Jijamata Mahila Nagari Bigarsheti Sahakari Patsanstha Maryadit, Solapur V. Principal Commissioner of Income-Tax-4, , Pune

ITA 225/PUN/2022

• Counselvise Citation: [2022] 106 COUNSELVISE.COM (IT) 7358 (ITAT-PUNE)
• Duration Of Justice: 2 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-07-2022
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2017-2018
• Appeal Filed On: 19-04-2022
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Section: 263; 80P

Judgement Text

आयकर अपीलीय अधिकरण “ए” न्यायपीठ पुणे में । IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, PUNE BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER आयकर अपील सं. / ITA No.225/PUN/2022 धििाारण वर्ा / Assessment Year : 2017-18 Jijamata Mahila Nagari Bigarsheti Sahakari Patsanstha Maryadit, Shiv Premi Chowk, Main Road, Mangalwedha, Solapur – 413305 PAN : AAAAJ3379E .......अपीलार्थी / Appellant बिाम / V/s. The Pr. CIT-4, Pune ......प्रत्यर्थी / Respondent Assessee by : Mrs. M.N. Kulkarni Revenue by : Shri Deepak Garg सुनवाई की तारीख / Date of Hearing : 11-07-2022 घोषणा की तारीख / Date of Pronouncement : 14-07-2022 आदेश / ORDER PER S.S. VISWANETHRA RAVI, JM : This appeal by the assessee against the order dated 25-03-2022 passed by the Pr. Commissioner of Income Tax-4, Pune (‘PCIT’) for assessment year 2017-18. 2 ITA No.225/PUN/2022, A.Y. 2017-18 2. The assessee raised ground Nos. 1 to 7 amongst which the only issue emanates for our consideration is as to whether the PCIT is justified in holding the assessment order dated 06-12-2019 is erroneous and prejudicial to the interest of Revenue. 3. At the outset, we note that the assessee is an AOP registered under Maharashtra Co-operative Societies Act, 1960. The basic objective of the societies is to accept deposits from its members and providing credit facilities to its members. The AO granted deduction under Chapter VIA regarding as claimed by the assessee u/s. 80P of the Act. The PCIT held that the AO did not verify loans/deposits taken are given back to the members as loans/advances or not. The assessment order does not indicate whether this exercise has been done or not. The PCIT discussed the said issue from Pages 6 to 9 and held the order of AO is erroneous as well as prejudicial to the interest of Revenue. He directed the AO for proper verification of facts and to re-examine the assessee’s claim of deduction in respect of interest income of Rs.2,92,98,682/- u/s. 80P of the Act. On perusal of the assessment order dated 06-12-2019, we note that the AO did not discuss the issue of claim of deduction u/s. 80P of the Act as held by the PCIT which clearly shows that the AO did not examine the issue in detail reference, in our opinion, the order of AO is erroneous and prejudicial to the interest of Revenue. Thus, we find no infirmity in the order of PCIT in exercise revision jurisdiction u/s. 263 of the Act in holding the assessment order dated 06-12-2019 is erroneous and prejudicial to the 3 ITA No.225/PUN/2022, A.Y. 2017-18 interest of Revenue. Thus, the grounds raised by the assessee fails and are dismissed. 4. In the result, the appeal of assessee is dismissed. Order pronounced in the open court on 14 th July, 2022. Sd/- Sd/- (Inturi Rama Rao) (S.S. Viswanethra Ravi) ACCOUNTANT MEMBER JUDICIAL MEMBER पुणे / Pune; दिनाांक / Dated : 14 th July, 2022. रदव आदेश की प्रधिधलधप अग्रेधर्ि / Copy of the Order forwarded to : 1. अपीलार्थी / The Appellant. 2. प्रत्यर्थी / The Respondent. 3. The Pr. CIT-4, Pune 4. The Addl. CIT, Range-1, Solapur 5. दवभागीय प्रदतदनदि, आयकर अपीलीय अदिकरण, “ए” बेंच, पुणे / DR, ITAT, “A” Bench, Pune. 6. गार्ड फ़ाइल / Guard File. //सत्यादपत प्रदत// True Copy// आिेशानुसार / BY ORDER, वररष्ठ दनजी सदचव / Sr. Private Secretary आयकर अपीलीय अदिकरण ,पुणे / ITAT, Pune