State Bank of India Officers Co-operative Credit Society Limited, Hyderabad V. Income Tax Officer, Ward-5(3), Hyderabad

ITA 156/Hyd/2018

• Counselvise Citation: [2021] 104 COUNSELVISE.COM (IT) 7811 (ITAT-HYDERABAD)
• Duration Of Justice: 3 year(s) 10 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-11-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB-B
• Assessment Year: 2014-2015
• Appeal Filed On: 21-01-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: SHANTHI KUMAR
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD ‘B’ BENCH, HYDERABAD. BEFORE SHRI S.S. GODARA, JUDICIAL MEMBER AND SHRI L. P. SAHU, ACCOUNTANT MEMBER (Through Virtual Hearing) ITA No.156/Hyd/2018 (Assessment Year : 2014-15) M/s. State Bank of India Officers Co-operative Credit Society Ltd., Hyderabad. PAN AAKAS 0854M .....Appellant. Vs. Income Tax Officer, Ward 5(3), Hyderabad. .....Respondent. Appellant By : Shri Shanthi Kumar (AR) Respondent By : Shri Rohit Majumdar (D.R.) Date of Hearing : 21.10.2021. Date of Pronouncement : 24.11.2021. O R D E R Per Shri S.S. Godara, J.M. : This assessee’s appeal for Asst. Year 2014-15 arises from the Commissioner of Income Tax (Appeals)-4, Hyderabad’s order dt.8.12.2017 passed in case No.0366/2016-17/ITO, Ward 5(3)/CIT(A)-4/Hyd/17-18 in 2 ITA No.156/Hyd/2018 proceedings under Section 143(3) of Income Tax Act, 1961 (‘the Act’). Heard both the parties. Case file perused. 2. Coming to the assessee's sole substantive grievance challenging correctness of both the lower authorities’ action declining 80P(2)(a)(i) deduction of Rs.75,02,196; there is hardly any dispute between the parties that the same represents interest income derived from FDRs with nationalised bank. 3. There is further no quarrel between the parties that hon’ble jurisdictional high court’s decision (2017) Vaveru Co-operative Rural Bank Ltd. Vs. CIT (2017) 396 ITR 371 (A.P) has very much considered the Revenue’s argument placing reliance on Totgars’ Co-operative Sale Society Ltd. Vs. ITO 322 ITR 283 (SC) that such an interest income is not business income and decided it in favour of the assessee. We therefore find no merit in Revenue’s arguments supporting the CIT(A)’s detailed discussion in violation of hon’ble jurisdictional high court decision to this 3 ITA No.156/Hyd/2018 effect. The assessee succeeds in its sole substantive grievance therefore. No other argument has been pressed before us. 4. This assessee's appeal is allowed in above terms. Order pronounced in the open court on 24th Nov., 2021. Sd/- Sd/- (L.P. SAHU) (S.S. GODARA) Accountant Member Judicial Member Hyderabad, Dt. 24.11.2021. * Reddy gp Copy to : 1. M/s. State Bank of India Officers Co-operative Credit Society Limited, SBI Building, Koti, Hyderabad. 2. ITO, Ward 5(3), Hyderabad. 3. Pr. C I T-4, Hyderabad. 4. CIT(Appeals)-4, Hyderabad. 5. DR, ITAT, Hyderabad. 6. Guard File. By Order Sr. Pvt. Secretary, ITAT, Hyderabad.