Ashwathapura Pathina Souharda Sahakari Niyamitha, Bangalore V. Income-Tax Officer, Bangalore

ITA 1358/BANG/2016

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 9345 (ITAT-BANGALORE)
• Duration Of Justice: 2 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-10-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2007-2008
• Appeal Filed On: 29-07-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SUMER SINGH MEENA
• Assessee Lawyers: S RAJESWARI

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH : BANGALORE BEFORE SHRI A.K. GARODIA, ACCOUNTANT MEMBER AND SHRI VIJAY PAL RAO, JUDICIAL MEMBER ITA NOS. 1358 & 1359/BANG/2016 ASSESSMENT YEARS : 2007-08 & 2008-09 ASHWATHAPURA PATHINA SOUHARDA SAHAKARI NIYAMITHA, NO.1206, RANGANATHA COMPLEX, 12 TH CROSS, M.C. LAYOUT, MAGADI ROAD, BENGALURU 560 040. PAN: AAAAA 5468M VS. THE INCOME TAX OFFICER, WARD 2(1), BANGALORE. APPELLANT RESPONDENT APPELLANT BY : SMT. S. RAJESWARI, CA RESPONDENT BY : SHRI SUMER SINGH MEENA, ADDL. CIT(DR) DATE OF HEARING : 04.10.2016 DATE OF PRONOUNCEMENT : 07.10.2016 O R D E R PER A.K. GARODIA, ACCOUNTANT MEMBER BOTH THESE APPEALS ARE FILED BY THE ASSESSEE WHIC H ARE DIRECTED AGAINST THE TWO SEPARATE ORDERS OF LD. CIT (APPEALS )-III, BANGALORE BOTH DATED 24.6.2016 FOR THE AYS 2007-08 & 2008-09. BO TH THESE APPEALS WERE HEARD TOGETHER AND ARE BEING DISPOSED OF BY WAY OF THIS COMMON ORDER FOR THE SAKE OF CONVENIENCE. ITA NO.1358 & 1359/BANG/2016 PAGE 2 OF 3 2. IN BOTH THE APPEALS, THE ONLY ISSUE INVOLVED IS REGARDING ELIGIBILITY OF THE ASSESSEE FOR DEDUCTION U/S. 80P OF THE I.T. ACT . 3. IT WAS SUBMITTED BY THE LD. AR OF THE ASSESSEE T HAT THIS ISSUE IS SQUARELY COVERED IN FAVOUR OF THE ASSESSEE BY THE T RIBUNALS ORDER IN ASSESSEES OWN CASE FOR AY 2009-10 & 2010-11 IN ITA NOS.816 & 817/BANG/2015 DATED 10.11.2015. HE SUBMITTED A CO PY OF THE SAME. THE LD. DR SUPPORTED THE ORDERS OF AUTHORITIES BELOW. 4. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS. WE FI ND THAT IN THE TRIBUNALS ORDER IN ASSESSEES OWN CASE FOR THE AYS 2009-10 & 2010-11, THE TRIBUNAL FOLLOWED THE JUDGMENT OF HONBLE JURIS DICTIONAL HIGH COURT RENDERED IN THE CASE OF TUMKUR MERCHANTS SOUHARDA CREDIT CO-OPERATIVE LTD. IN ITA NO.230 TAXMANN 309 (KAR) AND BY RESPECTFULLY FOLLOWING THIS JUDGMENT OF HONBLE KARNATAKA HIGH COURT, THE TRIBU NAL DECIDED THE ISSUE IN FAVOUR OF ASSESSEE. IT WAS HELD THAT ASSESSEE IS ELIGIBLE FOR DEDUCTION U/S. 80P OF THE ACT IN RESPECT OF INTEREST ON FIXED DEPOSITS. 5. FOR THE PRESENT TWO YEARS, NO DIFFERENCE IN FACT S COULD BE POINTED OUT BY THE LD. DR OF REVENUE AND HENCE, WE FIND NO REAS ON TO TAKE A CONTRARY VIEW. THEREFORE, RESPECTFULLY FOLLOWING THIS TRIBU NAL ORDER, WE DECIDE THE ISSUE IN DISPUTE IN FAVOUR OF ASSESSEE IN BOTH THE YEARS. ITA NO.1358 & 1359/BANG/2016 PAGE 3 OF 3 6. IN THE RESULT, BOTH THE APPEALS OF ASSESSEE ARE ALLOWED. PRONOUNCED IN THE OPEN COURT ON THIS 7 TH DAY OF OCTOBER, 2016. SD/- SD/- (VIJAY PAL RAO ) ( A.K. GAR ODIA ) JUDICIAL MEMBER ACCOUNTAN T MEMBER BANGALORE, DATED, THE 7 TH OCTOBER, 2016. /D S/ COPY TO: 1. APPELLANT 2. RESPONDENTS 3. CIT 4. CIT(A) 5. DR, ITAT, BANGALORE. 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR, ITAT, BANGALORE.