Anjarakandy Farmers Service Co-op Bank, Kannur V. ITo, Kannur

ITA 161/COCH/2013

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 7803 (ITAT-COCHIN)
• Duration Of Justice: 3 year(s) 4 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-08-2016
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 01-08-2016
• Assessment Year: 2009-2010
• Appeal Filed On: 01-04-2013
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: SHJ A DHANRARAJ
• Assessee Lawyers: SHIVA PRASAD K

Judgement Text

ANJARAKANDY FARMERS 4 APPEALS 1 IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH KOCHI BEFORE S/ SHRI B P JAIN , AM & GEORGE GEORGE K, JM ITA NO S. 161/COCH/2013 (A SST YEAR 2009 - 10) ITA 165/ COCH / 2013 (ASST YEAR 2007 - 08) 164/COCH/2014 ( A SST YEAR 2008 - 09 ) ITAT NO . 166/COCH/2014 (ASST YEAR 2010 - 11) ANJAAKANDY FARMERS SERVICE COOP BANK LTD PO M A MBA KANNUR 670 611 VS THE INCOME TAX OFFICER WARD 1 KANNUR ( APPELLANT) (RESPONDENT) PAN NO. AAAAA4245Q ASSESSEE BY SH SHIVA PRASAD K REVENUE BY SHJ A DHANRARAJ, SR DR DATE OF HEARING 1 ST AUG 2016 DATE OF PRONOUNCEMENT 1 ST AUG 2016 ORDER PER BENCH ; TH ESE FOUR APPEALS , AT THE INSTANCE OF THE ASSESSEE, ARE DIRECTED AGAINST THE SEPARATE O RDERS OF THE CIT (A) . THE RELEVANT ASSESSMENT YEAR S ARE 200 7 - 08, 2008 - 09 ; 2009 - 10 AND 2010 - 11 . 2 THOUGH AS MANY AS 7 GROUNDS WERE RAISED IN THESE APPEALS ; HOWEVER, AT THE TIME OF HEARING, THE LD AR ARGUED ON THE FOLLOWING EFFECTIVE GROUNDS : I) THE AO DISALLOWED DEDUCTION U/S 80P BY INVOKING THE PROVISIONS OF SEC 80A(5) OF THE ACT WHICH MAY BE ALLOWED AS RETURN OF INCOME WAS FILED BEFORE C OMPLETION OF THE ASSESSMENT. II) THE CIT(A) WAS NOT JUSTIFIED IN CONFIR MING THE STATUS OF THE APPELLANT AS COOPERATIVE BA NK INSTEAD OF PRIMARY AGRICULTURAL C REDIT SOCIETY AND THUS IN DISALLOWING THE DEDUCTION U/S 80P OF THE ACT. 3 THE BRIEFLY STATED THE FACTS OF THE CASE ARE AS FOLLOWS: ANJARAKANDY FARMERS 4 APPEALS 2 THE ASSESSEE, IS A PRIMARY AGRICULTURAL CREDIT SOCIETY REGISTERED UNDER THE KERALA COOPERATIVE SOCIETIES ACT, 1969. IT IS ENGAGED IN THE BUSINESS OF PROVIDING AGRICULTURAL CREDIT TO ITS MEMBERS. THE CLAIM OF DEDUCTI ON U/S 80P (2) WAS DENIED BY THE AO FOR THE REASON THAT THE ASSESSEE HAS FILED RETURNS BELATED . THE VIEW TAKEN BY THE AO WAS C ONFIRMED BY THE CIT(A). ON APPEAL BEFORE THE TRIBUNAL, THE ISSUES WERE DECI DED AGAINST THE ASSESSEE. 4 T HE ASSESSEE PREFERRED APPEAL TO THE HONBLE HIGH COURT AGAINST THE TRIBUNAL ORDER DATED 7.5 .2013. THE HONBLE HIGH COURT DISPOSED OFF THE ASSESSEES APPEAL IN ITA NO. 313 OF 2013 ( JUDGMENT DATED 15.2.2016) HOLD ING THAT THE ASSESSEE IN THIS CASE IS ENTITLED TO THE BENEFIT OF SECTION 80P(2) AND REMANDED THE MATTER TO THE TRIBUNAL. IT IS IN THIS CONTEXT THE MATTER WAS AGAIN HEARD BY US TODAY THE 1 ST AUG 2016 . SINCE THE HONBLE HIGH COURT HAS HELD THAT THE ASSESSEES SOCIETY IS ENTITLED TO THE BENEFIT OF DEDUCTION U/S 80P(2) , WE DECIDE THE ISSUE IN FAVOUR OF THE ASSESSEE . IT IS ORDERED ACCORDINGLY. NO OTHER ISSUES WERE ARGUED. 5 IN THE RESULT, THE APPEALS FILED BY THE ASSESSEE ARE ALLOWED. ORDER PRONOUN CED IN THE OPEN COURT ON THIS 1 ST DAY OF AUG 2016 . SD/ - SD/ - ( GEORGE GEORGE K ) ( B P JAIN ) JUDICIALL MEMBER ACCOUNTANT MEMBER COCHIN: DATED 1 ST AUG 2016 RAJ* ANJARAKANDY FARMERS 4 APPEALS 3 COPY TO: APPELLANT 1 . RESPONDENT 2 . CIT(A) , KOZHIKODE 3 . CIT, KANNUR 4 . DR 5 . GUARD FILE BY ORDER ASSISTANT REGISTRAR ITAT, COCHIN