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

ITA 491/COCH/2014

• Counselvise Citation: [2015] 120 COUNSELVISE.COM (IT) 8788 (ITAT-COCHIN)
• Duration Of Justice: 2 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-02-2015
• Appeal Filed By: Assessee
• Bench Allotted: DB
• Next Hearing Date: 19-01-2015
• Assessment Year: 2008-2009
• Appeal Filed On: 20-11-2014
• Court: TRIBUNAL
• Department Lawyers: K K JOHN
• Assessee Lawyers: R KRISHNAN
• Section: 139

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE S/SHRI N.R.S.GANESAN, JM AND CHANDRA POOJ ARI, AM I.T.A. NOS.490/COCH/2014 ASSESSMENT YEAR : 2010-11 M/S. VELLAMUNDU SERVICES CO-OP BANK LTD., VLLAMUNDA P.O. WAYANAD-670 645. [PAN: AABAV 0725H] VS. THE INCOME TAX OFFICER, WARD- 1(4), KOZHIKODE. (ASSESSEE -APPELLANT) (REVENUE-RESPONDEN T) I.T.A. NOS.491-493/COCH/2014 ASSESSMENT YEARS : 2008-09, 2010-11 & 2011-12 M/S. VYTHIRI SERVICE CO-OP BANK LTD., VYTHIRI P.O., WAYANAD-673 576. [PAN: AAAAV 8077B] VS. THE INCOME TAX OFFICER, WARD- 1(4), KOZHIKODE. (ASSESSEE -APPELLANT) (REVENUE-RESPONDEN T) I.T.A. NOS.481/COCH/2014 ASSESSMENT YEAR : 2011-12 M/S. KANIYAMBETTA SERVICE CO-OP BANK LTD., KANIYAMBETTA P.O., WAYANAD-673 122. [PAN: AADAT 0778L] VS. THE INCOME TAX OFFICER, WARD- 1(4), KOZHIKODE. (ASSESSEE -APPELLANT) (REVENUE-RESPONDEN T) I.T.A. NO.497/COCH/2014 ASSESSMENT YEAR : 2010-11 M/S. ANJUKUNNU SERVICES CO-OP BANK LTD., ANJUKUNNU P.O., WAYANAD-670 645. [PAN: AAUFA 0576B] VS. THE INCOME TAX OFFICER, WARD- 1(4), KOZHIKODE. (ASSESSEE -APPELLANT) (REVENUE-RESPONDEN T) ASSESSEE BY SHRI R. KRISHNAN, CA REVENUE BY SHRI K.K.JOHN, SR. DR I.T.A. NOS.490-493 & 497 & 481/COCH/2014 2 DATE OF HEARING 20/01/2015 DATE OF PRONOUNCEMENT 06/02/2015 O R D E R PER CHANDRA POOJARI, ACCOUNTANT MEMBER: ALL THESE APPEALS FILED BY THE ABOVE ASSESSEES ARE DIRECTED AGAINST THE DIFFERENT ORDERS DATED 06/08/2014 PASSED BY TH E CIT(A), KOZHIKODE FOR THE ASSESSMENT YEARS 2008-09, 2010-11 AND 2011-2012 IN RESPECT OF THE ABOVE ASSESSEES. 2. THE SOLITARY GROUND IN ALL THESE APPEALS I S WITH REGARD TO DISALLOWANCE OF DEDUCTION U/S. 80P OF THE I.T. ACT ON THE REASON THAT THE ASSESSEES HAVE NOT FILED THE RETURNS OF INCOME WITHIN THE PRESCRIB ED TIME LIMIT U/S. 139 OF THE I.T. ACT. 3. THE LD. AR SUBMITTED THAT THE MAJOR PORTION OF THE ADVANCES GIVEN BY THE ASSESSEES IS FOR AGRICULTURAL PURPOSES AND THE ASSESSEES HAVE NOT CARRIED ON ANY BANKING ACTIVITY AND HENCE, THE ASSESSEES AR E ENTITLED FOR DEDUCTION U/S. 80P OF THE I.T. ACT. 4. WE HAVE HEARD BOTH THE PARTIES. ADMITTEDLY, THE ASSESSEES HAVE NOT FILED RETURNS OF INCOME WITHIN THE PRESCRIBED TIME FOR CLAIMING EXEMPTION U/S. I.T.A. NOS.490-493 & 497 & 481/COCH/2014 3 80P OF THE ACT. A SIMILAR ISSUE WAS CONSIDERED BY THIS TRIBUNAL IN THE CASE OF KADACHIRA SERVICE CO-OPERATIVE BANK LTD. VS. ITO (2 013) 153 TTJ (COCHIN) 129 WHEREIN THE TRIBUNAL BY AN ELABORATE ORDER HELD THAT WHEN THE ASSESSEE HAS FAILED TO FILE RETURN OF INCOME WITHIN THE PRES CRIBED TIME LIMIT, THE DEDUCTION U/S. 80P CANNOT BE ALLOWED. BEING SO, TH E CIT(A) IS JUSTIFIED IN REJECTING THE CLAIM OF THE ASSESSEES WITH REGARD TO DEDUCTION UNDER SECTION 80P OF THE I.T. ACT. 4. TO BE CONSISTENT WITH THE VIEW TAKEN BY THIS TRI BUNAL, WE ARE INCLINED TO DISMISS THIS GROUND OF THE ASSESSEES. 5. IN THE RESULT, ALL THE APPEALS FILED BY THE ABOV E ASSESSEES ARE DISMISSED. PRONOUNCED ACCORDINGLY ON 06-0 2-2015. SD/- SD/- (N.R.S.GANESAN) (CHANDRA POOJARI) JUDICIAL MEMBER ACC OUNTANT MEMBER PLACE: KOCHI DATED: 6 TH FEBRUARY, 2015 GJ COPY TO: 1. M/S. VELLAMUNDA SERVICES CO-OP BANK LTD., VELLAM UNDA P.O., WAYANAD-670 645. 2. M/S. VYTHIRI SERVICE CO-OP BANK LTD., VYTHIRI P. O., WAYANAD-673 576. 3. M/S. ANJUKUNNU SERVICES CO-OP BANK LTD., ANJUKUN NU P.O., WAYANAD-670 645. 4. M/S. KANIYAMBETTA SERVICE CO-OP BANK LTD., KANIY AMBETTA P.O., WAYANAD-673 122. I.T.A. NOS.490-493 & 497 & 481/COCH/2014 4 5. THE INCOME TAX OFFICER, WARD-1(4), KOZHIKODE. 6. THE COMMISSIONER OF INCOME-TAX(APPEALS), KOZHIKO DE. 7. THE COMMISSIONER OF INCOME-TAX, KOZHIKODE. 8. D.R., I.T.A.T., COCHIN BENCH, COCHIN. 9. GUARD FILE. BY ORDER (ASSISTANT REGISTRAR) I.T.A.T., COC HIN