Income Tax Officer-3(4), Lakhimpur-Kheri V. M/s Co-operative Cane Development Union Ltd., Lakhimpur-Kheri

ITA 536/LKW/2015

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 4677 (ITAT-LUCKNOW)
• Duration Of Justice: 7 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-03-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 04-02-2016
• Assessment Year: 2012-2013
• Appeal Filed On: 03-08-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: K R RASTOGI

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH A, LUCKNOW BEFORE SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI A.K. GARODIA, ACCOUNTANT MEMBER ITA NO.536/LKW/2015 ASSESSMENT YEAR: 2011 2012 I.T.O 3 (4) , LAKHIMPUR KHERI 1. VS. M/S CO-OPERATIVE CANE DEVELOPMENT COUNCIL, BHEERA, DIST. LAKHIMPUR PAN : AAATC5045R (APPELLANT) (RESPONDENT) ASSESSEE BY SHRI K. R. RASTOGI, C.A. REVENUE BY SHRI AMIT NIGAM, SR. D.R. DATE OF HEARING 04/02/2016 DATE OF PRONOUNCEMENT 0 3 /03/2016 O R D E R PER A. K. GARODIA, A.M. THIS IS REVENUES APPEAL DIRECTED AGAINST THE ORD ER PASSED BY THE CIT (OSD) (A) BAREILLY ON 07/05/2015 FOR A. Y. 2012 13. 2. THE REVENUE HAS RAISED AS MANY AS 4 GROUNDS BUT THE GRIEVANCES OF THE REVENUE ARE TWO ONLY. FIRST GRIEVANCE IS ABOUT GRANTING OF DEDUCTION U/S 80P IN RESPECT OF INTEREST EARNED FROM BANKS AND PO ST OFFICES ON FDRS OF RS. 67,75,844/-. SECOND GRIEVANCE IS ABOUT GRANTING DEDUCTION U/S 80P ON THE AMOUNT OF PF RS. 603,547/- ADDED BY THE A.O. U/ S 36 (1) (VA). 3. LEARNED DR OF THE REVENUE SUPPORTED THE ASSESSME NT ORDER. LEARNED AR OF THE ASSESSEE SUPPORTED THE ORDER OF CIT (A). HE ALSO SUBMITTED THAT FIRST ISSUE IS COVERED IN FAVOUR OF THE ASSESSEE BY THE TRIBUNAL ORDER RENDERED IN THE CASE OF ITO VS. M/S KRISHAK SAHKARI GANNA VIKAS SAMITI LTD. 2 IN ITA NO. 539 & 540/LKW/2015 DATED 14.01.2016. HE SUBMITTED A COPY OF THIS COMBINED TRIBUNAL ORDER. 4. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND WE FIND THAT AS PER THE TRIBUNAL ORDER CITED BY THE LEARNED AR OF THE ASSES SEE, THE FIRST ISSUE ABOUT GRANTING OF DEDUCTION U/S 80P IN RESPECT OF INTERES T EARNED FROM BANKS AND POST OFFICES ON FDRS IS COVERED IN FAVOUR OF THE AS SESSEE. LEARNED CIT (A) HAS ALSO DECIDED THE ISSUE BY FOLLOWING VARIOUS TRI BUNAL ORDERS. HENCE, ON THIS ISSUE, WE FIND NO REASON TO INTERFERE IN THE O RDER OF CIT (A). 5. REGARDING SECOND ISSUE, WE FIND THAT AS PER THE ASSESSMENT ORDER, IT IS NOTED BY THE A.O. THAT THE ASSESSEE HAS DECLARED GROSS TOTAL INCOME OF RS. 152,14,330/- AND CLAIMED DEDUCTION U/S 80P OF E QUAL AMOUNT. THE A.O. HAS MADE TWO ADDITIONS. FIRST ADDITION IS OF RS. 67 ,75,844/- BY HOLDING THAT DEDUCTION U/S 80P IS NOT ALLOWABLE ON FDR INTEREST. THIS ISSUE IS ALREADY DECIDED BY US. THE SECOND ADDITION IS OF RS. 603,54 7/- U/S 36 (1) (VA). THIS ADDITION IS UPHELD BY CIT (A) BUT E FURTHER HELD TH AT DEDUCTION U/S 80P IS ALLOWABLE TO THE EXTENT OF INCREASED INCOME AFTER M AKING THIS ADDITION. WE FIND NO INFIRMITY IN THE ORDER OF CIT (A) ON THIS I SSUE ALSO. 6. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. (ORDER WAS PRONOUNCED IN THE OPEN COURT ON THE DATE MENTIONED ON THE CAPTION PAGE) SD/. SD/. (SUNIL KUMAR YADAV) ( A. K. GARODIA ) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED:3 RD MARCH, 2016. *SINGH COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT. 3. CONCERNED CIT 4. THE CIT(A) 5. D.R., I.T.A.T., LUCKNOW ASSTT. REGI STRAR