Central Bank National Employees Cooperative Credit Society Ltd., , Kolkata V. ITO, Ward - 34(3), Kolkata , Kolkata

ITA 1050/KOL/2018

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 5318 (ITAT-KOLKATA)
• Duration Of Justice: 4 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-10-2018
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Assessment Year: 2014-2015
• Appeal Filed On: 18-05-2018
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Assessee Lawyers: S M SURANA
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL SMC BENCH : KOLKATA [BEFORE HONBLE SHRI S.S. GODARA, JM] I.T.A NO. 1050/KOL/20 18 ASSESSMENT YEAR : 2014-1 5 CENTRAL BANK NATIONAL EMPLOYEES CO. OPERATIVE CREDI T SOCIETY LTD. VS- ITO, WARD-34(3), [PAN: AAAAC 3483 E] KOLKATA (APPELLANT) ( RESPONDENT) FOR THE APPELLANT : SHRI S. M. S URANA, ADVOCATE FOR THE RESPONDENT : SHRI KAPIL MONDAL, JCIT DATE OF HEARING : 18.09.2018 DATE OF PRONOUNCEMENT : 12 .10.2018 ORDER 1. THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2014- 15 IS DIRECTED AGAINST THE CIT(A)- 10, KOLKATAS ORDER DATED 09.02.2018 PASSED IN CASE NO. 149/CIT(A)-10/W-34(3)/2014- 15/2016-17/KOL, INVOLVING PROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961 ( IN SHORT THE ACT). HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. THE ASSESSEES FIRST SUBSTANTIVE GROUND SEEKS TO CLAIM SECTION 80P DEDUCTION REGARDING ITS RENTAL INCOME OF RS. 54,100/-. LEARNE D COUNSEL IS VERY FAIR IN TAKING ME TO CIT(A)S ORDER IN PAGE 3 PARA 6.2 THAT A CO-ORDINA TE BENCH HAS ALREADY DECLINED THE VERY RELIEF IN ASSESSMENT YEAR 2012-13. I THEREFOR E UPHOLD THE CIT(A)S FINDINGS UNDER CHALLENGE. 2 ITA NO.1050/KOL/2018 CENTRAL BA NK NATIONAL EMPLOYEES CO. OPERATIVE CREDIT SOCIETY LTD. A.YR. 2014-15 2 3. NEXT COMES ASSESSEE SIMILAR SECTION 80P CLAIM RE GARDING INTEREST INCOME RECEIVED FROM BANKS. MR. SURANA SUBMITS HEREIN AS WELL THAT THE ASSESSEE HAS ADMITTEDLY DERIVED ITS INTEREST INCOME FROM INVESTMENTS IN BANKS AND F INANCIAL INSTITUTIONS WHICH IS NOT ENTITLED FOR THE IMPUGNED DEDUCTION AS PER HONBLE JURISDICTIONAL HIGH COURTS DECISION IN CIT VS. SOUTH EASTERN RAILWAY CO-OPERATIVE CREDI T SOCIETY INDIA LTD. [2017] 390 ITR 524 (CAL). I THEREFORE AFFIRM THE CIT(A)S FIND INGS UNDER CHALLENGE IN PRINCIPAL QUA THIS LATTER ISSUE AS WELL. 4. MR. SURANA AT THIS STAGE SUBMITS THAT THE ASSESS EES ONLY PRAYER IN GIVEN FACTS AND CIRCUMSTANCES OF THE CASE IS THAT THE ASSESSING OF FICER OUGHT TO HAVE FOLLOWED NETTING PRINCIPLE WHILST INVOKING THE IMPUGNED DISALLOWANCE OF DEDUCTION. THE REVENUE IS VERY FAIR IN NOT DISPUTING THE CORRECTNESS OF SUCH A NET TING EXERCISE. I THEREFORE RESTORE THE INSTANT APPEAL BACK TO THE ASSESSING OFFICER TO RE -COMPUTE THE IMPUGNED SECTION 80P DEDUCTION DISALLOWANCE AFTER FOLLOWING NETTING FOR MULA VIS--VIS THE CORRESPONDING EXPENDITURE. THE ASSESSEES TWIN GROUNDS ARE PARTL Y ACCEPTED FOR STATISTICAL PURPOSES. 5. THIS ASSESSEES APPEAL IS PARTLY ALLOWED FOR STA TISTICAL PURPOSES. ORDER PRONOUNCED IN THE COURT ON 12.10.2018 SD/ [ S.S.GODARA ] JUDICIAL MEMBER DATED : 12.10.2018 SB, SR. PS 3 ITA NO.1050/KOL/2018 CENTRAL BA NK NATIONAL EMPLOYEES CO. OPERATIVE CREDIT SOCIETY LTD. A.YR. 2014-15 3 COPY OF THE ORDER FORWARDED TO: 1. CENTRAL BANK NATIONAL EMPLOYEES CO. OPERATIVE C REDIT SOCIETY LTD., RAJA BHAWAN, 111, C.R.AVENUE, KOLKATA-700073. 2. ITO, WARD-34(3), KOLKATA, AAYAKAR BHAWAN POORVA, 110, SHANTI PALLY, NEAR RUBY HOSPITAL, E.M. BYE PASS, KOLKATA-700107. 3..C.I.T(A).- 4. C.I.T.- KOLKATA. 5. CIT(DR), KOLKATA BENCHES, KOLKATA. TRUE COPY BY ORDER SENIOR PRIVAT E SECRETARY HEAD OF OFFICE/D.D.O., ITAT, KOLKATA BENCHE S