Income Tax Officer, Nipani., Nipani V. Kadsiddeshwar Co-op. Credit Society Ltd., Belgaum

ITA 421/PAN/2014

• Counselvise Citation: [2015] 121 COUNSELVISE.COM (IT) 1010 (ITAT-PANAJI)
• Duration Of Justice: 5 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-06-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 02-06-2015
• Assessment Year: 2011-2012
• Appeal Filed On: 11-12-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: B BARTHAKUR LD

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI BEFORE SHRI GEORGE MATHAN , HONBLE JUDICIAL MEMBER ITA N O . 421 /PNJ/20 14 : (A.Y 2011 - 12 ) INCOME TAX OFFICER, NIPANI, BELGAUM DIST. ( APPELLANT) VS. KADSIDDESHWAR CO - OPERATIVE CREDIT SOCIETY LTD., AT POST : NEJ TAL. CHIKODI, BELGAUM DIST. PAN : AACAS1067N (RESPONDENT) ASSESSEE BY : NONE REVENUE BY : B. BARTHAKUR, LD. DR DATE OF HEARING : 02 / 06 /201 5 DATE OF ORDER : 02 / 06 /201 5 O R D E R 1. THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF THE LD. CIT(A), BELGAUM IN ITA NO. 100/BGM/13 - 14 DT. 28.10.2014 FOR THE A.Y 2011 - 12. SHRI B. BARTHAKUR, LD. DR REPRESENTED ON BEHALF OF THE REVENUE AND NONE REPRESENTED ON BEHALF OF THE ASSESSEE. HOWEVER, WRITTEN SUBMISSIONS HAVE BEEN FILED BY POST. 2. IT WAS SUBMITTED BY THE LD. DR THAT THE ONLY ISSUE IN THE REVENUES APPEAL WAS AGAINST THE ACTION OF THE LD. CIT(A) IN HOLDING THAT THE ASSESSEE WAS ENTITLED TO EXEMPTION U/S 80P(2)(A)(I) OF THE ACT BY FOLLOWING THE DECISION OF THE HON'BLE KARNATAKA HIGH COURT IN THE CASE OF SRI BILURU GURUBASAVA PATTINA SAHAKARI SANGHA NIYAMITHA (INCOME TAX APPEAL NO. 5006/2013 DT. 5.2.2014). THE LD. DR VEHEMENT LY SUPPORTED THE ORDER OF THE LD. AO. IT WAS THE 2 ITA NO. 421/PNJ/2014 (A.Y : 2011 - 12) SUBMISSION THAT THE ASSESSEE WAS LIABLE TO BE HELD TO BE NOT ENTITLED TO THE EXEMPTION U/S 80P(2)(A)(I) OF THE ACT. 3. I HAVE HEARD THE SUBMISSIONS. I HAVE ALSO PERUSED THE WRITTEN SUBMISSIONS FILED BY THE ASSESSEE, AS ALSO THE ORDER OF THE LD. CIT(A) AND THE LD. AO. A PERUSAL OF THE WRITTEN SUBMISSIONS FILED BY THE ASSESSEE ALSO SHOWS THAT THE CO - ORDINATE BENCH OF THIS TRIBUNAL IN THE ASSESSEES OWN CASE IN ITA NOS. 194 & 195/PNJ/2013 DT. 4.4.2014 FOR THE A.YS. 2009 - 10 & 2010 - 11 HAS HELD THAT THE ASSESSEE IS NOT TO BE REGARDED AS A PRIMARY CO - OPERATIVE BANK AS IT DID NOT COMPLY WITH ALL THE THREE BASIC CONDITIONS TO BECOME A PRIMARY CO - OPERATIVE BANK U/S 5(CCV) OF THE BANKING REGULATION ACT, 1949. FURTH ER, A PERUSAL OF THE ORDER OF THE LD. CIT(A) SHOWS THAT THE ASSESSEE BEING OF BELGAUM, THE HON'BLE KARNATAKA HIGH COURT WOULD BE THE JURISDICTION HIGH COURT IN THE CASE OF THE ASSESSEE AND THE HON'BLE KARNATAKA HIGH COURT IN THE CASE OF SRI BILURU GURUBASA VA PATTINA SAHAKARI SANGHA NIYAMITHA IN INCOME TAX APPEAL NO. 5006/2013 DT. 5.2.2014 (SUPRA) HAS HELD THE ISSUE IN FAVOUR OF THE ASSESSEE. CONSEQUENTLY, RESPECTFULLY FOLLOWING THE DECISION OF THE HON'BLE KARNATAKA HIGH COURT IN THE CASE OF SRI BILURU GURU BASAVA PATTINA SAHAKARI SANGHA NIYAMITHA (SUPRA) THE FINDING OF THE LD. CIT(A) ON THIS ISSUE STANDS CONFIRMED. CONSEQUENTLY, THE APPEAL OF THE REVENUE STANDS DISMISSED. 4. ORDER PRONOUNCED IN THE OPEN COURT ON 02/06/2015. S D / - ( GEORGE MATHAN ) JUDICIAL MEMBER PLACE : PANAJI / GOA DATED : 0 2 /06/ 201 5 *SSL* 3 ITA NO. 421/PNJ/2014 (A.Y : 2011 - 12) COPY TO : (1) APPELLANT (2) RESPONDENT (3) CIT(A) CONCERNED (4) CIT CONCERNED (5) D.R (6) GUARD FILE TRUE COPY, BY ORDER , 4 ITA NO. 421/PNJ/2014 (A.Y : 2011 - 12) DATE INITIAL ORIGINAL DICTATION PAD & DRAFT ORDER ARE ENCLOSED IN THE FILE 1. DRAFT DICTATED ON 02.06.2015 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 02.06.2015 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER N/A JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER N/A JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS 02/06/2015 SR.PS 6. DATE OF PRONOUNCEMENT 02/06/2015 SR.PS 7. FILE SENT TO THE BENCH CLERK 02/06/2015 SR.PS 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK 9. DATE OF DISPATCH OF ORDER