Asst. Commissioner of Income Tax, Circle-1, Panaji V. M/s Old Goa Urban Co-op. Credit Society Ltd., Panaji

ITA 175/PAN/2014

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 1216 (ITAT-PANAJI)
• Duration Of Justice: 2 year(s) 6 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-11-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 21-11-2016
• Assessment Year: 2009-2010
• Appeal Filed On: 21-05-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: RAVIRAJ Y V
• Assessee Lawyers: CHINMAY S KAMAT

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI BEFORE SHRI GEORGE MATHAN, HONBLE JUDICIAL MEMBER & SHRI RAMIT KOCHAR HONBLE ACCOUNTANT MEMBER ITA NO. 175 /P A N/201 4 (ASST. YEAR : 20 09 - 1 0 ) ACIT, CIRCLE - 1(1), PANAJI. VS. M/S. OLD GOA URBAN COOPERATIVE CREDIT SOCIETY LTD., PANCHAYAT BUILDING OLD GOA, NEAR POLICE OUT POST, OLD GOA. PAN NO. AAAAC 0421 A (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI CHINMAY S. KAMAT CA . DEPARTMENT BY : SHRI RAVIRAJ Y.V. - DR DATE OF HEARING : 2 1 / 11 /201 6 . DATE OF PRONOUNCEMENT : 21 / 11 /201 6 . O R D E R PER GEORGE MATHAN , JUDICIAL MEMBER THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS) , PANAJI IN APPEAL NO. 380/PNJ/2011 - 12 , DATED 14/02/2014 FOR THE ASSESSMENT YEAR 2009 - 1 0. 2. SHRI RAVIRAJ Y.V., DEPARTMENTAL REPRESENTATIVE REPRESENTED ON BEHALF OF THE REVENUE AND SHRI CHINMAY S. KAMAT, CA REPRESENTED ON BEHALF OF THE ASSESSEE. 3 . AT THE TIME OF HEARING, IT WAS FAIRLY AGREED BY BOTH THE SIDES THAT THE ISSUE INVOLVED IN THIS APPEAL IS SQUARELY COVERED BY THE DECISION OF THE COORDINATE BENCH OF THI S TRIBUNAL IN ASSESSEES OWN CASE IN ITA NOS.446 & 447/PAN/2015 , DATED 18/02/2016 FOR THE ASSESSMENT YEAR S 2010 - 11 & 2011 - 12 WHEREIN , IT HAS BEEN HELD BY FOLLOWING THE DECISION 2 ITA NO. 175 /P A N/201 4 OF THE HONBLE BOMBAY HIGH COURT AT PANAJI IN THE CASE OF M/S. THE QUEPEM URBAN COOPERATIVE CREDIT SOCIETY LTD. VS. ACIT REPORTED IN (2015) 58 TAXMANN.COM 113 (BOMBAY) THAT THE ASSESSEE IS ENTITLED TO CLAIM OF DEDUCTION UNDER SECTION 80P(2)(A)(I) IN RESPECT OF THE INCOME OF THE ASSESSEE. 4 . AS THE FACTS IN THE PRESENT CASE ARE IDENTICAL TO THE FACTS FOR THE ASSESSMENT YEARS 2010 - 11 & 2011 - 12 DECIDED ABOVE IN ASSESSEES OWN CASE, RESPECTFULLY FOLLOWING THE DECISION OF THE COORDINATE BENCH OF THIS TRIBUNAL, THE FINDINGS OF THE COMMISSIONER OF INCOME TAX (APPEALS) ON THIS ISSUE ST ANDS CONFIRMED. 5. IN THE RESULT, APPEAL OF THE REVENUE STANDS DISMISSED . ORDER PRONOUNCED IN THE COURT AT THE CLOSE OF THE HEARING ON MONDAY , THE 2 1 TH DAY OF NOVEMBER , 201 6 AT GOA . S D / - S D / - ( RAMIT KOCHAR ) (GEORGE MATHAN) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 2 1 TH NOVEMBER , 201 6 . VR/ - COPY TO: 1 . THE ASSESSEE. M/S. OLD GOA URBAN COOPERATIVE CREDIT SOCIETY LTD., PANCHAYAT BUILDING OLD GOA, NEAR POLICE OUT POST, OLD GOA. 2 . THE REVENUE. ACIT, CIRCLE - 1(1), PANAJI. 3 . THE CIT, PANAJI. 4 . THE CIT(A) , PANAJI. 5 . THE D.R . 6 . GUARD FILE. BY ORDER ASSISTANT REGISTRAR I.T.A.T., PANAJI .