The Income Tax Officer, Ward-1 (4), Belagavi., Belagavi V. Prathamik Krishi Pattin Sahakari Sangh Niyamit. ( Formerly Known as M/s Ainapur L. S. M. P. Co-op. Society Ltd), Belagavi

ITA 199/PAN/2016

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 7573 (ITAT-PANAJI)
• Duration Of Justice: 3 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-02-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2013-2014
• Appeal Filed On: 02-11-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MANJIT SINGH
• Section: 6; 2

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI BEFORE SHRI GEORGE MATHAN, HONBLE JUDICIAL MEMBER ITA NO. 19 8 & 199 /P A N/201 6 (ASST. YEAR S: 201 2 1 3, 2013 14 ) THE INCOME TAX OFFICER, WARD 1(4), FK COMMERCIAL COMPLEX, DR . B.R.AMBEDKAR ROAD, OPPOSITE CIVIL HOSPITAL, BELAGAVI 590 001 V. PRATAMIK KRISHI PATTIN SAHAKARI NIYAMIT, A/P : AINAPUR, TQ: A T HANI, DIST: BELAGAVI PAN NO. AAAAA 0378G (APPELLANT) (RESPONDENT) ASSESSEE BY : NONE . DEPARTMENT BY : SHRI MANJIT SINGH . - DR DATE OF HEARING : 13/02/2017 . DATE OF PRONOUNCEMENT : 13/02/2017 . O R D E R PER GEORGE MATHAN , JUDICIAL MEMBER 1 . THESE ARE TWO APPEALS FILED BY THE REVENUE AGAINST THE ORDER OF THE CIT(A) BELAGAVI IN APPEAL NO. ITA.NO.209/BGM/2014 15 DATED 12/08/2016 FOR THE ASSESSMENT YEAR 2012 13 AND IN ITA. NO. 255/BGM/2015 16 DATED 12/08/2016 FOR THE ASSESSMENT YEAR 2013 14. SHRI MANJIT SINGH, LEARNED DR REPRESENTED ON BEHALF O THE REVENUE AND NONE REPRESENTED ON BEHALF OF THE ASSESSEE 2 . AT THE TIME OF HEARING IT WAS SUBMITTED BY THE LEARNED. DR THAT THE ISSUE WAS AGAINST THE ACTION OF THE LEARNED. CIT(A) IN GRANTING THE A SSESSEE THE BENEFIT OF DEDUCTION U/SEC. 80P(2) OF THE ACT. IT IS SUBMITTED BY THE LEARNED. DR THAT THE LEARNED. CIT(A) HAD HELD THAT THE ASSESSEE WAS ENTITLED TO THE DEDUCTION UNDER SECTION 80P(2) BY FOLLOWING THE DECISION OF THE HONBLE KARNATAKA HIGH CO URT IN THE CASE OF 2 ITA NO S . 19 8 & 199 /P A N/201 6 PRATAMIK KRISHI PATTIN SAHAKARI NIYAMIT CIT V . SHRI BILUR GURUBASAVA PATTIN SAHAKARI SANGH NIYAMIT. IT WAS SUBMITTED THAT THE ORDER OF THE CIT(A) WAS LIABLE TO BE REVERSED. 3 . I HAVE CONSIDERED THE SUBMISSION, AS IT IS NOTICED THAT THE LEARNED. CIT(A) HAS HELD JUDICIAL DECLARED IN FOLLOWING THE DECISION OF HONBLE JURISDICTIONAL HIGH COURT OF KARNATAKA IN THE CASE OF CIT V. SHRI BILUR GURUBASAV A PATTIN SAHAKARI SANGH NIYAMI T, B AGALKOT IN ITA.NO.5006/2013 DATED: 05/02/2014 WHEREIN IT HAS BEEN HELD AS FOLLOWS: - ................. THEREFORE AS THE ASSESSEE IS NOT A COMPANY - OPERATIVE BANK CARRYING ON EXCLUSIVELY BANKING BUSINESS AND AS IT DOES NOT POSSESS A LICENSE FROM RESERVE BANK OF INDIA TO CARRY ON BUSINESS, IT IS NOT A COMPANY - OPERATIVE BANK. IT IS A COMPANY - OPERATIE SOCIETY WHICH ALSO CARRIES ON THE BUSINESS OF LENDING MONEY TO ITS MEMBERS WHICH IS COVERED UNDER SECTION 80P(2)(A)(I) I.E. CARRYING ON THEBUSINESS OF BANKING FOR PROVIDING CREDIT FACILITIES TO ITS MEMBERS. THE OBJECT OF THE AFORESAID AMENDMENT IS NOT TO EXCLUDE THE BENEFIT EXTENDED UNDER SECTION 80P(1) TO SUCH SOCIETY............. 4 . AS THE REVENUE HAS NOT BEEN ABLE TO DISTINGUISH THE FACTS IN THE ASSESSEES CASE THE FINDING OF THE LEARNED. CIT(A) ON THIS ISSUE STANDS CONFIRMED. 5 . IN THE RESULT THE APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE COURT AT THE CLOSE OF THE HEARING ON MONDAY , THE 13 TH DAY OF FEBRUARY, 2017 AT GOA . SD/ - (GEORGE MATHAN) JUDICIAL MEMBER DATED : 13 TH FEBRUARY, 2017. VSSGB / - 3 ITA NO S . 19 8 & 199 /P A N/201 6 PRATAMIK KRISHI PATTIN SAHAKARI NIYAMIT COPY TO: 1 . THE ASSESSEE. 2 . THE REVENUE. 3 . THE CIT 4 . THE CIT(A), 5 . THE D.R. 6 . GUARD FILE. BY ORDER ASSISTANT REGISTRAR I.T.A.T., PANAJI