M/S MARUDHAR KSHETRIYA GRAMIN BANK, Ajmer V. ACIT, JHUNJHUNU

ITA 1383/JPR/2010

• Counselvise Citation: 138323114 RSA 2010
• Duration Of Justice: 6 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-06-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2003-2004
• Appeal Filed On: 03-12-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SUBHASH CHANDRA
• Section: 80C; 154

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL JAIPUR BENCH B JAIPUR (BEFORE SHRI R.K.GUPTA AND SHRI N.L.KALRA) ITA NO.1383/ JP/2010 ASSESSMENT YEAR 2003-04 PAN: AAAAM 5252 F M/S. MARUDHAR KSHETRIYA GRAMIN BANK VS. THE ACIT STATION ROAD, CHURU JHUNJHUNU (APPELLANT ) (RESPONDENT) ASSESSEE BY : NONE (ADJOURNMENT APPLICATION REJE CTED) DEPARTMENT BY :SHRI SUBHASH CHANDRA ORDER PER N.L. KALRA, AM:- THE ASSESSEE HAS FILED AN APPEAL AGAINST THE ORDE R OF THE LD. CIT(A)- III, JAIPUR DATED 13-09-2010 FOR THE ASSESSMENT Y EAR 2003-04. 2.1 THE BUSINESS LOSS WAS ASSESSED AT RS. 5,75,08,6 65/- BUT THE SAME WAS NOT ALLOWED TO BE CARRIED FORWARD FOR SET OFF FROM INCOME OF THE SUBSEQUENT ASSESSMENT YEAR. THE ASSESSEE FILED THE APPLICATION U/S 154 OF THE ACT. THIS APPLICATION WAS REJECTED AS ACCORDING TO THE AO, TH E INCOME OF THE COOPERATIVE SOCIETY IS EXEMPT U/S 80P(2)(A) OF THE ACT. 2.2 THE LD. CIT(A) HAS CONFIRMED THE ACTION OF THE AO. 2.3 THE ASSESSEE HAS FILED THE APPEAL AGAINST THE O RDER OF THE LD. CIT(A) AND STATED THAT THE LD. CIT(A) HAS ERRED IN NOT HOL DING THAT THE LOSS IS TO BE ALLOWED TO BE CARRIED FORWARD. 2 2.4 WE HAVE HEARD THE LD. DR. SECTION 80P IS INCLUD ED IN CHAPTER VIA WHICH CONTAINS THE HEADING AS DEDUCTIONS TO BE M ADE IN COMPUTING TOTAL INCOME. DEDUCTIONS MENTIONED IN VARIOUS SECTIONS OF 80C TO 80U ARE DIFFERENT. THE DEDUCTIONS ARE AVAILABLE TO THE EXTE NT OF INCOME. IT DOES NOT MEAN THAT THE LOSS COMPUTED WILL NOT BE ALLOWED TO BE CARRIED FORWARD WHILE GIVING DEDUCTION IN SUBSEQUENT YEAR. ONE HAS TO CON SIDER THE GROSS TOTAL INCOME AFTER SETTING OFF THE LOSS OF EARLIER YEAR. HENCE, IT IS CLEAR THAT ONCE THERE IS A LOSS DETERMINED BY THE AO THEN THE LOSS IS TO BE CARRIED FORWARD PROVIDED THE LOSS RETURN HAS BEEN FILED WITHIN THE PRESCRIBED TIME MENTIONED IN SECTION 139(3) OF THE ACT. THUS THE APPEAL OF TH E ASSESSEE IS ALLOWED. 3. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED. . THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 30-06 -2011. SD/- SD/- (R.K. GUPTA) (N.L. KALRA) JUDICIAL MEMBER ACCOUNTANT MEMBER JAIPUR DATED; 30/06/2011 *MISHRA COPY FORWARDED TO :- 1. M/S. MARUDHAR KSHETRIYA GRAMIND BANK, CHURU 2. THE ACIT, JHUNJHUNU 3. THE LD. CIT BY ORDER 4. THE LD. CIT(A) 5. THE LD.DR 6. THE GUARD FILE (ITA NO.1383/JP /10) A.R, ITAT, JAIPUR 3 4 5