DCIT, Circle - Haldia, Purba Medinipur V. Tamluk Town Cooperative Credit Society Ltd., Purba Medinipur

ITA 229/KOL/2010

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 7943 (ITAT-KOLKATA)
• Duration Of Justice: 1 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-03-2010
• Appeal Filed By: Department
• Bench Allotted: A
• Assessment Year: 2006-2007
• Appeal Filed On: 03-02-2010
• Court: TRIBUNAL
• Department Lawyers: MRS JYOTI KUMARI
• Assessee Lawyers: M BANDYOPADHYAY

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL : A BENCH: K OLKATA (BEFORE HON.SHRI D.K.TYAGI, JM & HON. SHRI B.K.HALDAR,AM) ITA NO.229/KOL/10 ASSESSMENT YEAR: 2006-07 DY. COMMISSIONER OF INCOME-TAX VS. TAMLUK TOWN CO- OP SOCIETY CIRCLE: HALDIA LTD. PAN : AAALT 0302J (APPELLANT) (RESPOND ENT) APPELLANT BY: MRS. JYOTI KUMARI RESPONDENT BY: MR. M.BANDYOPADHYAY ORDER PER SHRI B.K.HALDAR, AM THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF THE LD. CIT(A),XXXIII, KOLKATA DATED 16-09-2009 FOR THE A.Y 2006-07. 2. THE REVENUE HAS TAKEN FOLLOWING GROUNDS OF APPEA L:- THE ASSESSEE, A COOPERATIVE SOCIETY DOING BANKING BUSINESS, EARNED RS.11,11,948/- AS INTEREST FROM F.D MADE WITH PUNJAB NATIONAL BANK DURING F.Y 2005-06. U/S. 80P(2)(A), A CO-OPERATIVE SOCIETY IS ENTITLED TO 100% DEDUCTION FROM PROFIT AND GAINS OF BUSINESS. IT IS ALSO ELIGIBLE FOR 100% DEDUCTION U/S.80P(2)(D) IN RESPECT OF ANY INCOME BY WAY OF INTEREST OR DIVIDEND FROM INVESTMENT WITH ANY OTHER CO-OPERATIVE SOCIETY. INCOME FROM OTHER SOURCE IS COVERED U/S.80P(2)( C) BY VIRTUE OF WHICH, A CO-OPERATIVE SOCIETY DOING BANKING BUSINESS IS ENTITLED TO A MAXIMUM DEDUCTION OF RS.50,000/- FROM INCOME FROM OTHER SOURCE. IN THE ASSESSMENT ORDER, INTEREST INCOME FROM F.D WITH PNB WAS TREATED AS INCOME FROM OTHER SOURCE AND RS.50,000/- WAS ALLOWED AS PER PROVISIONS OF SECTION 80P. THEREFORE, CIT(A) HAS ERRED IN DIRECTING TO TREAT THE INCOME FROM F.D WIT H PNB AS INCOME FROM BUSINESS. 2 3. THERE IS A DELAY OF 15 DAYS IN FILING THE IMPUGN ED APPEAL. THE REVENUE HAS FILED CONDONATION PETITION. AFTER GOING THROUGH THE SAME AND HEARING BOTH THE PARTIES, WE CONDONE THE DELAY AND ADMIT THE APPEAL 4. IT IS THE COMMON SUBMISSION OF BOTH THE PARTIES THAT THE ISSUE INVOLVED IN THIS APPEAL IS SQUARELY COVERED AGAINS T THE REVENUE BY THE ORDER OF THE HONBLE JURISDICTIONAL TRIBUNAL IN THE CASE OF THE ASSESSEE FOR THE A.YS 2003-04 AND 2004-05. 5. IN VIEW OF THE ABOVE, THE APPEAL FILED BY THE RE VENUE IS DISMISSED. 6. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED ON 18-3-10. ( D.K.TYAGI) (B.K.HALDAR ) JUDICIAL MEMBER DT. 18-3-10 ACCOUNTANT MEMBER COPY FORWARDED TO :- 1. D.C.I.T, CIR: HALDIA, KHAJANCHAK, HALDIA, PURBA MED INIPUR 2. TAMLUK TOWN CO-OP CREDIT SOCIETY LTD, PADAMBASAN,P. O TAMLUK PURBA MEDINIPUR 3. CIT(A)-XXXIII, KOLKATA 4. CIT(WB) 5 D.R., ITAT, KOLKATA. *PP TRUE COPY BY ORDER DEPUTY REGISTRAR, ITAT, KOLKATA 3