Income-tax Officer , V. Tata Motors Karamchari Sahakari Patpedhi Ltd, Pune

ITA 2596/PUN/2016

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 4040 (ITAT-PUNE)
• Duration Of Justice: 1 year(s) 11 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-11-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 15-11-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SUDENDHU DAS
• Assessee Lawyers: K SRINIVASAN

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B, PUNE BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SHRI VIKAS AWASTHY, JM . / ITA NO.2596/PUN/2016 / ASSESSMENT YEAR : 2012-13 ITO, WARD-8(4), PUNE /APPELLANT VS. TATA MOTORS KARAMCHARI SAHAKARI PATPEDHI LTD., H-BLOCK, TATA MOTORS, PIMPRI, PUNE PAN : AABAT7682B . /RESPONDENT ASSESSEE BY : SHRI K. SRINIVASAN REVENUE BY : SHRI SUDENDHU DAS / DATE OF HEARING : 01.11.2018 / DATE OF PRONOUNCEMENT: 02.11.2018 / ORDER PER R.S.SYAL, VP : THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDE R PASSED BY THE CIT(A)-6, PUNE, DATED 26-08-2016 IN RELATIO N TO THE ASSESSMENT YEAR 2012-13. 2. THE ONLY ISSUE IN THIS APPEAL IS AGAINST GRANTING DEDUC TION U/S. 80P(2)(A)(I) OF THE INCOME-TAX ACT, 1961 (HEREINAFTER ALSO CALLED AS THE ACT) DESPITE THE JUDGMENT OF THE HONBLE SUPREME COURT IN TOTGARS CO-OPERATIVE SOCIETY VS. ITO 322 ITR 283. 3. BRIEFLY STATED, THE FACTS OF THE CASE ARE THAT THE AS SESSEE IS A CO-OPERATIVE SOCIETY REGISTERED UNDER MAHARASHTRA CO -OPERATIVE SOCIETIES ACT, 1960. IT IS ENGAGED IN PROVIDING CREDIT FACILITI ES TO ITS MEMBERS AND THE MAIN ACTIVITY OF THE SOCIETY IS TO DISB URSE AND RECOVER LOANS TO/FROM ITS MEMBERS. THE MEMBERS OF TH E SOCIETY ARE PERMANENT EMPLOYEES OF TATA MOTORS, PIMPRI, PU NE. ITA NO.2596/PUN/2016 TATA MOTORS KARAMCHARI SAHAKARI PATPEDHI LTD., 2 THE ASSESSEE CLAIMED DEDUCTION U/S. 80P OF THE ACT, INTER ALIA, ON INTEREST INCOME OF RS.96,32,941/- EARNED FROM BANK OF INDI A ON FIXED DEPOSITS. THE AO DENIED THE BENEFIT OF DEDUCTION ON SUCH INTEREST INCOME. THE LD. CIT(A), FOLLOWING THE TRIBUNAL ORD ER PASSED IN THE CASE OF THE ASSESSEE ITSELF FOR THE A.Y. 2009 -10, ALLOWED THE DEDUCTION IN RESPECT OF INTEREST ON DEPOSITS, AGAINST WHICH THE REVENUE HAS COME UP IN APPEAL BEFORE THE TRIBUNAL. 4. HAVING HEARD BOTH THE SIDES AND PERUSED THE RELEVAN T MATERIAL ON RECORD, IT IS OBSERVED THAT THE LD. CIT(A) DEC IDED THE ISSUE IN ASSESSEES FAVOUR BY RELYING ON THE ORDER PAS SED BY THE TRIBUNAL IN ASSESSEES OWN CASE FOR A PRECEDING YEAR. TH IS ORDER ALSO TOOK INTO ACCOUNT THE RATIO IN THE CASE OF TOTGARS CO- OPERATIVE SOCIETY (SUPRA). NOTHING HAS BEEN BROUGHT ON RECORD TO DEMONSTRATE THAT THE SAID ORDER OF THE TRIBUNAL HAS BEE N REVERSED OR MODIFIED BY THE HONBLE HIGH COURT IN ANY MANNER. IN T HE ABSENCE OF ANY DISTINGUISHING FEATURES FOR THE INSTANT YEAR AND RESPECTFULLY FOLLOWING THE PRECEDENT GIVEN IN THE CASE OF THE ASSESSEE ITSELF, WE UPHOLD THE IMPUGNED ORDER. 5. IN THE RESULT, THE APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 02 ND NOVEMBER, 2018. SD/- SD/- (VIKAS AWASTHY) (R.S. SYAL) /JUDICIAL MEMBER / VICE PRESIDENT PUNE; DATED : 02 ND NOVEMBER, 2018 ITA NO.2596/PUN/2016 TATA MOTORS KARAMCHARI SAHAKARI PATPEDHI LTD., 3 / COPY OF THE ORDER IS FORWARDED TO : 1. / THE APPELLANT; 2. / THE RESPONDENT; 3. ( ) / THE CIT (APPEALS)-6, PUNE. 4. / THE PR. CIT-5, PUNE 5. , , / DR B, ITAT, PUNE; 6. / GUARD FILE. // TRUE COPY // / BY ORDER, // TRUE COPY // SENIOR PRIVATE SECRETARY , / ITAT, PUNE *