M/s.Puthiyangadi Service Co-op Bank, Calicut V. The ITO, Calicut

ITA 413/COCH/2014

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 81382 (ITAT-COCHIN)
• Duration Of Justice: 1 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-11-2014
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2009-2010
• Appeal Filed On: 01-10-2014
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: K K JOHN
• Assessee Lawyers: C B M WARRIER
• Section: 10AA; 10B

Judgement Text

1 ITA NO. 412 & 413/COCH/2014 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. 412 & 413/COCH/2014 (ASSESSMENT YEARS 2008-09 & 2009-10) M/S PUTHIYANGADI SERVICE CO-OPERATIVE VS ITO, WD.1( 2) BANK, PUTHIYANGADI (PO) KOZHIKODE KOZHIKODE PAN : AACAP0749C (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI CBM WARRIER RESPONDENT BY : SHRI K.K. JOHN DATE OF HEARING : 18-11-2014 DATE OF PRONOUNCEMENT : 21-11-2014 O R D E R PER N.R.S. GANESAN (JM) THESE APPEALS OF THE ASSESSEE ARE DIRECTED AGAINST THE COMMON ORDER PASSED BY THE CIT(A), KOZHIKODE DATED 23-07-2 014 AND PERTAIN TO ASSESSMENT YEARS 2008-09 AND 2009-10. 2. THE ONLY ISSUE ARISES FOR CONSIDERATION IS REJEC TION OF THE CLAIM OF THE ASSESSEE U/S 80P OF THE ACT. 2 ITA NO. 412 & 413/COCH/2014 3. SHRI CBM WARRIER, THE LD.REPRESENTATIVE FOR THE ASSESSEE SUBMITTED THAT THE CIT(A) BY FOLLOWING THE ORDER OF THIS TRIB UNAL IN M/S KADACHIRA SERVICE CO-OPERATIVE BANK LTD & ORS VS ITO (2013) 1 53 TTJ (COCHIN) 129 DISALLOWED THE CLAIM OF THE ASSESSEE ON THE GROUND THAT THE RETURN WAS NOT FILED WITHIN THE PRESCRIBED TIME. ACCORDING TO THE LD.REPRESENTATIVE, THE ASSESSEE IS A PRIMARY AGRICULTURAL CREDIT SOCIETY A ND MAJOR ADVANCES WERE MADE ONLY FOR AGRICULTURAL PURPOSES. ACCORDING TO THE LD.REPRESENTATIVE, THE TOTAL AGRICULTURAL LOAN WAS RS.3,05,72,881 AS A GAINST THE TOTAL ADVANCE OF RS.3,18,95,535. THEREFORE, THE LOWER AUTHORITIE S ARE NOT JUSTIFIED IN DISALLOWING THE CLAIM OF THE ASSESSEE. WE HEARD SH RI K.K. JOHN, THE LD.DR ALSO. 4. SECTION 80A(5) CLEARLY SAYS THAT WHERE THE ASSES SEE FAILS TO MAKE A CLAIM IN HIS RETURN OF INCOME FOR DEDUCTION UNDER S ECTION 10A OR SECTION 10AA OR SECTION 10B OR SECTION 10BA OR UNDER ANY PR OVISION OF THIS CHAPTER UNDER THE HEAD C.- DEDUCTIONS IN RESPECT O F CERTAIN INCOME, NO DEDUCTION SHALL BE ALLOWED TO HIM THEREUNDER. THIS TRIBUNAL, AFTER CONSIDERING THE PROVISIONS OF SECTIONS 80A(4) AND 8 0A(5) AND THE JUDGMENT OF THE APEX COURT IN PRAKASH NATH KHANNA & ANOTHER VS CIT (2004) 266 ITR 1 (SC) FOUND THAT THE ASSESSEE IS NOT ELIGIBLE FOR DEDUCTION U/S 80P IN CASE THE RETURN WAS NOT FILED WITHIN THE TIME LIMIT PROVIDED IN 139(1) OR 139(4) OR WITHIN THE TIME LIMIT PROVIDED IN THE NOT ICE ISSUED U/S 142(1). IN 3 ITA NO. 412 & 413/COCH/2014 VIEW OF THE FINDING OF THIS TRIBUNAL IN M/S KADACHI RA SERVICE CO-OPERATIVE BANK LTD & ORS (SUPRA), THIS TRIBUNAL IS OF THE CON SIDERED OPINION THAT THERE IS NO INFIRMITY IN THE ORDER OF THE CIT(A). BY FOL LOWING THE ORDER OF THIS TRIBUNAL, THE ORDER OF THE CIT(A) IS ACCORDINGLY CO NFIRMED. 5. IN THE RESULT, BOTH THE APPEALS OF THE ASSESSEE STAND DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 21 ST NOVEMBER, 2014. SD/- SD/- (CHANDRA POOJARI) (N.R.S. GANESAN) ACCOUNTANT MEMBER JUDICIAL MEMBER COCHIN, DT : 21 ST NOVEMBER, 2014 PK/- COPY TO: 1. M/S PUTHIYANGADI SERVICE CO-OPRTIVE BANK, PUTHIY ANGADI (PO), KOZHIKODE 2. THE ITO, WD.1(2), KOZHIKODE 3. THE COMMISSIONER OF INCOME-TAX, KOZHIKODE 4. THE COMMISSIONER OF INCOME-TAX(A), KOZHIKODE 5. THE DR (TRUE COPY) BY ORDER ASSTT. REGISTRAR, INCOME-TAX APPELLATE TRIBUNAL, COCHIN BENCH