Kalbhairavnath Gramin Bigarsheti Sahakari Pat Sanstha Maryadit, Pune V. Income-tax Officer, Ward - 14(5), Pune

ITA 2354/PUN/2017

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 0281 (ITAT-PUNE)
• Duration Of Justice: 1 year(s) 2 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-12-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Next Hearing Date: 10-12-2018
• Assessment Year: 2012-2013
• Appeal Filed On: 09-10-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: M K VERMA
• Keywords: Business income
• Section: 80P

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH SMC, PUNE BEFORE SHRI R.S. SYAL, VICE PRESIDENT . / ITA NO.2354/PUN/2017 / ASSESSMENT YEAR : 2012-13 KALBHAIRAVNATH GRAMIN BIGARSHETI SAHAKARI PAT SANSTHA MARYADIT, ROOM NO.515, 5 TH FLOOR, BODHI TOWER, AYAKAR SADAN, SALISBARY PARK, 548/2B, GULTEKDI, PUNE 411 037 PAN : AAAAK0302J VS. ITO, WARD-14(5), PUNE (APPELLANT) (RESPONDENT) / ORDER PER R.S.SYAL, VP : THIS APPEAL BY THE ASSESSEE ARISES OUT OF THE ORDER PASSE D BY THE CIT(A)-7, PUNE ON 27-06-2017 IN RELATION TO THE ASSESSMENT YEAR 2012-13. 2. BRIEFLY STATED, THE FACTS OF THE CASE ARE THAT THE ASSESS EE IS A COOPERATIVE SOCIETY PROVIDING CREDIT FACILITIES TO ITS MEMBERS. DURING THE YEAR UNDER CONSIDERATION, ASSESSEE CLAIMED INTEREST ON DEPOSITS KEPT WITH NATIONALISED BANKS APPELLANT BY NONE RESPONDENT BY SHRI M.K. VERMA DATE OF HEARING 10-12-2018 DATE OF PRONOUNCEMENT 11-12-2018 ITA NO.2354/PUN/2017 KALBHAIRAVNATH GRAMIN BIGARSHETI SAHAKARI PAT SANSTHA MARYADIT 2 AMOUNTING TO RS.5,85,833/- AS BUSINESS INCOME ELIGIBLE FOR DEDUCTION U/S.80P(2)(A)(I) OF THE INCOME-TAX ACT, 1961 (HEREINAFTER ALSO CALLED AS THE ACT). THE ASSESSEE EAR NED COMMISSION AND INTEREST ON DEPOSITS AMOUNTING TO RS.76,165/- AND RS.13,680/- RESPECTIVELY AND ALSO CLAIMED EXEMPTION U/S.80P(2)(A)(I) ON SUCH AMOUNTS. THE AO DID NOT ALLOW DEDUCTION ON SUCH ITEMS OF INCOME. THE LD. CIT(A) ALLOWED DEDUCTION ON THE COMMISSION INCOME EARNED BY THE ASSESSEE AND SUSTAINED THE DISALLOWANCE OF DEDUCTION ON OTHER ITEMS OF INCOME. AGGRIEVED BY THE SAID ORDER, THE ASSESSEE HAS C OME UP IN APPEAL BEFORE THE TRIBUNAL. 3. I HAVE HEARD THE LD. DR AND PERUSED THE RELEVANT MATE RIAL ON RECORD. THERE IS NO APPEARANCE FROM THE SIDE OF THE ASSESSEE. IT IS SEEN THAT THE APPEAL FIRST CAME UP FOR HEA RING BEFORE THE TRIBUNAL ON 22-10-2018. NONE APPEARED ON SUCH A DATE. ANOTHER NOTICE WAS SENT FIXING THE APPEAL FOR HEARING O N 10-12-2018. SUCH A NOTICE HAS BEEN RETURNED UNSERVED W ITH THE POSTAL REMARKS REFUSED. NEITHER ANY APPEARANCE HAS BEEN PUT IN FOR AND ON BEHALF OF THE ASSESSEE NOR ANY ADJOURNMENT APPLICATION HAS BEEN PLACED BEFORE THE TRIBUNAL. ITA NO.2354/PUN/2017 KALBHAIRAVNATH GRAMIN BIGARSHETI SAHAKARI PAT SANSTHA MARYADIT 3 4. COMING TO THE FACTS OF THE CASE, IT IS SEEN THAT THE ASSESSEE COULD NOT SUCCESSFULLY DEMONSTRATE BEFORE THE AUTHORITIES BELOW THAT THE INCOME CLAIMED AS ELIGIBLE FOR DEDUCTION REALLY QUALIFY FOR DEDUCTION U/S.80P OF THE ACT. IN THE ABSENCE OF ANY EVIDENCE TO SUBSTANTIATE THE CLAIMS OF THE ASSESSEE, I UPHOLD THE VIEW TAKEN BY THE LD. CIT(A) IN THE FIRST APPEAL. 5. IN THE RESULT, THE APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 11 TH DECEMBER, 2018. SD/- (R.S.SYAL) / VICE PRESIDENT PUNE; DATED : 11 TH DECEMBER, 2018 / COPY OF THE ORDER IS FORWARDED TO : 1. / THE APPELLANT; 2. / THE RESPONDENT; 3. ( ) / THE CIT (APPEALS7, 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.2354/PUN/2017 KALBHAIRAVNATH GRAMIN BIGARSHETI SAHAKARI PAT SANSTHA MARYADIT 4 DATE 1. DRAFT DICTATED ON 10-12-18 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 10-12-18 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER. JM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS 6. KEPT FOR PRONOUNCEMENT ON SR.PS 7. DATE OF UPLOADING ORDER SR.PS 8. FILE SENT TO THE BENCH CLERK SR.PS 9. DATE ON WHICH FILE GOES TO THE HEAD CLERK 10. DATE ON WHICH FILE GOES TO THE A.R. 11. DATE OF DISPATCH OF ORDER. *