Bhanda Large Sized Multipurpose Co-Op. Soceity Limited, Keonjhar V. ITO, Keonjhar

ITA 140/CTK/2019

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 6699 (ITAT-CUTTACK)
• Duration Of Justice: 8 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-02-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2011-2012
• Appeal Filed On: 16-05-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: B R PANDA
• Keywords: Additional evidence
• Section: 13; 12

Judgement Text

P A G E 1 | 3 IN THE INCOME TAX APPELLATE TRIBUNAL, CUTTACK SMC BENCH, CUTTACK BEFORE SHRI CHANDRA MOHAN GARG , JUDICIAL MEMBER ITA NO S . 140 & 141 /CTK/201 9 ASSESSMENT YEAR S : 2011 - 12 & 2012 - 13 BHANDA LARGE SIZED MULTIPURPOSE CO - OPERATIVE SOCIETY LTD., AT/PO: BHANDA, DIST: KEONJHAR VS. ITO, KEONJHAR PAN/GIR NO. AABAB 0635 N (APPELLANT ) .. ( RESPONDENT ) ASSESSEE BY : SHRI B.R.PANDA , AR REVENUE BY : SHRI SUBHENDU DUTTA, DR DATE OF HEARING : 6 / 0 2 / 20 20 DATE OF PRONOUNCEMENT : 6 / 0 2 / 2020 O R D E R TH ESE TWO APPEAL S FILED BY THE ASSESSEE ARE DIRECTED AGAINST THE SEPARATE ORDER S OF THE CIT(A) CUTTACK BOTH DATED 24.1.2019 FOR THE ASSESSMENT YEAR S 2011 - 12 & 2012 - 13. 2. GROUNDS TAKEN BY THE ASSESSEE IN BOTH THE APPEALS ARE COMMON AND IDENTICAL I.E. CLAIM OF DEDUCTION U/S.80P(2)(D)(I) OF THE ACT, THEREFORE, BOTH THE APPEALS ARE HEARD TOGETHER AND ARE BEING DISPOSED OF BY THIS COMMON ORDER FOR THE SAKE OF CONVENIENCE. 3. AS A LEAD CASE, THE FACTS OF THE ASSESSEE FOR THE ASSESSMENT YEAR 2011 - 12 IS TAKEN FOR ADJUDICATION AND THE DECISION WILL APPLY MUTATIS - MUTANDIS TO THE ASSESSMENT YEAR 2012 - 13. 4. LD COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE ASSESSEE HAS EARNED THE IMPUGNED INCOM E OF RS.9,58,097/ - DURING THE FINANCIAL YEAR 2010 - 2011 RELEVANT TO ITA NOS.140 & 141/CTK/2019 ASSESSMENT YEARS : 2011 - 12 & 2012 - 13 P A G E 2 | 3 ASSESSMENT YEAR 2011 - 12 ON THE DEPOSITS MADE WITH KEONJHAR CENTRAL COOPERATIVE BANK LTD. (KCCB). LD COUNSEL FOR THE ASSESSEE ALSO SUBMITTED THAT AS PER THE GUIDELINES OF THE ASSESSEE SOCIE TY, THE ASSESSEE INVESTED THEIR FUNDS WITH KCCB AND THE BANK HAS PAID INTEREST THEREON, WHICH IS EXEMPT FROM TAX UNDER SECTION 80P(2)(D) OF THE ACT. LD COUNSEL ALSO DREW MY ATTENTION TO THE CERTIFICATES ISSUED BY DEPOSIT BANK I.E. KCCB DATED 24.1.2020 CER TIFYING THAT INTEREST HAS BEEN PAID FOR THE FINANCIAL YEARS 2010 - 11 & 2011 - 12, RELEVANT TO ASSESSMENT YEARS 2011 - 12 & 2012 - 13 AND ANOTHER CERTIFICATE DATED 29.1.2020 AND SUBMITTED THAT THE CLAIM OF THE ASSESSEE IS QUITE SUSTAINABLE AND TENABLE AND, THEREFO RE, SAME MAY KINDLY BE ALLOWED. 5. REPLYING TO ABOVE, LD DR SUBMITTED THAT FROM THE ASSESSMENT ORDER PARA 4, IT IS CLEARLY DISCERNIBLE THAT THE ASSESSEE HAS NOT SUBMITTED THESE CERTIFICATE S DURING ASSESSMENT PROCEEDINGS BEFORE THE AO FOR SUPPORTING ITS CLAIM U/S.80P(2)(D) OF THE ACT. THEREFORE, THE CLAIM OF THE ASSESSEE CANNOT BE ALLOWED AT THIS BELATED STAGE BY CONSIDERING THE ADDITIONAL EVIDENCE. 6. PLACING REJOINDER TO ABOVE, LD COUNSEL SUBMITTED THAT THE CERTIFICATE ISSUED BY THE DEPOSIT COOPERATIVE BANK ARE VERY RELEVANT AND VITAL FOR SUSTENANCE OF THE CLAIM OF THE ASSESSEE U/S. 80P(2)(D) OF THE ACT, WHICH CANNOT BE DISCARDED AT THE THRESHOLD WITHOUT ANY REASON AND, THEREFORE, SAME MAY KINDLY BE SHOWN TO THE AO FOR EXAMINATION AND VERIFICATION AND FOR WHICH, THE ASSESSEE HAS NO SERIOUS OBJECTION. 7. ON CAREFUL CONSIDERATION OF THE RIVAL SUBMISSIONS, FIRST OF ALL, I NOTE THAT LD D.R. IN ALL FAIRNESS, SUBMITTED THAT IF IT IS JUST AND PROP ER TO REMIT THE ISSUE BACK TO ITA NOS.140 & 141/CTK/2019 ASSESSMENT YEARS : 2011 - 12 & 2012 - 13 P A G E 3 | 3 THE FILE OF THE AO FOR EXAMINATION AND VERIFICATION OF THE CERTIFICATES FOR CLAIM OF DEDUCTION U/S. 80P(2)(D) OF THE ACT, THEN THE DEPARTMENT HAS NO SERIOUS OBJECTION AFTER ALLOWING REASONABLE OPPORTUNITY TO THE ASSESSEE. HEN CE, I RESTORE THE MATTER TO THE FILE OF THE AO FOR FRESH ADJUDICATION OF THE ISSUE AS PER LAW AND ON THE BASIS OF CERTIFICATES TO BE PRODUCED BY THE ASSESSEE IN SUPPORT OF THE CLAIM. 8. SINCE THE FACTS ARE SIMILAR TO THE ASSESSMENT YEAR 2012 - 13, WE ALSO RE STORE THE ISSUE TO THE FILE OF THE AO FOR FRESH ADJUDICATION AFTER CONSIDERING THE CERTIFICATES TO BE PRODUCED BY THE ASSESSEE. 9. IN THE RESULT, APPEALS OF THE ASSESSEE ARE ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED ON 6 / 0 2 /20 20 . S D/ - ( CHANDRA MOHAN GARG) JUDICIAL MEMBER CUTTACK; DATED 6 / 0 2 /20 20 B.K.PARIDA, SPS COPY OF THE ORDER FORWARDED TO : BY ORDER SR . PVT. S ECRETARY ITAT, CUTTACK 1. THE APPELLANT : BHANDA LARGE SIZED MULTIPURPOSE CO - OPERATIVE SOCIETY LTD., AT/PO: BHANDA, DIST: KEONJHAR 2. THE RESPONDENT. ITO, KEONJHAR 3. THE CIT(A) - , CUTTACK 4. PR.CIT - CUTTACK 5. DR, ITAT, CUTTACK 6. GUARD FILE. //TRUE COPY//