The Mullakodi Co-op Rural bank Ltd, Kannur V. ITO, Kannur

ITA 330/COCH/2012

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 86430 (ITAT-COCHIN)
• Duration Of Justice: 2 year(s) 3 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-03-2015
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 12-02-2015
• Assessment Year: 2009-2010
• Appeal Filed On: 05-12-2012
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: K K JOHN
• Section: 142(1)

Judgement Text

1 ITA NO.528-530/COCH/2014 ITA 330/COCH/2012 IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE SHRI N.R.S. GANESAN (JM) AND SHRI CHANDRA PO OJARI (AM) I.T.A NO. 528/COCH/2014 (ASSESSMENT YEAR 2011-12) M/S CALICUT TOWN SERVICE VS ITO, WD.1(1) CO-OPERATIVE BANK LTD KOZHIKODE JAWAHAR BLDG, K.P. KESAVA MENON ROAD KOZHIKODE PAN : AAJC0685K (APPELLANT) (RESPONDENT) I.T.A NO. 529 & 530/COCH/2014 (ASSESSMENT YEARS 2010-11 & 2011-12) M/S PUTHIYANGADI SERVICE VS ITO, WD.1(2) CO-OPERATIVE BANK LTD KOZHIKODE PUTHIYANGADI PO KOZHIKODE PAN : AACAP0749C (APPELLANT) (RESPONDENT) I.T.A NO. 330/COCH/2012 (ASSESSMENT YEAR 2009-10) M/S MULLAKKODI CO-OPERATIVE RURAL VS ITO, WD.1(1 ) BANK LTD, PO KOLACHERRY KANNUR KANNUR DISTRICT PAN : AACAT5585C (APPELLANT) (RESPONDENT) 2 ITA NO.528-530/COCH/2014 ITA 330/COCH/2012 APPELLANT BY : NONE, ADJ.APPLICATIONS FILED RESPONDENT BY : SHRI K.K. JOHN, DR DATE OF HEARING : 12-02-2015 DATE OF PRONOUNCEMENT : 06-03-2015 O R D E R PER N.R.S. GANESAN (JM) THESE FOUR APPEALS PERTAIN TO THREE INDEPENDENT AS SESSEES AND ARE DIRECTED AGAINST THE RESPECTIVE ORDERS OF THE CIT(A ). SINCE COMMON ISSUE ARISES FOR CONSIDERATION, FOR THE SAKE OF CONVENIEN CE, THEY WERE HEARD TOGETHER AND ARE DISPOSED OF BY THIS COMMON ORDER. 2. ALL THE ASSESSEES REQUESTED FOR ADJOURNMENT BY F ILING APPLICATIONS. SINCE THE ISSUE INVOLVED IN THESE APPEALS IS COVERE D BY THE DECISION OF THIS TRIBUNAL, THE ADJOURNMENT APPLICATIONS WERE REJECTE D AND WE PROCEEDED TO HEAR THE LD.DR AND DISPOSE OF THE APPEALS. 3. IN ALL THE APPEALS, RETURNS OF INCOME WERE NOT F ILED BY THE ASSESSEES EITHER U/S 139(1) OR U/S 139(4) OR WITHIN THE TIME LIMIT PROVIDED U/S 142(1) OF THE ACT. THIS TRIBUNAL EXAMINED THE ISSUE ELABORAT ELY IN THE CASE OF KADACHIRA SERVICE CO-OPERATIVE BANK IN ITA NO.156/C OCH/2014 DATEDF 25- 07-2014, M/S KUNNAMANGALAM CO-OPERATIVE BANK IN IT A 3 ITA NO.528-530/COCH/2014 ITA 330/COCH/2012 NO.156/COCH/2014 DATED 25-07-2014 AND M/S PINARAYI SERVICE CO- OPERATIVE BANK LTD IN ITA NO.123/COCH/2012 ORDER DA TED 31-07-2014 AND FOUND THAT IF THE ASSESSEE FAILED TO FILE THE RETUR N OF INCOME WITHIN THE PRESCRIBED TIME AND CLAIM DEDUCTION U/S 80P, THEN T HE ASSESSEE IS NOT ENTITLED FOR DEDUCTION U/S 80P. IN THE CASE OF MUL LACKODI CO-OPERATIVE RURAL BANK LTD, THE CIT(A) HAS PASSED THE ORDER BEF ORE THE ORDERS OF THIS TRIBUNAL IN THE CASE OF KADACHIRA SERVICE CO-OPERAT IVE BANK LTD AND OTHERS CITED SUPRA. HOWEVER, THE CIT(A) HAS FOLLOW ED HIS OWN ORDER IN THE CASE OF KARIVELLOR SERVICE CO-OPERATIVE BANK LTD. SINCE THE ORDER OF THE CIT(A) IN THE CASE OF MULLACKODI CO-OPERATIVE RURAL BANK LTD, IS IN CONFORMITY WITH THE PRINCIPLE LAID DOWN BY THIS TRI BUNAL IN THE CASE OF KADACHIRA SERVICE CO-OPERATIVE BANK LTD & OTHERS SU PRA, THIS TRIBUNAL DO NOT FIND ANY INFIRMITY IN THE ORDER OF THE CIT(A). IN THIS VIEW OF THE MATTER, WE NECESSARILY HAVE TO UPHOLD THE ORDERS OF THE CIT (A) ON THIS ISSUE IN ALL THE APPEALS UNDER CONSIDERATION. ACCORDINGLY, THE ORDERS OF THE CIT(A) ON THIS ISSUE ARE CONFIRMED. 4. IN RESPECT OF DISALLOWANCE U/S 40(A)(IA) INTERES T WAS PAID TO NON MEMBERS WITHOUT DEDUCTING TAX. THE ASSESSEE IS CAR RYING ON BANKING ACTIVITY. THEREFORE, DEDUCTION OF TAX AT SOURCE EI THER AT THE TIME OF CREDIT OR PAYMENT OF INTEREST IS A MANDATORY REQUIREMENT. HE NCE, THIS TRIBUNAL DO 4 ITA NO.528-530/COCH/2014 ITA 330/COCH/2012 NOT FIND ANY INFIRMITY IN THE ORDER OF THE LOWER AU THORITY. ACCORDINGLY, THE ORDERS OF THE CIT(A) ON THIS ISSUE ARE ALSO CONFIRM ED. 5. IN THE RESULT, THE APPEALS FILED BY THE ASSESSEE S ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 06 TH MARCH, 2015. SD/- SD/- (CHANDRA POOJARI) (N.R.S. GANESAN) ACCOUNTANT MEMBER JUDICIAL MEMBER COCHIN, DT : 06 TH MARCH, 2015 PK/- COPY TO: 1. M/S CALICUT TOWN SERVICE CO-OPERATIVE BANK LTD, JAWAHAR BLDG, K.P. KESAVA MENON ROAD, KOZHIKODE / M/S PUTHIYANGADI SER VICE CO- OPERATIVE BANK LTD, KOZHIKODE / M/S MULLAKKODI CO-O PERATIVE RURAL BANK LTD, PO KOLACHERRY, KANNUR. 2. THE ITO, WD.1(1) & 1(2) KOZHIKODE / ITO, WARD.4, KANNUR 3. THE COMMISSIONER OF INCOME-TAX, KOZHIKODE 4. THE COMMISSIONER OF INCOME-TAX(A), KOSHIKODE 5. THE DR (TRUE COPY) BY ORDER ASSTT. REGISTRAR, INCOME-TAX APPELLATE TRIBUNAL, COCHIN BENCH