ITO, Bangalore V. M/s Judicial Department Multipurpose Co-operative Society Limited, Bangalore

ITA 494/BANG/2014

• Counselvise Citation: 49421114 RSA 2014
• Duration Of Justice: 7 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-12-2014
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 16-12-2014
• Assessment Year: 2010-2011
• Appeal Filed On: 11-04-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P DHIVAHAR
• Keywords: Gift; Question of law
• Section: 6

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH : BANGALORE BEFORE S HRI N.V. VASUDEVAN, JUDICIAL MEMBER AND SHRI JASON P. BOAZ, ACCOUNTANT MEMBER ITA NO . 494 /BANG/201 4 ASSESSMENT Y EAR : 2 0 10 - 11 THE INCOME TAX OFFICER, WARD 9 (1) , BANGALOR E. VS . M/S. J UDICIAL DEPARTMENT MULTIPURPOSE CO - OPERATIVE SOCIETY LTD., NO.1, HIGH COURT BUILDING, OPP. VIDHANA SOUDHA, VIDHANA VEEDHI, BANGALORE - 560 001 PAN AAAAJ4636N APPELLANT RESPONDENT APPELLANT BY : SHRI P. DHIVAHAR, JCIT (D.R) RE SPONDENT BY : SMT. SHEETAL, ADVOCATE DATE OF HEARING : 09.12 . 2014 DATE OF PRONOUNCEMENT : 09.12 .2014 O R D E R PER SHRI JASON P BOAZ : TH IS APPEAL BY THE REVEN UE IS DIRECTED AGAINST THE ORDER DATED 25.10 .2013 OF THE CIT(APPEALS) - V , BANGALORE RELAT ING TO ASSESSMENT YEAR 20 10 - 11 . 2. TH E A SESSEE IS A CO - OPERATIVE SOCIETY , ENGAGED IN PROVIDING CREDIT FACILITIES TO ITS MEMBERS. THE ASSESSEE HAD CLAIMED DEDUCTION U/S. 80P(2)(A)(I) OF THE ACT . UNDER SEC.80P(2)(I) OF THE ACT WHERE THE GROSS TOTAL INCOME OF A CO - OPERATIVE SOCIETY INCLUDES INCOME FROM CARRYING ON THE BUSINESS OF BANKING OR PROVIDING CREDIT FACILITIES TO ITS MEMBERS, THE SAME IS ALLOWED AS A DEDUCTION. BY THE FINANCE ACT, 2006 W.E.F. 1 - 4 - 200 7 , SUB - SECTION (4) WAS INSERTED IN SEC.80 - P WHICH PROV IDES AS FOLLOWS: (4) THE PROVISIONS OF THIS SECTION SHALL NOT APPLY IN RELATION TO ANY CO - OPERATIVE BANK OTHER THAN A PRIMARY AGRICULTURAL CREDIT SOCIETY OR A PRIMARY CO - OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK. ITA NO. 494 /BANG/201 4 PAGE 2 EXPLANATION : FOR THE PURPOSES OF THIS SUB - SECTION, (A) 'CO - OPERATIVE BANK' AND 'PRIMARY AGRICULTURAL CREDIT SOCIETY' SHALL HAVE THE MEANINGS RESPECTIVELY ASSIGNED TO THEM IN PART V OF THE BANKING REGULATION ACT, 1949 (10 OF 1949); (B) 'PRIMARY CO - OPERATIVE AGRICULTURAL AND RURAL DEVELOPM ENT BANK' MEANS A SOCIETY HAVING ITS AREA OF OPERATION CONFINED TO A TALUK AND THE PRINCIPAL OBJECT OF WHICH IS TO PROVIDE FOR LONG - TERM CREDIT FOR AGRICULTURAL AND RURAL DEVELOPMENT ACTIVITIES. 3. THE AO WAS OF THE VIEW THAT AFTER AMENDED BY THE FINANCE ACT , 2006 W.E.F. 1.4.2007 BY WHICH S UB - SECTION (4) WAS INSERTED, THE ASSESSEE WHICH WAS A CO - OPERATIVE SOCIETY CARRYING ON BANKING BUSINESS WAS NOT ENTITLED TO DEDUCTION U/S.80P(2)(I) OF THE ACT. A CCORDING TO THE AO, THE ASSESSEE WAS A CO - OPERATIVE BANK AND THEREFORE THE DEDUCTION U/S. 80 P(2)(A)(I) CANNOT BE ALLOWED. IN COMING TO THE ABOVE CONCLUSION, THE AO NOT IC ED THAT THE NATURE OF THE ACTIVITY OF THE A SSESSEE , THOUGH REGISTERED AS A CREDIT CO - OPERATIVE SOCIETY, IS THAT OF A BANKING INSTITUTION NOTWITHSTA NDING THE FACT THAT RECEIPT OF AND LENDING MONEY IS LIMITED TO ITS MEMBERS . THE AO FURTHER NOTICED THAT CLAUSE (VIIA) IN SECTION 2(24) OF THE ACT WAS INSERTED BY THE FINANCE ACT 2006 EFFECTIVE FROM 1/4/2007, WHICH PROVIDES THAT PROFITS AND GAINS OF ANY BU SINESS (INCLUDING PROVIDING CREDIT FACILITIES) CARRIED ON BY A CO - OPERATIVE SOCIETY WITH ITS MEMBERS THE ASSESSEE S ACTIVITY WAS ALSO INCOME . T HAT THE DEDUCTION FROM GROSS TOTAL INCOME OF CERTAIN RECEIPTS IS AVAILABLE ONLY TO PRIMARY AGRICULTURAL CREDIT SOCIETIES OR PRIMARY CO - OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANKS; AND THAT THE BENEFIT OF SUCH DEDUCTION IS NOT AVAILABLE TO INSTITUTIONS LIKE THE A SSESSEE SOCIETY. THE AO ALSO REFERRED TO SECTION 5(B) OF THE BANKING REGULATION ACT TO HOLD THAT, IF ONE OF THE TWO CONDITIONS OF THE APPELLANT I.E. ITS PRIMARY OBJECT SHOULD BE BANKING OR ITS PRINCIPAL BUSINESS MUST BE TRANSACTION IN BANKING BUSINESS, IS SUFFICIENT TO BRING THE APPELLANT INTO THE CONCEPT OF A BANKING INSTITUTION. THE AO REFERRED TO T HE OBJECTS OF THE A SSESSEE SOCIETY IN ITS BYE LAWS THAT THE ACTIVITIES OF THE A SSESSEE FALL WITHIN THE PROVISIONS OF SECTIONS 5(B), 6(1)(A), 6(1)(G), 6(1)(K) AND 6(1)(N) OF THE BANKING REGULATIONS ACT AND HELD THAT, BROADLY, THEY ARE IN THE NATURE OF BANKI NG ACTIVITY. IN THE LIGHT OF THE ABOVE - MENTIONED OBSERVATIONS, THE AO HELD THAT THE APPELLANT ITA NO. 494 /BANG/201 4 PAGE 3 WAS NOT ENTITLED TO EXEMPTION U/S 80P(2)(A)(I) OF THE ACT AND BROUGHT THE SAME TO TAX. 4. ON APPEAL BY THE ASSESSEE, THE CIT(APPEALS) ALLOWED THE CLAIM OF THE ASSES SEE FOR DEDUCTION U/S. 80P(2)(A)(II) OF THE ACT BY FOLLOWING THE DECISION OF ITAT IN THE FOLLOWING CASES: - I) ACIT, CIRCLE - 3(1), BANGALORE V. M/S BANGALORE COMMERCIAL TRANSPORT CREDIT CO - OPERATIVE SOCIETY LTD. - ITA.NO.1069/BANG/2010 DATED 8/4/2011 [ITAT , BANGALORE BENCH B , BANGALORE] II) ITO, WARD - 9(3), BANGALORE V YESHWANTPUR CREDIT CO - OPERATIVE SOCIETY LTD. IN ITA NO.737/BANG/2011 DT.11.4.2012. III) VASAVI CREDIT CO - OPERATIVE SOCIETY LTD., IN ITA NO.46/BANG/2011 DT.29.12.2011 AND ITA NO.423/BANG/20 12 DT.14.12.2012. 5. AGGRIEVED BY THE ORDER OF THE CIT(APPEALS), THE REVENUE HAS FILED THE PRESENT APPEAL S BEFORE THE TRIBUNAL. 6. AT THE TIME OF HEARING, IT WAS SEEN THAT THE ISSUE RAISED BY THE REVENUE HAS ALREADY BEEN CONSIDERED AND DECIDED BY THIS TRIBUNAL IN THE CASE OF ACIT, CIRCLE 3(1), BANGALORE V. M/S. BANGALORE COMMERCIAL TRANSPORT CREDIT CO - OPERATIVE SOCIETY LTD. IN ITA NO.1069/BANG/2010 , WHEREIN THIS TRIBUNAL HELD THAT SECTION 80P(4) IS APPLICABLE ONLY TO COOPERATIVE BANKS AND NOT TO CREDIT COOPERAT IVE SOCIETIES. THE INTENTION OF THE LEGISLATURE OF BRINGING IN COOPERATIVE BANKS INTO THE TAXATION STRUCTURE WAS MAINLY TO BRING IN PAR WITH COMMERCIAL BANKS. SINCE THE ASSESSEE IS A COOPERATIVE SOCIETY AND NOT A COOPERATIVE BANK, THE PROVISIONS OF SECTI ON 80P(4) WILL NOT HAVE APPLICATION IN THE ASSESSEE S CASE AND THEREFORE, IT IS ENTITLED TO DEDUCTION U/S 80P(2)(A)(I) OF THE ACT. THE FOLLOWING WERE THE RELEVANT OBSERVATIONS OF THE TRIBUNAL : - 9. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE MATER IAL ON RECORD. THE ASSESSEE WAS DENIED THE DEDUCTION U/S 80 - P(2)(A)(I) OF THE ACT FOR THE REASON OF INTRODUCTION OF SUB SECTION 4 TO SECTION 80P. SECTION 80P(4) READS AS FOLLOWS: - ITA NO. 494 /BANG/201 4 PAGE 4 (4) THE PROVISIONS OF THIS SECTION SHALL NOT APPLY IN RELATION TO ANY COOPERATIVE BANK OTHER THAN A PRIMARY AGRICULTURAL CREDIT SOCIETY OR A PRIMARY COOPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK. EXPLANATION: FOR THE PURPOSES OF THIS SUB - SECTION, (A) CO - OPERATIVE BANK AND PRIMARY AGRICULTURAL CREDIT SOCIETY SHALL HAVE THE MEANINGS RESPECTIVELY ASSIGNED TO THEM IN PART V OF THE BANKING REGULATION ACT, 1949 (10 OF 1949); (B) PRIMARY COOPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK MEANS A SOCIETY HAVING ITS AREA OF OPERATION CONFINED TO A TALUK AND THE PRINCIPAL OBJECT OF WHICH IS TO PROVIDE FOR LONG TERM CREDIT FOR AGRICULTURAL AND RURAL DEVELOPMENT ACTIVITIES . 9.1 THE ABOVE SUB - SECTION 4 OF SECTION 80P PROVIDES THAT DEDUCTION UNDER THE SAID SECTIO N SHALL NOT BE AVAILABLE TO ANY COOPERATIVE BANK OTHER THAN A PRIMARY AGRICULTURAL CREDIT SOCIETY OR RURAL DEVELOPMENT BANK. FOR THE PURPOSE OF THE SAID SUB SECTION, COOPERATIVE BANK SHALL HAVE THE MEANING ASSIGNED TO IT IN PART V OF THE BANKING REGULATION ACT, 1949. IN PART V OF THE BANKING REGULATION ACT, COOPERATIVE B ANK MEANS A STATE COOPERATIVE BANK, A CENTRAL COOPERATIVE BANK AND A PRIMATE COOPERATIVE BANK. 9.2 FROM THE ABOVE SECTION, IT IS CLEAR THAT THE PROVISIONS OF SECTION 80P(4) HAS GOT ITS APPLICATION ONLY TO COOPERATIVE BANKS. SECTION 80P(4) DOES NOT DEFINE THE WORD COOPERATIVE SOCIETY . THE EXISTING SUB - SECTION 80P(2)(A)(I) SHALL BE APPLICABLE TO A COOPERATIVE SOCIETY CARRYING ON CREDIT FACILITY TO ITS MEMBERS. THIS VIEW IS CLARIFIED BY CENTRAL BOARD OF DIRECT TAX VIDE ITS CLARIFICATION NO.133/06/2007 - T PL DATED 9 TH MAY, 2007. THE DIFFERENCE BETWEEN A COOPERATIVE BANK AND A COOPERATIVE SOCIETY ARE AS FOLLOWS: - NATURE COOPERATIVE SOCIETY REGISTERED UNDER BANKING REGULATION ACT, 1949 COOPERATIVE SOCIETY REGISTERED UNDER KARNATAKA COOPERATIVE SOCIET Y ACT, 1959. REGISTRA - TION UNDER THE BANKING REGULATION ACT, 1949 AND COOPERATIVE SOCIETIES ACT, 1959. COOPERATIVE SOCIETIES ACT, 1959. NATURE OF BUSINESS 1. AS DEFINED IN SECTION 6 OF BANKING REGULATION ACT. 2. CAN OPEN SAVINGS BANK ACCOUNT, CURRENT A CCOUNT, OVERDRAFT ACCOUNT, CASH CREDIT ACCOUNT, ISSUE LETTER OF CREDIT, 1. AS PER THE BYE LAWS OF THE COOPERATIVE SOCIETY. 2. SOCIETY CANNOT OPEN SAVINGS BANK ACCOUNT, CURRENT ACCOUNT, ISSUE LETTER OF CREDIT, DISCOUNTING BILLS ITA NO. 494 /BANG/201 4 PAGE 5 DISCOUNTING BILLS OF EXCHANGE, ISSUE CHEQUES, DEMAND DRAFTS (DD), PAY ORDERS, GIFT CHEQUES, LOCKERS, BANK GUARANTEES ETC. 3. COOPERATIVE BANKS CAN ACT AS CLEARING AGENT FOR CHEQUES, DD S, PAY ORDERS AND OTHER FORMS. 4. BANKS ARE BOUND TO FOLLOW THE RULES, REGULATIONS AND DIRECTIONS ISSUED BY RESERVE BANK OF INDIA (RBI). OF EXCHANGE, ISSUE CHEQUES, DEMAND DRAFTS, PAY ORDERS, GIFT CHEQUES, LOCKERS, BANK GUARANTEES ETC. 3. SOCIETY CANNOT ACT AS CLEARING AGENT, FOR CHEQUES, DDS, PAY ORDERS AND OTHER FORMS. 4. SOCIETY ARE BOUND BY RULES AND REGULATIONS AS SPECIFIED BY IN THE COOPERATIVE SOCIETIES ACT. FILING OF RETURNS COOPERATIVE BANKS HAVE TO SUBMIT ANNUAL RETURN TO RBI EVERY YEAR. SOCIETY HAS TO SUBMIT THE ANNUAL RETURN TO REGISTRAR OF SOCIETIES. INSPEC - TION RBI HAS THE POWER TO INSPECT ACCOUNTS AND OVERALL FUNCTIONING OF THE BANK. REGISTRAR HAS THE POWER TO INSPECT ACCOUNTS AND OVERALL FUNCTIONING OF THE BANK. PART V PART V OF THE BANKING REGULATION ACT IS APPLICABLE TO COOPERATIVE BANKS. PART V OF THE BANKING REGULATION ACT IS NOT APPL ICABLE TO COOPERATIVE BANKS. USE OF WORDS THE WORD BANK , BANKER , BANKING CAN BE USED BY A COOPERATIVE BANK. THE WORD BANK , BANKER , BANKING CANNOT BE USED BY A COOPERATIVE SOCIETY. 9.3 IF THE INTENTION OF THE LEGISLATURE WAS NOT TO GRANT DEDUC TION U/S 80P(2)(A)(I) TO COOPERATIVE SOCIETIES CARRYING ON THE BUSINESS OF PROVIDING CREDIT FACILITIES TO ITS MEMBERS, THEN THIS SECTION WOULD HAVE BEEN DELETED. THE NEW PROVISO TO SECTION 80P(4) WHICH IS BROUGHT INTO STATUTE IS APPLICABLE ONLY TO COOPERA TIVE BANKS AND NOT TO CREDIT COOPERATIVE SOCIETIES. THE INTENTION OF THE LEGISLATURE OF BRINGING IN COOPERATIVE BANKS INTO THE TAXATION STRUCTURE WAS MAINLY TO BRING IN PAR WITH COMMERCIAL BANKS. SINCE THE ASSESSEE IS A COOPERATIVE SOCIETY AND NOT A COOP ERATIVE BANK, THE PROVISIONS OF SECTION 80P(4) WILL NOT HAVE APPLICATION IN THE ASSESSEE S CASE AND THEREFORE, IT IS ENTITLED TO DEDUCTION U/S 80P(2)(A)(I) OF THE ACT. HENCE, WE ARE OF THE VIEW THAT THE ORDER OF THE CIT(A) IS CORRECT AND IN ACCORDANCE WIT H LAW AND NO INTERFERENCE IS CALLED FOR. 7. THE HON BLE GUJARAT HIGH COURT IN THE CASE OF TAX APPEAL NO.442 OF 2013 WITH TAX APPEAL NO.443 OF 2013 WITH TAX APPEAL NO.863 OF 2013 IN THE CASE OF ITA NO. 494 /BANG/201 4 PAGE 6 CIT VS. JAFARI MOMIN VIKAS CO - OP CREDIT SOCIETY LTD. BY JUDGMENT DATED 15.1.2014 HAD TO DEAL WITH THE FOLLOWING QUESTION OF LAW: WHETHER THE HON BLE TRIBUNAL IS CORRECT IN ALLOWING DEDUCTION UNDER SECTION 80P(2)(A)(I) TO ASSESSEE S SOCIETY EVEN THOUGH SAME IS COVERED UNDER SECTION 80P(4) RWS 2(24) (VIIA) BEING INCOME FROM PROVIDING CREDIT FACILITIES CARRIED ON BY A CO - OPERATIVE SOCIETY WITH ITS MEMBER? THE HON BLE COURT HELD AS FOLLOWS: 4. AS PER SECTION 80P(4), THE PROVISIONS OF SECTION 80P WOULD NOT APPLY IN RELATION TO ANY CO - OPERATIVE BANK OTHER THAN PRIMARY A GRICULTURAL CREDIT SOCIETY OR PRIMARY CO - OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK. AS PER THE EXPLANATION, THE TERMS CO - OPERATIVE BANK AND PRIMARY AGRICULTURAL CREDIT SOCIETY SHALL HAVE THE MEANINGS RESPECTIVELY ASSIGNED TO THEM IN PART V OF T HE BANKING REGULATION ACT, 1949. 5. ASSESSING OFFICER HELD THAT BY VIRTUE OF SECTION 80P(4), THE RESPONDENT ASSESSEE WOULD NOT BE ENTITLED TO BENEFITS OF DEDUCTION UNDER SECTION 80P. CIT(APPEALS) AS WELL AS THE TRIBUNAL REVERSED THE DECISION OF THE ASSE SSING OFFICER ON THE PREMISE THAT THE RESPONDENT ASSESSEE NOT BEING A BANK, EXCLUSION PROVIDED IN SUB - SECTION(4) OF SECTION 80P WOULD NOT APPLY. THIS, IRRESPECTIVE OF THE FACT THAT THE RESPONDENT WOULD NOT FALL WITHIN THE EXPRESSION PRIMARY AGRICULTURAL C REDIT SOCIETY . 6. HAD THIS BEEN THE PLAIN STATUTORY PROVISIONS UNDER CONSIDERATION IN ISOLATION, IN OUR OPINION, THE QUESTION OF LAW COULD BE STATED TO HAVE ARISEN. WHEN, AS CONTENDED BY THE ASSESSEE, BY VIRTUE OF SUBSECTION(4) ONLY CO - OPERATIVE BANKS O THER THAN THOSE MENTIONED THEREIN WERE MEANT TO BE EXCLUDED FOR THE PURPOSE OF DEDUCTION UNDER SECTION 80P, A QUESTION WOULD ARISE WHY THEN LEGISLATURE SPECIFIED PRIMARY AGRICULTURAL CREDIT SOCIETIES ALONG WITH PRIMARY COOPERATIVE AGRICULTURAL AND RURAL DE VELOPMENT BANKS FOR EXCLUSION FROM SUCH EXCLUSION AND IN OTHER WORDS, CONTINUED TO HOLD SUCH ENTITY AS ELIGIBLE FOR DEDUCTION. HOWEVER, THE ISSUE HAS BEEN CONSIDERABLY SIMPLIFIED BY VIRTUE OF CBDT CIRCULAR NO.133 OF 2007 DATED 9.5.2007. CIRCULAR PROVIDES A S UNDER: - SUBJECT: CLARIFICATION REGARDING ADMISSIBLY OF DEDUCTION UNDER SECTION 80P OF THE INCOME - TAX ACT, 1961. 1. PLEASE REFER TO YOUR LETTER NO.DCUS/30688/2007, DATED 28.03.2007 ADDRESSED TO CHAIRMAN, CENTRAL BOARD OF DIRECT TAXES, ON THE ABOVE GIV EN SUBJECT. 2. IN THIS REGARD, I HAVE BEEN DIRECTED TO STATE THAT SUB - SECTION(4) OF SECTION 80P PROVIDES THAT DEDUCTION UNDER THE SAID ITA NO. 494 /BANG/201 4 PAGE 7 SECTION SHALL NOT BE ALLOWABLE TO ANY CO - OPERATIVE BANK OTHER THAN A PRIMARY AGRICULTURAL CREDIT SOCIETY OR A PRIMARY C O - OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK. FOR THE PURPOSE OF THE SAID SUB - SECTION, CO - OPERATIVE BANK SHALL HAVE THE MEANING ASSIGNED TO IT IN PART V OF THE BANKING REGULATION ACT, 1949. 3. IN PART V OF THE BANKING REGULATION ACT, CO - OPERATIVE BANK MEANS A STATE CO - OPERATIVE BANK, A CENTRAL CO - OPERATIVE BANK AND A PRIMARY CO - OPERATIVE BANK. 4. THUS, IF THE DELHI CO OP URBAN T & C SOCIETY LTD. DOES NOT FALL WITHIN THE MEANING OF CO - OPERATIVE BANK AS DEFINED IN PART V OF THE BANKING REGULATIO N ACT, 1949, SUBSECTION(4) OF SECTION 80P WILL NOT APPLY IN THIS CASE. 5. THE ISSUES WITH THE APPROVAL OF CHAIRMAN, CENTRAL BOARD OF DIRECT TAXES. 7. FROM THE ABOVE CLARIFICATION, IT CAN BE GATHERED THAT SUB - SECTION(4) OF SECTION 80P WILL NOT APPLY T O AN ASSESSEE WHICH IS NOT A CO - OPERATIVE BANK. IN THE CASE CLARIFIED BY CBDT, DELHI COOP URBAN THRIFT & CREDIT SOCIETY LTD. WAS UNDER CONSIDERATION. CIRCULAR CLARIFIED THAT THE SAID ENTITY NOT BEING A COOPERATIVE BANK, SECTION 80P(4) OF THE ACT WOULD NOT APPLY TO IT. IN VIEW OF SUCH CLARIFICATION, WE CANNOT ENTERTAIN THE REVENUE S CONTENTION THAT SECTION 80P(4) WOULD EXCLUDE NOT ONLY THE CO - OPERATIVE BANKS OTHER THAN THOSE FULFILLING THE DESCRIPTION CONTAINED THEREIN BUT ALSO CREDIT SOCIETIES, WHICH ARE NO T COOPERATIVE BANKS. IN THE PRESENT CASE, RESPONDENT ASSESSEE IS ADMITTEDLY NOT A CREDIT CO - OPERATIVE BANK BUT A CREDIT CO - OPERATIVE SOCIETY. EXCLUSION CLAUSE OF SUB - SECTION(4) OF SECTION 80P, THEREFORE, WOULD NOT APPLY. IN THE RESULT, TAX APPEALS ARE DISM ISSED. 8. THE LD. A.R. ALSO BROUGHT TO OUR NOTICE THAT THIS VERY SAME ISSUE WAS CONSIDERED AND DECIDED BY A CO - ORDINATE BENCH OF THIS TRIBUNAL IN THE ASSESSEE'S OWN CASE FOR ASSESSMENT YEARS 2008 - 09 AND 2009 - 10 IN ITA NOS.587 & 588/BANG/2013 DT.17.3.2014. ITA NO. 494 /BANG/201 4 PAGE 8 9. IN VIEW OF THE AFORESAID DECISION S , WE ARE OF THE VIEW THAT THERE IS NO MERIT IN TH IS APPEAL BY THE R EVENUE FOR ASSESSMENT YEAR 2010 - 11 . CONSEQUENTLY, THE SAME IS DISMISSED. PRON OUNCED IN THE OPEN COURT ON 9 TH DAY OF DEC., 201 4 . SD/ - SD/ - ( N.V. VASUDEVAN ) (JASON P BOAZ) JUDICIAL MEMBER ACCOUNTANT MEMBER *REDDYGP COPY TO : 1. APPELLANT 2. RESPONDENT 3. C.I.T. 4. CIT(A) 5. DR, ITAT, BANGALORE. 6. GUARD FILE. (TRUE COPY) BY ORDER ASST. REGISTRAR, ITAT, BANGALORE