Asstt. Commissioner of Income Tax-6, Kanpur V. M/s. Triveni Kshetriya Gramin Bank, Banda.

ITA 402/LKW/2012

• Counselvise Citation: [2015] 120 COUNSELVISE.COM (IT) 9112 (ITAT-LUCKNOW)
• Duration Of Justice: 2 year(s) 6 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-01-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 09-01-2015
• Assessment Year: 2006-2007
• Appeal Filed On: 19-07-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SHRIRAJNISHYADAV
• Assessee Lawyers: SHRIRAJESH KUSHWAHA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH A, LUCKNOW BEFORE SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI A.K. GARODIA, ACCOUNTANT MEMBER ITA NO.402/LKW/2012 ASSESSMENT YEAR : 2006-07 ASSISTANT COMMISSIONER OF INCOME TAX I, KANPUR. VS M/S. TRIVENI KSHETRIYA GRAMIN BANK, D.M. COLONY, BANDA. PAN NO.- AAALT0714E (APPELLANT) (RESPONDENT) APPELLANT BY : SHRIRAJNISHYADAV, D.R. RESPONDENT BY : SHRIRAJESH KUSHWAHA, C.A. DATE OF HEARING: 12 01 2015 DATE OF PRONOUNCEMENT: 23 01 2015 O R D E R PER SUNIL KUMAR YADAV : THIS APPEAL IS PREFERRED BY THE REVENUE AGAINST THE ORDER OF CIT (A) ON A SOLITARY GROUND :- THAT THE LD. CIT (A) HAS ERRED IN LAW AND ON FACTS IN ALLOWING THE RELIEF OF RS. 20,39,000/- AMOUNT DEDUCTED U/S 80P (2)(A)(I) AS IN DECIDING THE APPEAL IN THIS CASE THE LD. CIT(A) NOT DISCUSSED THE STATUS OF ASSESSEE BANK AS THE SAME WAS DISPUTED BY THE A.O. IN HIS ORDER AND DECIDED THE APPEAL IN THE LIGHT OF ORDER OF APEX COURT IN CASE OF CIT VS. NAWANSHAHAR CENTRAL CO- OPERATIVE BANK LTD. AND ALLOWED ALL KINDS OF INVESTMENTS MADE BY ASSESSEE BANK --2-- AS DEDUCTIBLE U/S 80P DEEMING THE ASSESSEE BANK AS CO-OPERATIVE SOCIETY. 2. DURING THE COURSE OF HEARING OF APPEAL OUR ATTENTION WAS INVITED BY THE LD. COUNSEL FOR THE ASSESSEE TO THE JUDGMENT OF THE JURISDICTIONALHIGH COURT IN THE CASE OF COMMISSIONER OF INCOME TAX-II, KANPUR VS. M/S. ALLAHABAD U.P. GRAMIN BANK (FOR CHHATRASALGRAMIN BANK) IN INCOME TAX APPEAL NO. 217 OF 2011, IN WHICH IT HAS BEEN HELD BY THE HONBLE HIGH COURT THAT THE BENEFIT OF DEDUCTION U/S 80P (2) (A) (I) OF THE ACT IS ALLOWABLE TO THE ASSESSEE ON THE INTEREST INCOME EARNED ON SLR OR NON SLR INVESTMENTS. COPY OF THE JURISDICTIONAL HIGH COURT IS PLACED ON RECORD. 3. THE LD. D.R. DID NOT DISPUTE THESE FACTS. 4. HAVING CAREFULLY EXAMINED THE ORDERS OF THE LOWER AUTHORITIES AND THE JUDGMENT OF THE JURISDICTIONAL HIGH COURT, WE FIND THAT THE IMPUGNED ISSUE IS SQUARELY COVERED IN FAVOUR OF ASSESSEE. 5. WE, THEREFORE, FIND NO MERIT IN THE REVENUES APPEAL AND WE DISMISS THE SAME. 6. IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED. --3-- ORDER WAS PRONOUNCED IN THE OPEN COURT ON THE DATE MENTIONED ON THE CAPTIONED PAGE. SD/- SD/- (A.K. GARODIA) (SUNIL KUMAR YADAV) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 23 RD JANUARY, 2015 COPY FORWARDED TO : 1. APPELLANT 2. RESPONDENT 3. CIT(A) 4. CIT 5. DR ASSISTANT REGISTRAR