Samaja Seva Sahakari Bank Limited., Dakshina Kannada V. ITO, Mangalore

ITA 11/BANG/2014

• Counselvise Citation: 1121114 RSA 2014
• Duration Of Justice: 7 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-08-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2010-2011
• Appeal Filed On: 06-01-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: L V BHASKAR REDDY J
• Assessee Lawyers: K AS HOKA RAO

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH B : BANGALORE BEFORE SMT. P. MADHAVI DEVI , JUDICIAL MEMBER A ND SHRI JASON P.BOAZ, ACCOUNTANT MEMBER STAY PETN.NO. 171 /BANG/201 4 (IN ITA NO. 11 / BANG/20 14 ) (ASSESSMENT YEAR: 2010 - 11 ) AND ITA NO. 1 1/BANG/2014 (ASSESSMENT YEAR: 2010 - 11 ) M/S.SAMAJA SEVA SAHAKARI BANK(L) , PB NO.5 BANTWALA, DAKSHINA KANNADA - 574211. PETITIONER / APPELLANT VS. INCOME - TAX OFFICER, WARD 2(3), MANGALORE. RESPONDENT ASSESSEE BY: SHRI K.AS HOKA RAO, CA. REVENUE BY: SHRI L.V.BHASKAR REDDY, JCIT(DR) DATE OF HEARING : 22 - 0 8 - 2014 . DATE OF PRONOUNCEMENT: 28 - 0 8 - 2014 . O R D E R PER SMT. P.MADHAVI DEVI, JM : ITA NO.11/BANG/2014: THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST T HE ORDER OF THE CIT(A), MYSORE, DATED 18 - 7 - 2013 FOR THE ASSESSMENT YEAR 2010 - 11 HOLDING THAT THE ASSESSEE IS NOT ENTITLED TO DEDUCTION U/S 80P OF THE INCOME - TAX ACT, 1961[HEREINAFTER REFERRED TO AS 'THE ACT'] AS THE ASSESSEE IS S P NO . 171 /BANG/20 14 M/S.SAMAJA SEVA SAHAKARI BANK LTD. PAGE 2 OF 3 CARRYING ON BANKING BUSINESS AND THEREFORE A BANK U/S 5 OF THE BANKING REGULATION ACT OF 1949. 2. AT THE TIME OF HEARING, THE LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE ISSUE IS COVERED IN FAVOUR OF THE ASSESSEE BY THE DECISION OF THE HON BLE GUJARAT HIGH COURT IN THE CASE OF IN THE CASE OF CIT VS. JAFARI MOMIN VIKAS CO - OP. CREDIT SOCIETY LTD. IN ITA NO.442 OF 2013 DATED 15 - 01 - 2014 WHEREIN IT HAS BEEN HELD THAT THE CO - OPERATING CREDIT SOCIETY DOES NOT FALL UNDER THE EXCLUSION U/S 80P(4) AND THEREFORE IS ELIGIBLE FOR DEDUCTION U/S 80P OF THE ACT . COPY OF THE SAID ORDER IS FILED BEFORE US. DULY TAKING NOTE OF THE SAME, WE DISPOSE OF THE APPEAL OF THE ASSESSEE HOLDING THAT THE ASSESSEE IS A PRIMARY CREDIT CO - OPERATIVE SOCIETY AND IS NOT A BANK AND, THEREFORE, THE P ROVISIONS OF SEC.80P( 4 ) ARE NOT APPLICABLE TO THE ASSESSEE AND THE ASSESSEE IS ELIGIBLE FOR DEDUCTION U/S 80P OF THE ACT. ACCORDINGLY, THE ASSESSEE S APPEAL IS ALLOWED. 3. SP NO.171/BANG/2014: SINCE THE APPEAL OF THE ASSESSEE IS ALLOWED, THE STAY PETITIO N HAS BECOME INFRUCTUOUS AND IS THEREFORE, DISMISSED. PRON OUNCED IN THE OPEN COURT ON 28 TH OF AUGUST , 201 4. SD/ - SD/ - (JASON P BOAZ ) ( SMT. P.MADHAVI DEVI ) ACCOUNTANT MEMBER JUDICIAL MEMBER EKSRINIVASULU S P NO . 171 /BANG/20 14 M/S.SAMAJA SEVA SAHAKARI BANK LTD. PAGE 3 OF 3 COPY TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR, ITAT, BANGALORE. 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME - TAX APPELLATE TRIBUNAL BANGALORE