ACIT, Cir.-4, Pune V. Pune Urban Co-Op. Bank Ltd., Pune

ITA 391/PUN/2010

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 56374 (ITAT-PUNE)
• Duration Of Justice: 1 year(s) 4 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-08-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2006-2007
• Appeal Filed On: 15-03-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S K AMBASTHA
• Keywords: Rule of consistency
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH A, PUNE BEFORE SHRI I C SUDHIR, JUDICIAL MEMBER AND SHRI G.S. PANNU, ACCOUNTANT MEMBER ITA NO 391/PN/10 (ASSTT. YEAR: 2006-07) ASSTT.COMMISSIONER OF I.T. .. APPELLANT CIR. 4, PUNE VS. PUNE URBAN CO-OP BANK, .. RESPONDENT PLOT NO BC2, GULTEKDI, PUNE - PAN AAAAP 0284A APPELLANT BY: SHRI S.K. AMBA STHA RESPONDENT BY: NONE ORDER PER G.S. PANNU, AM THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF THE COMMISSIONER OF INCOME-TAX (APPEALS)-II, PUNE D ATED 07.12.2009 WHICH, IN TURN, HAS ARISEN FROM AN ORDER DATED 24.12.2008 PASSED BY THE ASSESSING OFFICER UNDER SE CTION 143(3) OF THE INCOME-TAX ACT, 1961 (IN SHORT THE ACT), PERT AINING TO THE ASSESSMENT YEAR 2006-07. 2. THE ONLY ISSUE RAISED IN THIS APPEAL BY THE REVENU E RELATES TO THE ASSESSEES CLAIM OF DEDUCTION OF RS 27,51,779/- UNDER SECTIO N 80P(2)(A)(I) OF THE ACT. THE FACTS, IN BRIEF, ARE THAT THE ASSESSEE BANK IS A CO-OPERATIVE SOCIETY REGISTERED UNDER THE MAHARASHTRA CO-OPERATIVE SOCIETIE S ACT, 1960. THE ASSESSEE FILED ITS RETURN OF INCOME FOR THE YEAR UNDER CON SIDERATION SHOWING NIL INCOME. THE ASSESSMENT WAS COMPLETED BY THE ASSESSING OFFICE R AT A NET TAXABLE INCOME OF RS 27,01,779/- WHICH, INTER ALIA, INCLUDED A DISALLOWANCE OF DEDUCTION UNDER SECTION 80P(2)(A)(I) AMOUNTING TO RS 2 7,51,799/- IN RESPECT OF 2 INTEREST ON INVESTMENTS MADE OUT OF VOLUNTARY RESERVES. AGGRIEVED, THE ASSESSEE TOOK UP THE DISPUTE IN APPEAL BEFORE THE FIRST APPELLA TE AUTHORITY. 3. THE COMMISSIONER OF INCOME-TAX (APPEALS) ALLOWED THE ASSESSEES CLAIM OF DEDUCTION UNDER SECTION 80P(2)( A)(I) OF THE ACT BY FOLLOWING THE DECISION OF THE PUNE BENCH OF THE TRIBUNAL IN THE ASSESSEES OWN CASE IN ITA NO 798/PN/06 DATED 19.2. 2008 FOR THE ASSESSMENT YEAR 2003-04. BEING NOT SATISFIED WITH T HE ORDER OF THE COMMISSIONER OF INCOME-TAX (APPEALS), THE REVENUE H AS COME UP IN APPEAL BEFORE US. 4. AFTER HEARING THE LEARNED DEPARTMENTAL REPRESENTA TIVE, WE FIND THAT THAT THE DECISION OF THE TRIBUNAL DATED 19.2.2008 (SUPRA) I N THE ASSESSEES OWN CASE CONTINUES TO HOLD THE FIELD AND HAS NOT BEEN ALTERED B Y ANY HIGHER AUTHORITY AND, THEREFORE, FOLLOWING THE PRINCIPLE OF CONSISTENCY, WE A FFIRM THE ORDER OF THE COMMISSIONER OF INCOME-TAX (APPEALS) ON THE ASPECT OF ASSESSEES CLAIM FOR DEDUCTION UNDER SECTION 80P(2)(A)(I) OF T HE ACT AMOUNTING TO RS 27,51,779/- REPRESENTING INTEREST ON INVESTME NTS OUT OF VOLUNTARY RESERVES. ACCORDINGLY, THE APPEAL OF THE REVENUE IS DISMISSED. 5. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISMISSE D. DECISION PRONOUNCED IN THE OPEN COURT ON THIS 10 TH DAY OF AUGUST, 2011. SD/- SD/- (I C SUDHIR) JUDICIAL MEMBER (G.S. PANNU) ACCOUNTANT MEMBER PUNE: DATED: 10 TH AUGUST, 2011 B COPY OF THE ORDER IS FORWARDED TO : 1. PUNE URBAN CO-OP BANK LTD, PUNE 2. ACIT CIR.4, PUNE 3. THE CIT(A)-II, PUNE 4. THE CITII, PUNE 3 5. THE D.R, A BENCH, PUNE 6. GUARD FILE TRUE COPY BY ORDER ASSISTANT REGISTRAR ITAT, PUNE BENCHES, PUNE