The Jamshedpur Division Insurence Employees Co-Operative Credit Society Ltd., Jamshedpur V. ITO, Ward-3(2), Jamshedpur

ITA 181/RAN/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 8306 (ITAT-RANCHI)
• Duration Of Justice: 10 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-03-2020
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Assessment Year: 2016-2017
• Appeal Filed On: 16-04-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Keywords: Co-operative Credit Society
• Section: 154; 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL: RANCHI BENCH, RANCHI BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER I.T.A NO.181/RAN/2019 ASSESSMENT YEAR: 2016-17 THE JAMSHEDPUR DIVISION INSURANCE EMPLOYEES COOPERATIVE CREDIT SOCIETY LTD. JEEVAN PRAKASH BUILDING, BISTUPUR, JAMSHEDPUR, JHARKHAN-831001. VS. ITO, WARD-3(2), JAMSHEDPUR PAN/GIR NO. : AABAT4233A ( APPELL ANT ) .. (RESPONDENT) APPELLANT BY SHRI DEVESH PODDAR, ADV. RESPONDENT BY SHRI AJAY KUMAR, ADDL. CIT, DR DATE OF HEARING 05.03.2020 DATE OF PRONOUNCEMENT 05.03.2020 O R D E R S. S. GODARA(ORAL): THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2016-17 ARISES AGAINST THE COMMISSIONER OF INCOME TAX (APPEALS), JAMSHEDPUR DATED 01.02.2019 PASSED IN CASE NO.21/JSR/2018-19 INVOLVING PROCEEDINGS U/S 154 R.W.S 143(3) OF THE INCOME TAX ACT, 1961 (IN SHORT THE ACT). HEARD BOTH THE PARTIES. CASE FILE PERSUED. 2. THE ASSESSEES SOLE SUBSTANTIVE GRIEVANCE RAISED IN THE INSTANT APPEAL SEEKS TO REVERSE BOTH THE LOWER AUTHORITIES ACTION DENYING ITS SECTION 80P(2)(A)(IA) DEDUCTION OF RS.23,31,090/- (AS AGAINST RS.25,23,301/-) IN ASSESSMENT ORDER DATED 30.12.2017, AS INTEREST DERIVED FROM NATIONALISED BANKS AND MORE PARTICULARLY IN CASE OF INDIAN BANK BY PARKING OF SURPLUS FUNDS. I FIND THAT THE INSTANT ISSUE IS HOWEVER RES INTEGRA AS PER HONBLE CALCUTTA HIGH COURTS DECISION IN [2017] 390 ITR 524 (CALCUTTA) CIT VS. SOUTH EASTERN RAILWAY EMPLOYEES CO-OPERATIVE CREDIT SOCIETY LTD. I THUS CONFIRM BOTH THE LOWER AUTHORITIES ACTION IN PRINCIPLE. I.T.A NO.181/RAN/2019 THE JAMSHEDPUR DIVISION INSURANCE EMPLOYEES COOPERATIVE CREDIT SOCIETY LTD. 2 3. COMING TO EQUALLY IMPORTANT ASPECT OF COMPUTATION, I DEEM IT APPROPRIATE TO DIRECT THE ASSESSING OFFICER TO ARRIVE AT THE FINAL FIGURE BY ADOPTING NETTING METHOD. NECESSARY COMPUTATION INCLUDING THAT OF INTEREST TO FOLLOW AS PER LAW. 4. THIS ASSESSEES APPEAL IS PARTLY ALLOWED FOR STATISTICAL PURPOSES IN ABOVE TERMS. ORDER IS PRONOUNCED IN THE OPEN COURT ON 05.03.2020. SD/- (S. S. GODARA) JUDICIAL MEMBER DATED: 05.03.2020. RS COPY OF THE ORDER FORWARDED TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT CONCERNED 4. THE CIT(A) - 5. THE DR, ITAT, RANCHI 6. GUARD FILE BY ORDER SR. P.S., ITAT, RANCHI (ON TOUR)