Income Tax Officer, Ward-6(3)(1), Bangalore V. M/s UAS Employees Housing Building Co-operative Society Ltd, Bangalore

ITA 1612/BANG/2017

• Counselvise Citation: [2018] 122 COUNSELVISE.COM (IT) 3895 (ITAT-BANGALORE)
• Duration Of Justice: 1 year(s) 2 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-09-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2008-2009
• Appeal Filed On: 27-07-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: P R SURESH

Judgement Text

ITA.1612/BANG/2017 PAGE - 1 IN THE INCOME TAX APPELLATE TRIBUNAL BENGALURU BENCH 'B', BENGALURU BEFORE SHRI. A. K. GARODIA, ACCOUNTANT MEMBER AND SHRI. LALIET KUMAR, JUDICIAL MEMBER I.T.A NO.1612/BANG/2017 (ASSESSMENT YEAR : 2008-09) INCOME-TAX OFFICER, WARD 6(3)(1), BENGALURU .. APPELLANT V. M/S. UAS EMPLOYEES HOUSING BUILDING CO-OP SOCIETY L TD, NO.1, POST OFFICE BUILDING, UAS CAMPUS, HEBBAL, BENGALURU 560 024 .. RESPONDENT PAN : AAAAU3878K ASSESSEE BY : SHRI. P. R. SURESH, CA REVENUE BY : SMT. SREENANDINI DAS, JCIT HEARD ON : 20.09.2018 PRONOUNCED ON : 28.09.2018 O R D E R PER LALIET KUMAR, JUDICIAL MEMBER : THE PRESENT APPEAL IS FILED BY THE REVENUE AGAINST THE ORDER OF THE CIT (A), BENGALURU -6, DT.22.03.2017, FOR THE ASSES SMENT YEAR 29.04.2016, ON THE FOLLOWING GROUNDS OF APPEAL ITA.1612/BANG/2017 PAGE - 2 02. FROM THE ASSESSMENT ORDER IT IS CLEAR THAT THE ADDITIONS WERE MADE U/S.80P(2)(D) OF THE ACT, TO THE EXTENT OF RS. 36,84,692/-, AND THE TAX DETERMINED ON THIS ADDITION WAS RS.19,88,42 7/-. ITA.1612/BANG/2017 PAGE - 3 03. THE LD. DR HAS SUBMITTED THAT THE CASE IS REQUI RED TO BE SENT BACK TO THE ASSESSEE AS BOTH THE CIT (A) HAS NOT VE RIFIED WHETHER THE INTEREST EARNED BY THE ASSESSEE BY DEPOSITING T HE AMOUNT IN A BANK WAS FROM THE INVESTMENT MADE BY THE ASSESSEE O UT OF ITS OWN FUND OR FROM BORROWED FUND / LIABILITY. 04. AT THE OUTSET, BOTH THE ID. AR FOR THE ASSESSEE AND DR FOR THE REVENUE SUBMITTED BEFORE THE BENCH THAT/THE TAX EFF ECT PERTAINING TO THE AMOUNT DISPUTED BY THE REVENUE IS LESS THAN THE MONETARY LIMIT OF RS. 20 LAKH FIXED BY THE CBDT IN CIRCULAR NO. 03 /2018, DATED 11/07/2018, WHICH IS IN SUPERSESSION OF ITS CIRCULA R NO. 21/2015 DATED 10/12/2015, IN RELATION TO FILING OF APPEALS BEFORE THE INCOME TAX APPELLATE TRIBUNAL. TAKING INTO CONSIDER ATION THE AFORESAID SUBMISSIONS OF BOTH THE ID. AUTHORIZED RE PRESENTATIVE FOR THE ASSESSEE AND THE DEPARTMENTAL REPRESENTATIV E FOR THE REVENUE AND ALSO THE FACT THAT THE CBDT CIRCULAR UN DER REFERENCE APPLIES RETROSPECTIVELY EVEN TO PENDING APPEALS, WE HOLD THAT THE APPEAL FILED BY THE REVENUE IS NOT MAINTAINABLE AND LIABLE TO BE DISMISSED IN LIMINE. 05. IN THE RESULT, THE REVENUE'S APPEAL FOR ASST. YEAR 2008-09 IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 28 TH DAY OF SEPTEMBER, 2018. SD/- SD/- (A. K. GARODIA) (LALIET KUMAR) ACCOUNTANT MEMBER JUDICIAL MEMBER BENGALURU DATED : 28.09.2018 MCN* ITA.1612/BANG/2017 PAGE - 4 COPY TO: 1. THE ASSESSEE 2. THE ASSESSING OFFICER 3. THE COMMISSIONER OF INCOME-TAX 4. COMMISSIONER OF INCOME-TAX(A) 5. DR 6. GF, ITAT, BANGALORE BY ORDER SENIOR PRIVATE SECRETARY, INCOME TAX APPELLATE TRIBUNAL, BANGALORE.