Income Tax Officer, Lakhimpur-Kheri V. M/s Sahkari Ganna Vikas Samiti Ltd., Lakhimpur-Kheri

ITA 285/LKW/2015

• Counselvise Citation: 28523714 RSA 2015
• Duration Of Justice: 1 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-06-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2011-2012
• Appeal Filed On: 11-05-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PUNIT KUMAR
• Assessee Lawyers: K R RASTOGI

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH B, LUCKNOW BEFORE SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI. A. K. GARODIA, ACCOUNTANT MEMBER ITA NO.285/LKW/2015 ASSESSMENT YEAR:2011-12 INCOME TAX OFFICER WARD-II LAKHIMPUR-KHERI V. M/S SAHKARI GANNA VIKAS SAMITI LTD. PALIA KALAN LAKHIMPUR-KHERI TAN/PAN:AADTS7551B (APPELLANT) (RESPONDENT) APPELLANT BY: SHRI. PUNIT KUMAR, D.R. RESPONDENT BY: SHRI. K. R. RASTOGI, C.A. DATE OF HEARING: 15 06 2015 DATE OF PRONOUNCEMENT: 23 06 2015 O R D E R PER SUNIL KUMAR YADAV: THIS APPEAL IS PREFERRED BY THE REVENUE AGAINST THE ORDER OF THE LD. CIT(A), INTER ALIA, ON THE FOLLOWING GROUNDS:- 1. THAT THE ORDER OF THE COMMISSIONER OF INCOME TAX ( APPEALS ) IS ERRONEOUS IN LAW AND ON FACTS IN DELETING THE ADDITION MADE BY THE ASSESSING OFFICER AS INTEREST EARNED FROM BANKS, POST OFFICE AND ON FDRS AT RS.45,30,563/-CLAIMED BY THE ASSESSEE AS DEDUCTION U/S 80 P (2)(D) OF THE I.T. ACT, 1961 WHICH IS NOT ADMISSIBLE FOLLOWING THE DECISION OF THE HON'BLE SUPREME COURT IN THE CASE OF TOTGAR'S COOPERATIVE SALE SOCIETY LIMITED 322-ITR-283( SC )-2010 AND THE HON'BLE JURISDICTIONAL HIGH COURT, ALLAHABAD DECISION IN THE CASE OF CIT, BAREILLY VS. COOPERATIVE CANE DEVELOPMENT UNION LIMITED BHEERA, LAKHIMPUR KLIERI (ITA.NO.520/2008 DATED 11.09.2002). 2. THAT THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS), BAREILLY IS ERRONEOUS IN LAW AND ON FACTS MAY BE CANCELLED AND THE :- 2 -: ORDER OF THE ASSESSING OFFICER MAY BE RESTORED. 2. DURING THE COURSE OF HEARING, THE LD. COUNSEL FOR THE ASSESSEE HAS INVITED OUR ATTENTION THAT THE LD. CIT(A) HAS FOLLOWED THE ORDER OF THE TRIBUNAL DATED 28.11.2014 IN THE CASES OF INCOME TAX OFFICER, HARDOI VS. ZILA GANNA UTPADAK SAHKARI SAMITI LTD., HARDOI AND INCOME TAX OFFICER, HARDOI VS. SAHKARI GANNA VIKAS SAMITI LTD., HARDOI IN I.T.A. NO. 737/LKW/2013 AND I.T.A. NO. 738/LKW/2013 RESPECTIVELY, IN WHICH THE TRIBUNAL HAS TAKEN A VIEW THAT DEDUCTION UNDER SECTION 80P OF THE INCOME- TAX ACT, 1961 (HEREINAFTER CALLED IN SHORT THE ACT') IS ALLOWABLE TO THE ASSESSEE ON THE INTEREST RECEIVED ON FDR AND FROM THE POST OFFICE, FOLLOWING THE JUDGMENT OF THE JURISDICTIONAL HIGH COURT IN THE CASE OF CIT VS. CO-OPERATIVE CANE DEVELOPMENT UNION LTD., 118 ITR 770 (ALLD). THEREFORE, THERE IS NO INFIRMITY IN THE ORDER OF THE LD. CIT(A). 3. THE LD. D.R., ON THE OTHER HAND, HAS PLACED RELIANCE UPON THE ORDER OF THE ASSESSING OFFICER. 4. HAVING CAREFULLY EXAMINED THE ORDERS OF THE LOWER AUTHORITIES IN THE LIGHT OF THE RIVAL SUBMISSIONS, WE FIND THAT THE ISSUE OF DEDUCTION UNDER SECTION 80P OF THE ACT ON INTEREST ON FDR FROM BANKS AND POST OFFICE WAS EXAMINED BY THE TRIBUNAL IN THE CASE OF INCOME TAX OFFICER, HARDOI VS. ZILA GANNA UTPADAK SAHKARI SAMITI LTD., HARDOI AND INCOME TAX OFFICER, HARDOI VS. SAHKARI GANNA VIKAS SAMITI LTD., HARDOI (SUPRA) AND THE LD. CIT(A) HAS FOLLOWED THE SAID ORDERS WHILE HOLDING THAT DEDUCTION UNDER SECTION 80P OF THE ACT IS ALLOWABLE TO THE ASSESSEE ON THE INTEREST ON FDRS FROM BANKS AND POST OFFICE. COPIES OF THE ORDERS OF THE TRIBUNAL ARE PLACED ON RECORD. WE HAVE ALSO BEEN CARRIED THROUGH ANOTHER ORDER OF THE TRIBUNAL IN THE CASE OF INCOME TAX OFFICER-II, SHAHJAHANPUR VS. ROZA SAHKARI GANNA SAMITI LTD., SHAHJAHANPUR IN I.T.A. NO. 499/LKW/2013 IN WHICH SIMILAR VIEW WAS TAKEN BY THE TRIBUNAL. SINCE THE LD. CIT(A) HAS ADJUDICATED THE ISSUE :- 3 -: FOLLOWING THE ORDER OF THE TRIBUNAL IN THE AFORESAID CASES, WE FIND NO INFIRMITY IN HIS ORDER. WE ACCORDINGLY CONFIRM THE ORDER OF THE LD. CIT(A). 5. IN THE RESULT, APPEAL OF THE REVENUE STANDS DISMISSED. ORDER WAS PRONOUNCED IN THE OPEN COURT ON THE DATE MENTIONED ON THE CAPTIONED PAGE. SD/- SD/- [A. K. GARODIA] [SUNIL KUMAR YADAV] ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 23 RD JUNE, 2015 JJ:1606 COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT(A) 4. CIT 5. DR ASSISTANT REGISTRAR