GUNJA SAMABAY KRISHI UNNAYAN SAMITY LTD.,PURULIA V. I.T.O., WARD - 3(2), PURULIA, PURULIA

ITA 1490/KOL/2024

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The case involves Gunja Samabay Krishi Unnayan Samity Ltd., a cooperative credit society, which appealed against the order of the Commissioner of Income Tax (Appeals) denying them a deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961 for the assessment year 2018-19. The primary contention was whether the interest received from deposits in nationalised banks was eligible for deduction under the specified section. Initially, the deduction was denied, but on appeal, the assessee was granted a deduction under section 80P(2)(d). The tribunal dismissed the appeal as the issue had become academic due to the absence of any remaining tax liability.

• Counselvise Citation: [2024] 140 COUNSELVISE.COM (IT) 472226 (ITAT-KOLKATA)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-12-2024
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2018-2019
• Laws Referred To: Income-tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Section: 250

Judgement Text

" आयकर अपीलीय अिधकरण, कोलकाता पीठ ‘SMC’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH KOLKATA Before Shri Sanjay Garg, Judicial Member I.T.A. No.1490/Kol/2024 Assessment Year: 2018-19 Gunja Samabay Krishi Unnayan Samity Ltd. .………. Appellant Vill. Guna, P.O. Golbera, PS Joypur, Dist. Purulia, Pin 723103. (PAN: AABAG2110M) vs. ITO, Ward-3(2), Purulia ……..… Respondent Appearances by: Shri M. Goenka, CA appeared on behalf of the Appellant Shri Manas Mondal, Addl. CIT, Sr. DR appeared on behalf of the Respondent Date of concluding the hearing: December 23, 2024 Date of pronouncing the order: December 23, 2024 आदेश / ORDER Per Sanjay Garg, Judicial Member : The captioned appeal has been preferred by the assessee against the order dated 30.05.2024 of the Ld. Commissioner of Income Tax, (Appeals), National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as the “Ld. CIT(A)”] passed u/s. 250 of the Income-tax Act, 1961 (hereinafter referred to as the “Act”) for AY 2018-10. 2. The assessee in this appeal is aggrieved by the action of the lower authorities in denying deduction to the assessee u/s. 80P(2)(a)(i) of the Act. The plea of the assessee is that the assessee is a cooperative credit society and is engaged in the business of providing banking credit facilities to its members. 2 ITA No. 1490/Kol/2024 Gunja Samabay Krishi Unnayan Samity Ltd. AY 2018-19 3. The assessee claimed deduction u/s. 80P(2)(a)(i) of the Act which was denied to it on the ground that the assessee had deposited the surplus funds in nationalised banks and that the interest received from nationalised banks was not eligible for deduction u/s. 80P(2)(a)(i) of the Act. However, in appeal before the Ld. CIT(A), the assessee pleaded that the assessee in the alternative was entitled to deduction u/s. 80P(2)(d) of the Act, which was allowed by the Ld. CIT(A). The Ld. Counsel has submitted that after giving appeal effect to the order of the Ld. CIT(A), there is no current tax liability on the assessee. That the assessee has filed the present appeal on the ground that the action of the lower authorities in rejecting the claim of the assessee of deduction u/s. 80P(2)(a)(i) of the Act was not justified. 4. It is to be noted that the assessee has already been granted relief in the shape of deduction u/s. 80P(2)(d) of the Act. The issue raised by the assessee in this appeal has been rendered academic in nature, the same is kept open to be decided in appropriate case. However, at this stage, the assessee has already been granted deduction u/s. 80P(2)(d) of the Act and there is no tax liability left on the part of the assessee. In view of this, subject to the aforesaid observation, the present appeal of the assessee stands dismissed. However, before parting with this order, it is made clear that it will be open to the assessee to contest the aforesaid issue in any other assessment year, if so required. 5. In the result, appeal of the assessee stands dismissed in the terms as indicated above. Order is pronounced in the open court on 23.12.2024. Sd/-[Sanjay Garg] Ɋाियक सद˟/Judicial Member Dated: 23.12.2024. 3 ITA No. 1490/Kol/2024 Gunja Samabay Krishi Unnayan Samity Ltd. AY 2018-19 JD Sr. P.S Copy of the order forwarded to: 1. Appellant – Gunja Samabay Krishi Unnayan Samity Ltd. 2. Respondent – ITO, Ward-3(2), Purulia. 3. CIT (A), NFAC, Delhi. 4. CIT, 5. CIT(DR), True Copy By Order Assistant Registrar, ITAT, Kolkata "