Income Tax Officer Ward-3, Yeotmal V. Rangnath Swami Nagri Sahakari Pat Sanstha Maryadit, Yeotmal

ITA 148/NAG/2011

• Counselvise Citation: [2013] 120 COUNSELVISE.COM (IT) 3879 (ITAT-NAGPUR)
• Duration Of Justice: 1 year(s) 5 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-04-2013
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2008-2009
• Appeal Filed On: 28-10-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: P M GANDHI

Judgement Text

, - IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR , BENCH , ( E - COURT), MUMBAI , BEFORE SHRI R.K.GUPTA , J M & SHRI D.KARUNAKAR RAO , A M ITA NO. 1 48 / N AG / 20 1 1 ( ASSESSMENT YEAR : 200 8 - 0 9 ) ITO, WARD - 3, PATRAKAR COLONY, YAVATMAL. VS. RANGNATH SWAMI NAGRI SAHAKARI PAT SANSTHA MARYADIT, WANI, DISTRICT YAVATMAL - 445 304 PAN/GIR NO . : A AA IR 0517 K ( APPELLANT ) .. ( RESPONDENT ) /REVENUE BY : MR. PRAKASH MANE /ASSESSEE BY : MR. P.M.GANDHI DATE OF HEARING : 1 3 TH MARCH ., 201 3 DATE OF PRONOUNCEMENT : 03/04/ 201 3 O R D E R P ER SHRI R.K.GUPTA, JM : TH IS APPEAL HA S BEEN PREFERRED BY THE DEPARTMENT BEFORE THE ITAT NAGPUR BENCH, NAGPUR, AGAIN ST THE ORDER OF LEANED CIT(A) - II , NAGPUR (MAHARASHTRA) RELA TING TO THE ASSESSMENT YEARS 200 8 - 0 9 , WHICH HA S BEEN HEARD THROUGH E - COURT, MUMBAI. \ 2 . THE DEPARTMENT IS OBJECTING IN ALLOWING THE DEDUCTION UNDER SECTION 80P(2) (A) (I) TO THE ASSESSEE BEING CREDIT COOPERATIVE SOCIETY ENGAGED IN BANKING BUSINESS. 3 . LEARN ED DR PLACED RELIANCE ON THE ORDER OF THE AO. ON THE OTHER HAND, LEARNED COUNSEL OF THE ASSESSEE PLACED RELIANCE ON THE ORDER OF C IT(A) . IT WAS FURTHER SUBMITTED THAT THE ISSUE IS SQUARELY COVERED BY ITA NO. 148 /20 1 1 2 THE DECISION OF THE TRIBUNAL IN THE CASE OF ITO VS. M/S SHREE GOPALAKRISHNA URBAN CREDIT COOPERATI VE SOCIETY MARYADIT, NAGPUR, PASSED IN ITA NO. 68/NAG/2012 , VIDE ORDER DATED 1 - 2 - 2013 . IT WAS ALSO SUBMITTED THAT IN VARIOUS OTHER CASES ALSO, SIMILAR VIEW HAS BEEN TAKEN BY THE ASSESSEE IN THE SAME ORDER. 4 . AFTER CONSIDERING THE ORDER OF THE AO AND CIT(A) , WE FOUND THAT THE APPEAL OF THE DEPARTMENT IS LIABLE TO BE DISMISSED AS ON IDENTICAL FACTS IN THE CASE OF GOPALAKRISHNA URBAN CREDIT COOPERATIVE SOCIETY MARYADIT, NAGPUR (SUPRA) , THE TRIBUNAL HAS DISMISSED THE A PPEAL OF THE DEPARTMENT . SIMILARLY IN THIS CASE ALSO THE ASSESSEE IS A CREDIT COOPERATIVE SOCIETY ENGAGED IN THE BUSINESS OF BANKING/PROVIDING CREDIT FACILITY TO THEIR MEMBERS. THE ASSESSEE FILED ITS RETURN OF INCOME DECLARING TOTAL INCOME AT NIL AFTER CLA IMING DEDUCTION UNDER SECTION 80 (P) . THE AO HELD THAT THE ASSESSEE IS NOT OF BANKING COMPANY, THEREFORE, NOT ELIGIBLE FOR DEDUCTION UNDER SECTION 80P. LEARNED CIT(A) ALLOWED THE ISSUE IN FAVOUR OF THE ASSESSEE AFTER DISCUSSING THE ISSUE IN DETAIL AND TAKIN G INTO CONSIDERATION THAT THE SOCIETY IS DOING THE BUSINESS OF BANKING AND PROVIDING CREDIT FACILITY TO THEIR MEMBERS, THEREFORE, ELIGIBLE FOR DEDUCTION UNDER SECTION 80P. SIMILAR VIEW HAS BEEN EXPRESSED BY THE TRIBUNAL IN THE CASE OF GOPALAKRISHNA URBAN C REDIT COOPERATIVE SOCIETY MARYADIT, NAGPUR (SUPRA) . THEREFORE, FOLLOWING THE ORDER OF THE TRIBUNAL IN THE AFORESAID CASE, WE CONFIRM THE ORDER OF THE LEARNED CIT(A) IN THE PRESENT CASE ALSO. ITA NO. 148 /20 1 1 3 5. RESULTANTLY , APPEAL OF THE DEPARTMENT IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 3 RD DAY OF A PR. 201 3 . 201 3 SD/ - SD/ - ( ) ( D.KARUNAKAR RAO ) ( ) ( R.K.GUPTA ) / ACCOUNTANT MEMBER / JUDICIAL MEMBER MUMBAI ; DATED : 0 3 / 0 4 / 201 3 . /PKM , PS COPY OF THE ORDER FORWARDED TO : 1. / THE AP PELLANT 2. / THE RESPONDENT. 3. / THE CIT(A) , MUMBAI / NAGPUR . 4. / CIT 5. / DR, ITAT, MUMBAI / NAGPUR . 6. GUARD FILE. //TRUE COPY// / BY ORDER, ( ASSTT. REGISTRAR) / ITAT, MUMBAI