Yashwantbhau Patil Gramin Bigersheti Sahakari Patsanstha Ltd, Solapur V. Income-tax Officer, Ward - 2, Pandharpur

ITA 2107/PUN/2017

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 2432 (ITAT-PUNE)
• Duration Of Justice: 1 year(s) 2 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-11-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2013-2014
• Appeal Filed On: 08-09-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH SMC, PUNE BEFORE SHRI R.S. SYAL, VICE PRESIDENT . / ITA NO.2107/PUN/2017 / ASSESSMENT YEAR : 2013-14 YASHWANTBHAU PATIL GRAMIN BIGERSHETI SAHAKARI PATSANSTHA LTD., BHOSE, TAL. PANDHARPUR, SOLAPUR 413 315 PAN : AAABY0026E VS. ITO, WARD-2, PANDHARPUR (APPELLANT) (RESPONDENT) / ORDER PER R.S.SYAL, VP : THIS APPEAL BY THE ASSESSEE IS ARISING OUT OF ORDER PASSED BY THE CIT(A)-7, PUNE, ON 15-06-2017 IN RELATION TO THE A. Y. 2013-14. 2. THE ONLY ISSUE RAISED IN THIS APPEAL IS AGAINST DENIAL OF DEDUCTION U/S.80P IN RESPECT OF INTEREST ON FDRS WITH NATIONALISED BANKS/PRIVATE SECTOR/SCHEDULED BANKS AMOUNTING TO RS.22,64,697/-. APPELLANT BY SHRI S.N. PURANIK RESPONDENT BY SHRI RAJESH GAWLI DATE OF HEARING 12-11-2018 DATE OF PRONOUNCEMENT 13-11-2018 ITA NO.2107/PUN/2017 YASHWANTBHAU PATIL GRAMIN BIGERSHETI SAHAKARI PATSANSTHA LTD., 2 3. I HAVE HEARD BOTH THE SIDES AND PERUSED THE RELEVAN T MATERIAL ON RECORD. SHORN OF UNNECESSARY FACTS, IT IS OBSE RVED THAT THE ASSESSEE EARNED INTEREST INCOME AMOUNTING TO RS.22.6 4 LAKH AND ODD ON CERTAIN INVESTMENTS/FDRS AND ALSO CLAIMED DEDUCTION U/S.80P IN RESPECT OF SUCH INTEREST INCOME. THE AO DENIED THE DEDUCTION WHICH VIEW CAME TO BE UPHELD IN THE FIRS T APPEAL. IT IS OBSERVED THAT SIMILAR ISSUE WAS RAISED IN THE ASSESSEES APPEAL FOR THE IMMEDIATELY PRECEDING ASSESSMEN T YEAR 2012-13. VIDE ITS ORDER DATED 18-05-2018, THE TR IBUNAL IN ITA NO.705/PUN/2017 HAS ALLOWED DEDUCTION ON INTEREST INCOME EARNED FROM INVESTMENTS IN FIXED DEPOSITS. A COPY O F THE ORDER HAS BEEN PLACED ON RECORD. SUCH DECISION HAS BEEN TAKEN AFTER CONSIDERING THE JUDGMENT OF HONBLE SUPREME COURT IN THE CASE OF TOTGARS COOPERATIVE SALE SOCIETY LTD. VS. ITO 322 ITR 283 (SC ). THE LD. DEPARTMENTAL REPRESENTATIVE FAIRLY ADMITTED THAT THE FACTS AND CIRCUMSTANCES OF THE INSTANT APPEAL ARE MUTATIS MUTANDIS SIMILAR TO THOSE OF PRECEDING YEAR. RESPECTFULLY FOLLOWING THE VIEW TAKEN BY THE TRIBUNAL IN ASSESSEES OWN CASE FOR THE IMMEDIATELY PRECED ING ASSESSMENT YEAR, I OVERTURN THE IMPUGNED ORDER ON THIS S CORE AND ORDER TO GRANT DEDUCTION U/S.80P ON SUCH INTEREST INCOME. ITA NO.2107/PUN/2017 YASHWANTBHAU PATIL GRAMIN BIGERSHETI SAHAKARI PATSANSTHA LTD., 3 4. THE NEXT GROUND ABOUT CHARGING OF INTEREST U/S.234B IS CONSEQUENTIAL. 5. IN THE RESULT, THE APPEAL IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 13 TH NOVEMBER, 2018. SD/- (R.S.SYAL) / VICE PRESIDENT PUNE; DATED : 13 TH NOVEMBER, 2018 / COPY OF THE ORDER IS FORWARDED TO : 1. / THE APPELLANT; 2. / THE RESPONDENT; 3. ( ) / THE CIT (APPEALS)-7, PUNE 4. / THE PR. CIT-6, PUNE 5. , , SMC / DR SMC, ITAT, PUNE; 6. / GUARD FILE. // TRUE COPY // / BY ORDER, // TRUE COPY // SENIOR PRIVATE SECRETARY , / ITAT, PUNE ITA NO.2107/PUN/2017 YASHWANTBHAU PATIL GRAMIN BIGERSHETI SAHAKARI PATSANSTHA LTD., 4 DATE 1. DRAFT DICTATED ON 12-11-18 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 12-11-18 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER. 5. APPROVED DRAFT COMES TO THE SR.PS/PS 12-11-18 6. KEPT FOR PRONOUNCEMENT ON 13-11-18 7. FILE SENT TO THE BENCH CLERK 13-11-18 8. DATE ON WHICH FILE GOES TO THE AR 9. DATE ON WHICH FILE GOES TO THE HEAD CLERK. 10. DATE OF DISPATCH OF ORDER. *