M/s. Kolhapur Sah. Majur & Hamal Sanstha Ltd., Kolhapur V. ITO Wd. 2(1), Kolhapur

ITA 1086/PUN/2009

• Counselvise Citation: 108624514 RSA 2009
• Duration Of Justice: 1 year(s) 9 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-06-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 23-06-2011
• Assessment Year: 2006-2007
• Appeal Filed On: 14-09-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ANN KAPTUAMA
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B, PUNE BEFORE SHRI I C SUDHIR, JUDICIAL MEMBER AND SHRI G S PANNU, ACCOUNTANT MEMBER ITA NO 1086/PN/09 (ASSTT. YEAR: 2006-07) KOLHAPUR SAHAKARI MAJOOR & HAMAL SANSTHA LTD. .. A PPELLANT 619/B, E WARD, 1 ST LANE SHAHUPURI, KOLHAPUR PAN AAAAP0326R VS. INCOME-TAX OFFICER, .. RESPONDEN T WD 2(1), KOLHAPUR APPELLANT BY : SHRI M K KULKARNI RESPONDENT BY: SMT ANN KAPTUAMA ORDER PER G.S. PANNU, AM THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF THE COMMISSIONER OF INCOME-TAX (APPEALS), KOLHAPUR DATED 29. 6.2009 WHICH, IN TURN, HAS ARISEN OUT OF THE ORDER OF THE ASSESSING OF FICER PASSED UNDER SECTION 143(3) OF THE INCOME-TAX ACT, 1961 (IN SHORT TH E ACT), PERTAINING TO THE ASSESSMENT YEAR 2006-07. 2. THE ONLY ISSUE AGITATED BY ASSESSEE IN THIS APPEAL RELA TES TO THE ISSUE AS TO WHETHER INTEREST RECEIVED ON FIXED DEPOSITS AM OUNTING TO RS 9,72,538/- IS ADMISSIBLE FOR DEDUCTION UNDER SECTION 80P( 2)(A)(VI) OF THE ACT. 3. WE HAVE HEARD BOTH THE PARTIES. AT THE TIME OF HEARING, THE LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT SIMILAR ISSUE HAD BEEN THE SUBJECT-MATTER OF CONSIDERATION BEFORE A CO-ORDINATE BEN CH IN ASSESSEES 2 OWN CASE FOR THE ASSESSMENT YEAR 2005-06 AND THE TRIBUN AL VIDE ORDER DATED 29.05.2009 IN ITA NO 212/PN/09 HAS DECIDED THE ISSUE IN FAVOUR OF THE ASSESSEE. THE LEARNED DEPARTMENTAL REPRESENTATIVE, APPEARING FOR THE REVENUE, THOUGH DEFENDED THE ORDERS OF THE AUTHOR ITIES BELOW, DID NOT CONTROVERT THE FACTUAL MATRIX OF THE CASE. UNDER THESE CIR CUMSTANCES, WE HEREBY FOLLOW THE PRECEDENT, AND REVERSE THE FINDINGS OF THE COMMISSIONER OF INCOME-TAX (APPEALS) AND DIRECT THE ASSESSI NG OFFICER TO ALLOW THE CLAIM OF THE ASSESSEE. THE APPEAL OF ASSESSEE IS ALLOWED. 4. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED. DECISION WAS PRONOUNCED IN THE OPEN COURT ON 30 TH DAY OF JUNE, 2011. SD/- SD/- (I.C. SUDHIR) (G.S. PANNU) JUDICIAL MEMBER ACCOUNTANT MEMBER PUNE: DATED: 30 TH JUNE, 2011 B COPY OF THE ORDER IS FORWARDED TO : 1. ASSESSEE 2. DEPARTMENT 3. THE CIT(A), KOLHAPUR 4. THE CIT, KOLHAPUR 4. THE D.R, B BENCH,PUNE 5. GUARD FILE TRUE COPY BY ORDER ASSISTANT REGISTRAR ITAT, NAGPUR BENCH, NAGPUR