The Income Tax Officer, Ward-1 (2), Panaji., Panaji V. M/s The Goa State Co-op. Housing Finance and Federation Ltd., Panaji

ITA 30/PAN/2017

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 7507 (ITAT-PANAJI)
• Duration Of Justice: 2 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-03-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2013-2014
• Appeal Filed On: 19-01-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SHIVENDRA GUPTA
• Assessee Lawyers: RAGHU K PIKALE
• Keywords: Question of law

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI BEFORE SHRI P.K.BANSAL, HON'BLE ACCOUNTANT MEMBER SHRI GEORGE MATHAN, HONBLE JUDICIAL MEMBER ITA NO. 29 & 30 / PAN /201 7 (ASST. YEAR S : 2012 13 & 201 3 1 4 ) INCOME TAX OFFICER WARD 1(2), AAYAKAR BHAWAN PLOT NO.5, EDC COMPLEX PATTO PLAZA PANAJI 403 001 V. M /S. GOA STATE CO - OPERATIVE HOUSING FINANCE AND FEDERATION LTD., 3 RD FLOOR, GOMES BUILDING, OPP. HOTEL DELMON PANAJI GOA PAN NO. AAA AG 0330 L (APPELLANT) (RESPONDENT) ASSESSEE BY : RAGHU K. PIKALE, - CA DEPARTMENT BY : SHRI SHIVENDRA GUPTA - D R DATE OF HEARING : 31 /03/2017 . DATE OF PRONOUNCEMENT : 31 /03/2017 . O R D E R PER GEORGE MATHAN, JUDICIAL MEMBER 1 . TH ESE ARE THE APPEALS FILED BY THE REVENUE AGAINST THE ORDER S OF THE LEARNED CIT(A) PANAJI - I IN APPEAL NOS. ITA.NO. 347 /CIT(A)/PNJ - 1/ 2014 - 15 DATED 17/11/ 2016 AND ITA.NO.1/11020/15 - 16 DATED 17/11/2016 FOR THE ASSESSMENT YEAR 2012 13 AND 201 3 1 4 RESPECTIVELY . 2 . SHRI R AGHU K PIKALE, CA REPRESENTED ON BEHALF O F THE ASSESSEE AND SHRI SHIVENDRA GUPTA REPRESENTED ON BEHALF OF THE REVENUE. 3 . AT THE TIME OF HEARING IT WAS FAIRLY AGREED BY BOTH THE SIDES THAT THE ISSUES IN THE APPEAL BEING AGAINST THE ACTION OF THE LEARNED CIT(A) IN GRANTING THE ASSESSEE THE BENEFIT OF DEDUCTION UNDER SECTION 80P ( 2 )( A )(I) WAS SQUARELY COVERED BY THE DECISION OF THE HONBLE 2 ITA NO. 29 & 30 / PAN /201 7 M/S. GOA STATE CO - OPERATIVE HOUSING FINANCE AND FEDERATION LTD JURISDICTIONAL HIGH COURT OF BOMBAY AT GOA IN ASSESSEE OWN CASE IN TAX APPEAL NO. 7 6 OF 2015 WHEREIN THE HONBLE JURISDICTIONAL HIGH COURT HAS ALLOWED AS FOLLOWS: - 7. TAKING NOTE OF THE ABOVE OBSERVATIONS, IT IS CLEARLY HELD THEREIN THAT UNLES S AND UNTIL THE SAID THREE CONDITIONS ARE CUMULATIVELY SATISFIED, THE QUESTION OF HOLDING THAT SUCH SOCIETY IS A CO - OPERATIVE BANK WOULD NOT ARISE AT ALL. IN THE PRESENT CASES, IT IS NOT DISPUTED THAT THE THIRD CONDITION THAT THE BYE LAWS SHOULD NOT PERMIT ADMISSION OF ANY OTHER CO - OPERATIVE SOCIETY AS ITS MEMBER IS NOT AT ALL SATISFIED. IN ANY EVENT, THE FACT FINDING AUTHORITIES AFTER EXAMINING THE MATERIAL ON RECORD HAVE CONCURRENTLY COME TO THE CONCLUSION THAT THE RESPONDENTS' SOCIETIES ARE NOT BA NKS BUT CO OPERATIVE SOCIETIES AND AS SUCH THEY ARE ENTITLED FOR EXEMPTION IN TERMS OF SECTION 80P(2)(A)(I) OF THE SAID ACT. THE FINDINGS OF FACT ARRIVED AT BY THE AUTHORITIES BELOW CANNOT BE INTERFERED BY THIS COURT IN THE PRESENT APPEALS UNLESS THERE IS PERVERSITY IN SUCH FINDINGS. THE LEARNED COUNSEL APPEARING FOR THE APPELLANT HAS, NOT POINTED OUT ANY MATERIAL WHICH HAS NOT CONSIDERED OR THAT THERE IS ANY .MISREADING OF THE EVIDENCE WHILST, COMING TO SUCH CONCLUSIONS. THE CONTENTION OF MS. A. DESAI, LE ARNED COUNSEL APPEARING FOR THE APPELLANT THAT IN VIEW OF THE DEFINITION OF THE WORD 'INCOME' AS PROVIDED IN SECTION 2(24)(VIIA), THE RESPONDENTS' SOCIETIES ARE TO BE TREATED AS A BANK CANNOT BE ACCEPTED THIS ASPECT HAS ALSO BEEN TAKEN NOTE BY THE DIVISION BENCH WHILE DISPOSING OF THE SAID APPEALS IN THE CASE OF M/S. THE QUEPEM URBAN CO - OPERATIVE CREDIT SOCIETY LTD., (SUPRA ). 8. TAKING NOTE OF THE OBSERVATIONS IN THE SAID JUDGMENT IN THE CASE OF M/S. THE QUEPEM URBAN CO - OPERATIVE CREDIT SOCIETY LTD., (SUPRA) TO THE EFFECT THAT MERELY GIVING 3 ITA NO. 29 & 30 / PAN /201 7 M/S. GOA STATE CO - OPERATIVE HOUSING FINANCE AND FEDERATION LTD CREDIT FACILITIES TO THE MEMBERS WOULD NOT BE A CO - OPERATIVE BANK BUT CONTINUED TO BE A CO - OPERATIVE SOCIETY AND AS THERE IS NO MATERIAL ON RECORD THAT THE RESPONDENTS WERE GIVING ANY SUCH CREDIT FACILITIES TO THE NON MEMBERS, WE FIND THAT THE OBSERVATIONS IN THE SAID JUDGMENT IN THE CASE OF M/S. THE QUEPEM URBAN CO - OPERATIVE CREDIT SOCIETY LTD., (SUPRA ) WOULD BE SQUARELY APPLICABLE TO THE FACTS OF THE PRESENT CASE. AS SUCH, AS NO OTHER CONTENTIONS HAVE BEEN RAISED BY THE LEARNED COUNSEL APPEARING FOR THE APPELLANT, WE FIND THAT THE PROPOSED SUBSTANTIAL QUESTIONS OF LAW TO THAT EFFECT WOULD NOT SURVIVE AND DOES NOT REQUIRE ANY FURTHER CONSIDERATION. FOR THE REASONS STATED IN THE SAID JUDGMENT IN THE CASE OF M/S, THE QUEPEM URBAN CO - OPERATIVE CREDIT SOCIETY LTD., (SUPRA ), WE FIND THAT THERE IS NO SUBSTANTIAL QUESTION OF LAW. WHICH ARISES IN THE PRESENT APPEALS FOR CONSIDERATION. THE APPEALS STAND ACCORDINGLY REJECTED . 4 . WE HAVE CONSIDERED THE SUBMISSIONS. AS IT IS NOTICED THAT THE ISSUE IN THE REVENUE APPEAL IS SQUARELY COVERED BY THE DECISION OF THE HONBLE JURISDICTIONAL HIGH COUR T OF BOMBAY AT GOA IN THE ASSESSEES OWN CASE REFERRED (SUPRA). THE FINDINGS OF THE LEARNED CIT(A) ON THIS ISSUE STANDS CONFIRMED. APPEAL S OF THE REVENUE STANDS DISMISSED. 5 . IN THE RESULT, APPEAL S OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE COURT AT THE CLOSE OF THE HEARING ON FRIDAY , THE 31 ST DAY OF MARCH, 2017 AT GOA . SD/ - SD/ - (P.K.BANSAL) (GEORGE MATHAN) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 31 ST MARCH, 2017. VSSGB / - 4 ITA NO. 29 & 30 / PAN /201 7 M/S. GOA STATE CO - OPERATIVE HOUSING FINANCE AND FEDERATION LTD COPY TO: 1 . THE ASSESSEE. 2 . THE REVENUE. 3 . THE CIT 4 . THE CIT(A), 5 . THE D.R. 6 . GUARD FILE. BY ORDER ASSISTANT REGISTRAR I.T.A.T., PANAJI