Income Tax Officer ,Ward-7(1), Nagpur V. M/s Coal Mines Workers Cradit Co-Op Soc, Nagpur

ITA 340/NAG/2012

• Counselvise Citation: [2013] 120 COUNSELVISE.COM (IT) 3901 (ITAT-NAGPUR)
• Duration Of Justice: 8 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-04-2013
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2009-2010
• Appeal Filed On: 02-08-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: RAM BONDE

Judgement Text

, - IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR , BENCH , ( E - COURT), MUMBAI , BEFORE SHRI R.K.GUPTA , J M & SHRI D.KARUNAKAR RAO , A M ITA NO. 340 / N AG / 20 1 2 ( ASSESSMENT YEAR : 200 9 - 10 ) ITO, WARD - 7(1) , MECL BUILDING 5 TH FLOOR, ROOM NO.514, SEMINARY HILLS, HIGH LAND DRIVE, NAGPUR - 440 006 VS. M/S COAL WORKERS CREDIT CO - OP, SOC. PATANSAONG MINES SAONER, TEHSIL - SAONER, DISTRICT NAGPUR - 441 107 PAN/GIR NO. : A A AAC 0997 K ( APPELLANT ) .. ( RESPONDENT ) /REVENUE BY : MR. PRAKASH MANE /ASSESSEE BY : MR. RAM BONDE DATE OF HEARING : 1 3 TH MARCH ., 201 3 DATE OF PRONOUNCEMENT : 03/04/ 201 3 O R D E R P ER SHRI R.K.GUPTA, JM : TH IS APPEAL HA S BEEN PREFERRED BY THE DEPARTMENT BEFORE THE ITAT NAGPUR BE NCH, NAGPUR, AGAIN ST THE ORDER OF LEANED CIT(A) - II , NAGPUR (MAHARASHTRA) RELATING TO THE ASSESSMENT YEARS 200 9 - 10 , WHICH HA S BEEN HEARD THROUGH E - COURT, MUMBAI. \ 2 . THE DEPARTMENT IS OBJECTING IN HOLDING THAT THE ASSESSEE IS ELIGIBLE FOR THE DEDUCTION OF R S. 98,99,459/ - UNDER SECTION 80P(2)(A) (I) OF THE ACT. 3 . LEARNED DR PLACED RELIANCE ON THE ORDER OF AO. ON THE OTHER HAND, LEARNED COUNSEL OF THE ASSESSEE PLACED RELIANCE ON THE ORDER OF CIT(A). IT WAS FURTHER SUBMITTED THAT THE ISSUE IS SQUARELY COVERED BY ITA NO. 340 /20 1 2 2 THE DECISION OF THE TRIBUNAL IN THE CASE OF ITO VS. M/S SHREE GOPALAKRISHNA URBAN CREDIT COOPERATIVE SOCIETY MARYADIT, NAGPUR, PASSED IN ITA NO.68/NAG/2012, VIDE ORDER DATED 1 - 2 - 2013 . IT WAS ALSO SUBMITTED THAT IN VARIOUS OTHER CASES ALSO, SIMILAR VIEW HA S BEEN TAKEN BY THE ASSESSEE IN THE SAME ORDER. 4 . AFTER CONSIDERING THE ORDER OF THE AO AND CIT(A), WE FOUND THAT THE APPEAL OF THE DEPARTMENT IS LIABLE TO BE DISMISSED AS ON IDENTICAL FACTS IN THE CASE OF GOPALAKRISHNA URBAN CREDIT COOPERATIVE SOCIETY M ARYADIT, NAGPUR (SUPRA) FOR THE ASSESSMENT YEAR 2008 - 09 , THE TRIBUNAL HAS DISMISSED THE APPEAL OF THE ASSESSEE. SIMILAR FACTS ARE ALSO INVOLVED IN THIS CASE. THE ASSESSEE FILED ITS RETURN OF INCOME DECLARING TOTAL INCOME AT NIL AFTER CLAIMING DEDUCTION UND ER SECTION 80(P). THE ASSESSEE IS CARRYING ON BUSINESS OF PROVIDING CREDIT FACILITY TO ITS MEMBERS. THE AO HELD THAT THE ASSESSEE IS NOT OF BANKING COMPANY, THEREFORE, NOT ELIGIBLE FOR DEDUCTION UNDER SECTION 80P. LEARNED CIT(A) ALLOWED THE ISSUE IN FAVOUR OF THE ASSESSEE AFTER DISCUSSING THE ISSUE IN DETAIL AND TAKING INTO CONSIDERATION THAT THE SOCIETY IS DOING THE BUSINESS OF BANKING AND PROVIDING CREDIT FACILITY TO THEIR MEMBERS, THEREFORE, ELIGIBLE FOR DEDUCTION UNDER SECTION 80P. 5 . SIMILAR VIEW HAS BEEN EXPRESSED BY THE TRIBUNAL IN THE CASE OF GOPALAKRISHNA URBAN CREDIT COOPERATIVE SOCIETY MARYADIT, NAGPUR (SUPRA) . THEREFORE, FOLLOWING THE ORDER OF THE TRIBUNAL IN THE AFORESAID CASE, WE CONFIRM THE ORDER OF THE LEARNED CIT(A) IN THE PRESENT CASE ALS O. ITA NO. 340 /20 1 2 3 6 . RESULTANTLY, APPEAL OF THE DEPARTMENT IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 3 RD D AY OF APR. 2013. 013 SD/ - SD/ - ( ) ( D.KARUNAKAR RAO ) ( ) ( R.K.GUPTA ) / ACCOUNTANT MEMBER / JUDICIAL MEMBER MUMBAI ; DATED : 0 3 / 0 4 / 201 3 . /PKM , PS COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. / THE CIT(A) , MUMBAI / NAGPUR. 4. / CIT 5. / DR, ITAT, MUMBAI / NAGPUR. 6. GUARD FILE. //TRUE COPY// / BY ORDER, ( ASSTT. REGISTRAR) / ITA T, MUMBAI