Income Tax Officer ,Wad -1, Nagpur V. Chargaon Telwasa Open Cast Employees Credit Co.Society Ltd, Nagpur

ITA 360/NAG/2012

• Counselvise Citation: [2013] 120 COUNSELVISE.COM (IT) 3904 (ITAT-NAGPUR)
• Duration Of Justice: 7 month(s) 18 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: 16-08-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL

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. 3 6 0 / N AG / 20 1 2 ( ASSESSMENT YEAR : 200 9 - 10 ) ITO, WARD - 1 , AAYAKAR BHAWAN, RAILWAY STATION ROAD, CHANDRAPUR - 442 401 VS. M/S CHARGAON TELWASA OPEN CAST EMPLOYEES CREDIT COOPERATIVE SOCIETY LIMITED, GANDHI CHOWK BHADRAWATI, DISTRICT CHANDRAPUR. PAN/GIR NO. : A AA AC 4308 G ( APPELLANT ) .. ( RESPONDENT ) /REVENUE BY : MR. PRAKASH MANE /ASSESSEE BY : NONE DATE OF HEARING : 1 4 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 BENCH, NAGPUR, AGA IN 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 RS. 46 ,9 8 , 780 / - U NDER SECTION 80P(2)(A) (I) OF THE ACT. 3 . LEARNED DR PLACED RELIANCE ON THE ORDER OF AO. NONE APPEARED ON BEHALF OF THE ASSESSEE. ITA NO. 3 6 0 /20 1 2 2 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 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 FOR THE ASSESSMENT YEAR 2008 - 09 , THE TRIBUNAL HAS DISMISSED THE APPEAL OF THE DEPAR TMENT . SIMILAR FACTS ARE ALSO INVOLVED IN THIS CASE. THE ASSESSEE FILED ITS RETURN OF INCOME DECLARING TOTAL INCOME AT NIL AFTER CLAIMING DEDUCTION UNDER SECTION 80(P). THE ASSESSEE IS CARRYING ON BUSINESS OF PROVIDING CREDIT FACILITY TO ITS MEMBERS. THE A O 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 D OING 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, N AGPUR (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 ALSO. 6 . RESULTANTLY, APPEAL OF THE DEPARTMENT IS DISMISSED. ORD ER PRONOUNCED IN THE OPEN COURT ON THIS DAY OF 2013. ITA NO. 3 6 0 /20 1 2 3 2013 SD/ - SD/ - ( ) ( D.KARUNAKAR RAO ) ( ) ( R.K.GUPTA ) / ACCOUNTA NT 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) / ITAT, MUMBAI