The Ladol Vividh Karyakari Sahakari Mandli Ltd., V. The Income Tax Officer, Patan Ward- 3, Mehsana

ITA 2703/AHD/2013

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 0405 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 10 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-09-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 02-08-2016
• Assessment Year: 2008-2009
• Appeal Filed On: 20-11-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: M K PATEL

Judgement Text

I.T.A. NO . 2703 /AHD/201 3 A SSESSMENT Y EAR: 200 8 - 09 PAGE 1 OF 3 IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCH, SMC , AHMEDABAD [CORAM: PRAMOD KUMAR AM] I.T.A. NO. 2703 /AHD/ 20 1 3 ASSESSMENT Y EAR : 200 8 - 09 THE LADOL VIVIDH KARYAKARI SAHAKARI MANDLI LTD. ................... . APPELLANT AT: LADOL, TAL: VIJAPUR 382 840. [ PAN: A AAAT 1107 C ] VS. INCOME TAX OFFICER , PATAN WARD 3, MEHSANA. . ...... . ... . RESPONDENT APPEARANCES BY: M.K. PATEL, FOR THE APPELLANT SATISH SOLANKI , FOR THE RESPONDENT D ATE OF CONCLUDING THE HEARING : 02.08 .20 16 DATE OF PRONOUNCING THE ORDER : 30 . 0 9 .2016 O R D E R 1. BY WAY OF THIS APPEAL, THE ASSESSEE HAS CHALLENGED CORRECTNESS OF THE ORDER DATED 30 TH AUGUST 2 01 3, PASSED BY THE LEARNE D CIT(A), FOR THE ASSESSMENT YEAR 200 8 - 09, ON THE FOLLO WING GROUND : - THAT ON FACTS, AND IN LAW, THE LEARN ED CIT(A) HAS GRIEVOUSLY ERRED IN HOLDING THAT AN AMOUNT OF RS.6,95,527/ - IS NOT ELIGIBLE FOR DEDUCTION U/S.80P OF THE ACT A ND IS TAXABLE U/S.56 OF THE ACT. 2. LEARNED REPRESENTATIVES FAIRLY AGR E E T HAT THE ISSUE IS NOW COVERED, IN FAVOUR OF THE ASSESSEE, BY A DIVISION BENCH ORDER IN THE CASE OF STATE BANK OF INDIA SUPERVISING I.T.A. NO . 2703 /AHD/201 3 A SSESSMENT Y EAR: 200 8 - 09 PAGE 2 OF 3 OFFICI A L S CO - OPERATIVE CR E DIT SOCIETY LIMITED VS. ITO (ITA NOS . 905 TO 908/AHD/2015; ORDER DATED 10 TH JUNE, 2016) WHEREIN THE DIV ISION BENCH HAS OBSERVED AS FOLLOW S : - 6. WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD. IN OUR CONSIDERED VIEW, THE DECISION OF ITAT IN ASSESSEE S OWN CASE FOR AY 2010 - 11 (SUPRA) AND IN THE CASE OF STATE BANK OF INDIA EMPLOYEES CO - OP. CREDIT & SUPPLY SOCIETY LTD. (SUPRA) IS ON THE VALIDITY OF 263 PROCEEDINGS AND IS NOT A DECISION ON MERITS. THE DECISION ON MERITS IN THIS REGARD HAVE BEEN DECIDED BY HON BLE KARNATAKA HIGH COURT IN THE CASE OF TUMKUR MERCHANTS SOUHARDA C REDIT COOPERATIVE LTD, BY ANDHRA PRADESH HIGH COURT IN THE CASE OF ANDHRA PRADESH STATE COOPERATIVE BANK LTD. AND BY ITAT IN THE CASES OF AMALSAD VIBHAG VIVIDH KARYAKARI SAHKARI KHEDUT MANDALI LTD. AND MAROLI BAZAR VIBHAG VIVIDH KARYAKARI SAHKARI MANDI LIM ITED. SINCE THESE AUTHORITIES UNEQUIVOCALLY SUPPORT THE CASE OF THE ASSESSEE, RESPECTFULLY FOLLOWING THEM, WE HOLD THAT THE ASSESSEE IS ELIGIBLE FOR DEDUCTION U/S 80P(2)(A)(I), WHICH IS ALLOWED. CONSEQUENTLY, SUCH INCOME CANNOT BE HELD AS INCOME FROM OTHER SOURCES. IN VIEW OF THE FOREGOING, WE DECIDE THIS GROUND IN FAVOUR OF THE ASSESSEE FOR ALL ASSESSMENT YEARS UNDER CONSIDERATION . 3. I S E E NO REASONS TO TAKE ANY OTHER VIEW OF THE MATTER THAN THE VIEW SO TAKEN BY A DIVISION BENCH OF THIS TRIBUNAL. 4. RE SPECTFULLY FOLLOWING THE VIEWS S O EXPRESSED BY THE DIVISION BENCH, I UPHOLD THE PLE A OF TH E ASSESSEE. ACCORDINGLY, ASSESSEE IS GRANTED EXEMPTION UNDER SECTION 80P IN RESPECT OF RS.6,95,527/ - BEING INTEREST ON DEPOSITS IN NATIONALISED BANKS. 5 . IN T HE RE SULT, THE APPEAL IS ALLOWED . PRONOUNCED IN THE OPEN COURT ON THIS 30 TH DAY OF SEPTEMBER, 2016. SD/ - PRAMOD KUMAR (ACCOUNTANT MEMBER) DATED: THE 30 TH DAY OF SEPTEMBER , 201 6. PBN/* I.T.A. NO . 2703 /AHD/201 3 A SSESSMENT Y EAR: 200 8 - 09 PAGE 3 OF 3 COPIES TO: (1) THE APPELLANT (2) THE RESPONDENT (3) CIT (4) CIT(A) (5) DR (6) GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCHES, AHMEDABAD