KEKRI SAHAKARI BHUMI VIKAS BANK LTD., Ajmer V. ITO, BEAWAR

ITA 23/JPR/2015

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 5473 (ITAT-JAIPUR)
• Duration Of Justice: 1 year(s) 1 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-02-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2008-2009
• Appeal Filed On: 07-01-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: NEENA JEPH JCIT DHK

Judgement Text

VK;DJ VIHYH; VF/KDJ.K] T;IQJ U;K;IHB] T;IQJ IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR JH VKJ-IH-RKSYKUH] U;KF;D LNL; ,OA JH FOE FLAG ;KN O] YS[KK LNL; DS LE{K BEFORE: SHRI R.P. TOLANI, JM & SHRI VIKRAM SINGH YA DAV, AM VK;DJ VIHY LA-@ ITA NO.23/JP/15 & 505/JP/15 FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2008-09 & 2009-10 M/S KEKRI SAHAKARI BHUMI VIKAS BANK LTD. OPP. COURT, POST KEKRI, AJMER CUKE VS. THE INCOME TAX OFFICER, WARD-2, BEAWAR LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN NO. AAATK 3393 A VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT FU/KZKFJRH DH VKSJ LS@ ASSESSEE BY : SHRI SANJEEV JAIN &(C.A.) SHRI RAKESH SETHI (CA) JKTLO DH VKSJ LS@ REVENUE BY : SHRI NEENA JEPH (JCIT) LQUOKBZ DH RKJH[K@ DATE OF HEARING : 18/12 /2015 ?KKS'K .KK DH RKJH[K @ DATE OF PRONOUNCEMENT : 12 /02/2016. VKNS'K@ ORDER PER SHRI VIKRAM SINGH YADAV, A.M. THESE TWO APPEALS ARE FILED BY THE ASSESSEE AGAINS T THE ORDER OF LD. CIT(A) AJMER DATED 31.10.2014 AND 26.03.2015 FOR A.Y. 2008 -09 AND 2009-10 RESPECTIVELY WHEREIN THE ASSESSEE HAS TAKEN THE FO LLOWING COMMON GROUND OF APPEAL. THE LD. CIT(A) HAS ERRED IN LAW AS WELL AS ON FACT S OF THE CASE BY DISALLOWING THE CLAIM OF THE ASSESSEE FOR DEDUCTION U/S 80P(2)(A)(I) OF THE ACT. ITA NO. 23/JP/15 & ITA 505/JP/15 M/S KEKRI SAHAKARI BHUMI VIKAS BANK LTD. VS. ITO, W ARD-2, BEAWAR 2 2. AT THE OUTSET, THE LD. AR SUBMITTED THAT THE ISS UE INVOLVED IN THE PRESENT APPEALS FOR A.Y. 2008-09 AND 2009-10 IS THE SAME AS WAS IN A.Y. 2007-08 I.E. WHETHER THE ASSESSEE WAS HELD ENTITLED TO THE BENEF IT OF SECTION 80P OF THE I.T. ACT, 1961 BY THE HONBLE ITAT IN ITA NO. 764/JP/1 1 AND ITA NO. 938/JP/13. 2.1 IN VIEW OF THE RATIO LAID DOWN BY THE HONBLE I TAT JAIPUR BENCHES, IN THE CASE OF THE ASSESSEE ITSELF FOR A.Y. 2007-08, WE G IVE HEREINAFTER THE DETAILED CHART OF LOANS GIVEN BY THE ASSESSEE DURING THE A.Y. 2008 -09 AND 2009-10, DULY SUPPORTED BY THE AFFIDAVIT OF THE ASSESSEE A.Y. 2008-09. SL .NO. NAME OF SECTOR TARGETS LOAN DISBURSEMENT % ACHIEVED UPTO LAST MONTH CURRENT MONTH TOTAL NO. AMOUNT NO. AMOUNT NO. AMOUNT 1 MINOR IRRIGATION 135.00 162 119.03 33 20.91 195 139.94 103.65 2. FARM MECH 325.00 65 306.27 8 37.17 73 343.44 105.67 3. DIVERSIFIED 370.00 522 310.61 117 68.94 639 379.55 102.58 4. NON.AGR 70.00 29 50.40 7 12,86 36 63.26 90,37 5. RURAL HOUSING 50.00 0 34.91 3 .36 23 42.27 84.54 6. CROP LOAN - - - - - - - - TOTAL 950.00 798 21,22 168 147.24 966 968,46 101.9 4 ITA NO. 23/JP/15 & ITA 505/JP/15 M/S KEKRI SAHAKARI BHUMI VIKAS BANK LTD. VS. ITO, W ARD-2, BEAWAR 3 A.Y. 2009-10 SL .NO. NAME OF SECTOR TARGETS LOAN DISBURSEMENT % ACHIEVED UPTO LAST MONTH CURRENT MONTH TOTAL NO. AMOUNT NO. AMOUNT NO. AMOUNT 1 MINOR IRRIGATION 180.00 229 179.88 - - G229 179.88 99.93 2. FARM MECH 190.00 39 187.67 - - 39 187.67 98.77 3 DIVERSIFIED 465.00 642 465.91 - - 642 465.91 100.19 4. NON.AGR 75.00 50 65.55 - - 50 65.55 87.40 5. RURAL HOUSING 70.00 33 65.56 - - 33 65.56 93.65 6. CROP LOAN - - - -- - - - - TOTAL 980.00 993 964.57 - - 993 964.57 98.42 PERCENTAGE OF AGRICULTURE LOANS (MINOR IRRIGATION, FARM MECH AND DIVERSIFIED (WHICH CONSIST OF REARING OF THE CATTLES NAMELY CO WS, BUFFALOES, GOATS AND SHEEP AND AGRICULTURE LAND DEVELOPMENT) COMES TO 89.10% F OR A.Y. 2008-09 AND 86.41% FOR A.Y. 2009-10. IT IS HUMBLY SUBMITTED THAT THE RATIO LAID DOWN BY THE HONBLE ITAT JAIPUR BENCHES, IN THE CASE OF THE ASSESSEE ITSELF FOR A.Y. 2007-08, APPLY SIMILARLY FOR THE A.Y. 2008-09 AND 2009-10 AS THE ISSUE AND F ACTS INVOLVED IN THE CASE FOR BOTH THE YEARS ARE SIMILAR. 3. THE COORDINATE BENCH IN ITA NO.938/JP/13 DATED 24.09 .2015 HAS GIVEN THE FOLLOWING FINDING: THUS IT IS CLEAR THAT THE ASSESSEE IS PRIMARILY IN VOLVED GIVING LOANS TO ITS MEMBERS FOR THE PURPOSES OF PURCHASING MINOR IRRIGATION AND AGRICULTURAL EQUIPMENTS, REARING OF THE CATTLES NAMELY COWS, BUFFALOES, GOA TS AND SHEEP. THESE ARE AGRICULTURAL ACTIVITIES WITHIN THE MEANING OF ACT I TSELF AND FURTHER COMES WITHIN THE SCOPE OF AGRICULTURAL AND RURAL DEVELOPMENT ACTIVIT IES. ITA NO. 23/JP/15 & ITA 505/JP/15 M/S KEKRI SAHAKARI BHUMI VIKAS BANK LTD. VS. ITO, W ARD-2, BEAWAR 4 THUS GIVING THE LOANS FOR THE AGRICULTURE IMPLEMEN TS SEEDS, AND LIVE STOCK CLEARLY ENTITLE THE ASSESSEE TO AVAIL THE BENEFIT O F SECTION 80P OF THE ACT. THEREFORE, WE HOLD THAT REVENUE WAS WRONG IN CONTENDING THAT T HE GIVING LOAN FOR LIVESTOCK ONLY I.E. COM, BUFFALO, GOAT AND SHEET IS NOT AGRIC ULTURAL ACTIVITIES AND THEREFORE THE ASSESSEE IS ENTITLED TO DEDUCTION UNDER THE ABOVE S AID PROVISION. IN THE RESULT THEREOF WE HEREBY ALLOW THE APPEAL W ITH THE DIRECTION TO THE AO TO GIVE ALL THE BENEFITS TO THE ASSESSEE UNDER 80P OF THE ACT. 4. WE HAVE HEARD THE RIVAL ARGUMENTS AND PURSUED TH E MATERIAL AVAILABLE ON RECORD. THE ASSESSEE HAS CLEARLY DEMONSTRATED THRO UGH ITS LOAN DISBURSED STATEMENT THAT DURING A.Y. 2008-09, IT HAD DISBUR SED 89.10% OF ITS TOTAL LOAN DISBURSED TOWARDS AGRICULTURAL AND ALLIED ACTIVITI ES. SIMILARLY, DURING A.Y. 2009- 10, THE DISBURSEMENT TOWARDS THESE ACTIVITIES WAS TO THE TUNE OF 86.41%. HENCE, FOLLOWING THE COORDINATE BENCH DECISION AS REFERRE D SUPRA, WE HEREBY CONFIRM THE CLAIM OF ASSESSEE FOR DEDUCTION U/S 80P(2)(A)(I) OF THE ACT FOR BOTH THE EARS. HENCE, GROUND TAKEN BY THE ASSESSEE IS ALLOWED. IN THE RESULT, BOTH APPEALS OF THE ASSESSEE ARE A LLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 12 /02/2 016 SD/- - SD/- VKJ-IH-RKSYKUH FOE FLAG ;KNO (R.P.TOLANI) (VIKRAM SINGH YADAV) U;KF;D LNL;@ JUDICIAL MEMBER YS[KK LNL;@ ACCOUNTANT MEMBER JAIPUR DATED:- 12 / 02 /2016 PILLAI VKNS'K DH IZFRFYFI VXZSF'KR@ COPY OF THE ORDER FORWARDED TO: ITA NO. 23/JP/15 & ITA 505/JP/15 M/S KEKRI SAHAKARI BHUMI VIKAS BANK LTD. VS. ITO, W ARD-2, BEAWAR 5 1. THE APPELLANT- M/S KEKRI SHAKARI BHUMI VIKS BANK LT D. BEAWAR 2. THE RESPONDENT- THE INCOME TAX OFFICER,WARD-2, BEAW AR 3. THE CIT(A), AJMER 4. THE CIT- AJMER 5 THE DR, ITAT, JAIPUR 6. GUARD FILE (ITA NO23 /JP/15 & 505/JP/15)) VKNS'KKUQLKJ@ BY ORDER, LGK;D IATHDKJ@ ASSISTANT. REGISTRAR ITA NO. 23/JP/15 & ITA 505/JP/15 M/S KEKRI SAHAKARI BHUMI VIKAS BANK LTD. VS. ITO, W ARD-2, BEAWAR 6 SL. NO. DATE INITIAL 1 DATE OF DICTATION 2 DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE DICTATING MEMBER OTHER MEMBER 3 DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR.P.S./P.S 4 DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE DICTATING MEMBER FOR PRONOUNCEMENT 5 DATE ON WHICH THE FAIR ORDER COMES BACK TO THE SR.P.S./P.S. 6 DATE ON WHICH THE FILE GOES TO THE BENCH CLERK 7 DATE ON WHICH THE FILE GOES TO THE HEAD CLERK 8 THE DATE ON WHICH THE FILE GOES TO THE ASSISTANT REGISTRAR FOR SIGNATURE ON THE ORDER 9 DATE OF DISPATCH OF THE ORDER