ITO Ward-2, Kaithal V. The Kaithal Co-Operative Marketing Cum Processing Society Ltd., Kaithal

ITA 269/CHANDI/2020

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 8812 (ITAT-CHANDIGARH)
• Duration Of Justice: 9 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-03-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC
• Next Hearing Date: 17-03-2021
• Assessment Year: 2013-2014
• Appeal Filed On: 15-06-2020
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ASHOK KHANNA
• Keywords: Tax effect; Condonation of delay
• Section: 80P; 22; 56; 154

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BE NCH SMC CHANDIGARH , ! BEFORE: SMT. DIVA SINGH, JM ./ ITA NO. 269/CHD/2020 / ASSESSMENT YEAR : 2013-14 THE ITO, WARD-2, KAITHAL. VS THE KAITHAL CO-OP MARKETING C/P SOCIETY LTD., SHOP NO. 96, NAI ANAJ MANDI, JIND ROAD, KAITHAL. ./PAN NO: AAAFT7678M /APPELLANT /RESPONDENT / REVENUE BY : SHRI ASHOK KHANNA, ADDL. CIT /ASSESSEE BY : SHRI ASHOK GOYAL, C.A. ! ' # /DATE OF HEARING : 17.03.2021 $%&' # /DATE OF PRONOUNCEMENT : 22.03.2021 HEARING CONDUCTED VIA WEBEX '#/ ORDER BY THE PRESENT APPEAL, THE ASSESSEE ASSAILS THE COR RECTNESS OF THE ORDER DATED 27.02.2020 OF CIT(A), KARNAL PERTAINING TO 2013-14 ASSESSMENT YEAR ON THE FOLLOWING GROUNDS : 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE , THE CIT(A) HAS ERRED ON THE FACTS IN DELETING THE ADDITION OF RS. 19,51,227/- MADE BY THE AO ON A CCOUNT OF INTEREST RECEIVED FROM BANK AS INCOME FROM OTHER SOURCES U/S 56 OF THE I.T. ACT 19 61 IGNORING THE FACT THAT ASSESSEE HAS WRONGLY COMPUTED ITS TAXABLE INCOME. 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE, THE CIT(A) HAS ERRED ON THE FACTS OF THE CASE THAT AO HAS RIGHTLY RECOMPUTED THE INCOME OF THE AS SESSEE U/S 154 OF THE I.T ACT,1961 AS THE ASSESSEE DID NOT SEPARATELY COMPUTED THE INCOME ON ACCOUNT OF INTEREST RECEIVED FROM BANK. 3. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE, THE CIT(A) HAS ERRED IN DELETING THE ADDITION OF RS. 19,51,227/- BY IGNORING THAT AO IS JUSTIFIED IN DISALLOWING THE DEDUCTION WRONGLY CLAIMED U/S 80P OF THE I.T. ACT BY THE ASSESSEE ON ACCOUNT OF RECEIVING OF BANK INTEREST. 4. WHETHER THERE IS ANY DELAY IN FILLING OF APPEAL (IF YES, PLEASE ATTACH APPLICATION SEEKING CONDONATION OF DELAY 2 . AT THE TIME OF HEARING, AN ADJOURNMENT APPLICATIO N WAS MOVED ON BEHALF OF THE ASSESSEE, HOWEVER MR.ASHOK GOYAL APPEARING ON B EHALF OF THE ASSESSEE ITA-269/CHD/2020 A.Y. 2013-14 PAGE 2 OF 2 REQUESTED THAT IT MAY BE TREATED AS NOT PRESSED. I T WAS SUBMITTED INVITING ATTENTION TO THE GROUNDS RAISED AND THE RECORD THAT THE REVEN UES APPEAL MAY BE DISMISSED ON THE GROUNDS OF TAX EFFECT ITSELF. ACCORDINGLY, INVITING ATTENTION TO LATEST CBDT CIRCULAR DATED 08.08.2019 WHEREIN THE DEPARTMENT HA S SPECIFIED THE MONETARY LIMIT FOR AN APPEAL TO BE FILED BY THE REVENUE BEFO RE THE ITAT AS RS. 50 LACS, IT WAS SUBMITTED THAT THE REVENUES APPEAL IS NOT MAIN TAINABLE. 3. THE LD. SR.DR CONSIDERING THE RECORD DID NOT OBJ ECT AS IT WAS FAIRLY STATED BY HIM THAT THE ADDITION CHALLENGED BY THE AO WAS OF R S. 19,51,227/- ONLY. 4. IN VIEW OF THE ABOVE FACTS AND CIRCUMSTANCES, TH E PRESENT APPEAL FILED BY THE DEPARTMENT IS DISMISSED DUE TO LOW TAX EFFECT. IT I S, HOWEVER, CLARIFIED THAT THE DISMISSAL OF THE ABOVE APPEAL SHALL NOT BE TAKEN TO BE AFFIRMATION OF THE ORDER OF THE CIT(A) ON MERITS. THE LEGAL ISSUE RAISED BY THE REVENUE IS BEING LEFT OPEN TO BE ADJUDICATED IN AN APPROPRIATE CASE. 5. IN THE RESULT THE APPEAL OF THE REVENUE IS DISMI SSED. ORDER PRONOUNCED ON 22 ND MARCH,2021. SD/- ( ) (DIVA SINGH) ! / JUDICIAL MEMBER & ' / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT 3. / CIT4. ( )/ THE CIT(A)5. , , / DR, ITAT, CHANDIGARH 6. / GUARD FILE / BY ORDER, / ASSISTANT REGISTRAR