M/s. Panamaram Service Co-op Bank Ltd, Wynad V. The ITO, Calicut

ITA 485/COCH/2014

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 96777 (ITAT-COCHIN)
• Duration Of Justice: 11 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-10-2015
• Appeal Filed By: Assessee
• Bench Allotted: DB
• Next Hearing Date: 28-10-2015
• Assessment Year: 2011-2012
• Appeal Filed On: 20-11-2014
• Court: TRIBUNAL
• Department Lawyers: K P GOPAKUMAR
• Assessee Lawyers: R KRISHNAN
• Section: 142(1); 144; 139

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH C OCHIN BEFORE S/SHRI B.P. JAIN, AM AND GEORGE GEOR GE K., JM I.T.A. NO.485/COCH/2014 ASSESSMENT YEAR : 2011-12 M/S. PANAMARAM SERVICE CO- OPERATIVE BANK LTD., PANAMARAM P.O., WAYANAD DISTRICT-670 721. [PAN:AABAP 0487A] VS. THE INCOME TAX OFFICER, WARD- 1(4), KOZHIKODE. (ASSESSEE -APPELLANT) (REVENUE-RESPONDENT) ASSESSEE BY SHRI R. KRISHNAN, CA REVENUE BY SHRI K.P. GOPAKUMAR, SR. DR DATE OF HEARING 28/10/2015 DATE OF PRONOUNCEMENT 28/10/2015 O R D E R PER B.P.JAIN, ACCOUNTANT MEMBER: THIS APPEAL OF THE ASSESSEE ARISES FROM THE ORDER OF THE LD. CIT(A), KOZHIKODE DATED 06/08/2014 FOR THE ASSESSMENT YEAR 2011-12. 2. THE ASSESSEE HAS RAISED AS MANY AS 9 GROUND S OF APPEAL MAINLY ON THE ISSUE OF DENIAL OF DEDUCTION U/S. 80P OF THE AC T SINCE THE RETURN OF INCOME WAS NOT FILED BY THE ASSESSEE U/S. 139(1) OR WITHIN THE TIME LIMIT PRESCRIBED U/S. 139(4) OF THE I.T. ACT. I.T.A. NO.485/COCH/2014 2 3. THE BRIEF FACTS OF THE CASE ARE THAT THE A SSESSEE IS A CO-OPERATIVE BANK REGISTERED UNDER THE KERALA CO-OPERATIVE SOCIE TIES ACT, 1969. SINCE THE ASSESSEE HAD FAILED TO FILE RETURN OF INCOME FO R A.Y. 2011-12, THE ASSESSING OFFICER ISSUED NOTICE U/S. 142(1) REQUIR ING THE ASSESSEE TO FILE THE RETURN OF INCOME. THE ASSESSEE NEITHER COMPLIED WI TH THIS NOTICE NOR FILED RETURN OF INCOME IN TERMS OF SECTION 139 OR IN TERM S OF SECTION 142(1) OF THE ACT AND HENCE, THE ASSESSING OFFICER PROCEEDED TO I NITIATE BEST JUDGMENT ASSESSMENT U/S. 144 OF THE ACT. DURING THE COURSE OF ASSESSMENT PROCEEDINGS, THE ASSESSEE FILED RETURN OF INCOME, W HICH WAS BEYOND THE TIME ALLOWED U/S. 139 AND THE TIME GIVEN IN NOTICE U/S. 142(1) AND, THEREFORE, THE AO TREATED THE SAME AS NON EST IN LA W AN INVALID. ON THE BASIS OF MATERIALS GATHERED DURING THE COURSE OF AS SESSMENT, THE ASSESSING OFFICER WORKED OUT THE TOTAL INCOME OF THE ASSESSEE FROM BUSINESS. WHILE COMPLETING THE ASSESSMENT, THE ASSESSING OFFICER DI SALLOWED THE CLAIM OF DEDUCTION U/S. 80P BY INVOKING THE PROVISIONS OF SE CTION 80A(5) AND ALSO BROUGHT FORWARD LOSS OF PREVIOUS ASSESSMENT YEAR 20 10-11. 4. THE LD. CIT(A) CONFIRMED THE ACTION OF THE AO IN VIEW OF THE DECISION OF THE ITAT, COCHIN BENCH IN THE CASE OF M/S. KADAC HIRA SERVICE CO- OPERATIVE BANK LTD. VS. INCOME TAX OFFICER (2013) 1 53 TTJ (COCHIN) 129 FOR THE ASSESSMENT YEAR 2009-10 WHEREIN ON AN IDENTICAL ISSUE, THE ITAT, I.T.A. NO.485/COCH/2014 3 COCHIN BENCH HELD THAT THE ASSESSEE IS NOT ENTITLED TO DEDUCTION U/S. 80P IF THE RETURN OF INCOME HAS NOT BEEN FILED WITHIN THE PRESCRIBED TIME. 5. WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE FACTS OF THE CASE. THE UNDISPUTED FACTS OF THE CASE IN THE PRES ENT CASE ARE THAT THE ASSESSEE HAS NOT FILED THE RETURN OF INCOME IN TERM S OF SECTION 139 OR IN TERMS OF SECTION 142(1) OF THE ACT AND THEREFORE, T HE ASSESSING OFFICER PROCEEDED TO INITIATE BEST JUDGMENT ASSESSMENT U/S. 144 OF THE ACT. THOUGH THE ASSESSEE FILED THE RETURN OF INCOME DURI NG THE COURSE OF ASSESSMENT PROCEEDINGS, IT WAS TREATED BY THE ASSES SING OFFICER AS NON EST IN LAW AN INVALID. THE ISSUE IN THE PRESENT CASE IS IDENTICAL TO THE ISSUE DECIDED BY THE ITAT, COCHIN BENCH IN THE CASE OF M /S. KADACHIRA SERVICE CO-OPERATIVE BANK LTD. VS. INCOME TAX OFFICER (SUPR A), THEREFORE, FOLLOWING THE SAME, WE DO NOT FIND ANY INFIRMITY IN THE ORDER OF THE LD. CIT(A) WHO HAS RIGHTLY CONFIRMED THE ACTION OF THE ASSESSING O FFICER IN DENYING THE DEDUCTION U/S. 80P OF THE ACT SINCE THE RETURN HAS NOT BEEN FILED BY THE ASSESSEE WITHIN THE PRESCRIBED TIME IN VIEW OF THE PROVISIONS OF SECTION 80A(5) R.W.S. 80P OF THE I.T. ACT. THUS, ALL THE G ROUNDS OF THE ASSESSEE ARE DISMISSED. I.T.A. NO.485/COCH/2014 4 6. IN THE RESULT, THE APPEAL FILED BY THE ASSESSE E IN I.T.A. NO.485/COCH/2014 IS DISMISSED. PRONOUNCED IN THE OPEN COURT ON 28 -10-2015. SD/- SD/- (GEORGE GEORGE K.) (B.P. JAIN) JUDICIAL MEMBER ACC OUNTANT MEMBER PLACE: KOCHI DATED: 28TH OCTOBER, 2015 GJ COPY TO: 1. M/S. PANAMARAM SERVICE CO-OPERATIVE BANK LTD., P ANAMARAM P.O., WAYANAD DISTRICT-670 721. 2. THE INCOME TAX OFFICER, WARD-1(4), KOZHIKODE. 3. THE COMMISSIONER OF INCOME-TAX(APPEALS), KOZHIKO DE. 4. THE COMMISSIONER OF INCOME-TAX,KOZHIKODE. 5. D.R., I.T.A.T.,COCHIN. 6. GUARD FILE. BY ORDER (ASSISTANT REGISTRAR) I.T.A.T., COC HIN