before the commencement of the commercial activities by the appellant ?
(iv) Whether, in the facts and under the circumstances of the case, the ITAT was right in holding that the membership fees of Rs.8,14,500/- received by the appellant was revenue receipt taxable in the hands of the appellant as income for the year under consideration ?
(v) Whether, on the facts and under the circumstances of the case, the ITAT was right in holding that even though the appellant has not commenced its commercial activities, the receipt on account of membership fees is income earned by the appellant ?"
Counsel for the assessee pointed out that similar issues in case of this very assessee were subject matter of Tax Appeal No.113 of 2004 in connection with earlier years and this Court had not entertained question No.(i), (ii) and (iii). Question No.(iv) was, however admitted.
We additionally notice that question No.(v) is in the nature of contention and therefore, the same is not required to be entertained.
In the result, Tax Appeal is admitted for consideration of question No.(iv) only.
To be heard with Tax Appeal No.113 of 2004.
(Akil Kureshi J.) (Ms.Sonia Gokani, J.) (vjn) Top