ITO-1, Bahraich V. CO-OPERATIVE CANE DEVELOPMENT UNION LTD, Bahraich

ITA 557/LKW/2015

• Counselvise Citation: [2015] 121 COUNSELVISE.COM (IT) 2079 (ITAT-LUCKNOW)
• Duration Of Justice: 1 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-10-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2011-2012
• Appeal Filed On: 17-08-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: J N SHUKLA

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.557/LKW/2015 ASSESSMENT YEAR: 2011 12 ITO I, BAHARAICH VS. CO OPERATIVE CANE DEVELOPMENT UNION LTD., BAHARAICH - 271801 PAN:AAAAC8503F (APPELLANT) (RESPONDENT) ASSESSEE BY SHRI J. N. SHUKLA, C. A. REVENUE BY SHRI AMIT NIGAM, SR. DR DATE OF HEARING 11/09/2015 DATE OF PRONOUNCEMENT 09/10/2015 O R D E R PER A. K. GARODIA, A.M. THIS IS REVENUES APPEAL DIRECTED AGAINST THE ORD ER OF LEARNED CIT (A) FAIZABAD DATED 07.05.2015 FOR A.Y. 2011 12. 2. THE REVENUE HAS RAISED FOUR GROUNDS BUT THE ONLY GRIEVANCE OF THE REVENUE IS REGARDING ALLOWING OF DEDUCTION U/S 80P BY THE LEARNED CIT (A). 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 A COPY OF THE TRIBUNAL ORDER IN THE CASE OF ITO VS. M /S CO OPERATIVE CANE DEVELOPMENT UNION LTD. IN ITA NO. 352/LKW/2011 DATE D 02.12.2011 AND SUBMITTED THAT THIS ISSUE IS COVERED IN FAVOUR OF T HE ASSESSEE BY THIS TRIBUNAL ORDER. HE ALSO SUBMITTED A COPY OF REGISTR ATION CERTIFICATE DATED 03.12.1988 FOR THE REGISTRATION OF THE PRESENT ASSE SSEE AS A CO OPERATIVE SOCIETY. 2 4. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND GON E THROUGH THE ORDERS OF THE LOWER AUTHORITIES BELOW AND THE TRIBU NAL ORDER CITED BY THE LEARNED AR OF THE ASSESSEE. WE FIND THAT THE ISSUE REGARDING ALLOWABILITY OF DEDUCTION U/S 80P IN RESPECT OF INTEREST INCOME EAR NED OUT OF SURPLUS FUNDS LYING DEPOSITED IN THE POST OFFICE/COMMERCIAL BANK IS SQUARELY COVERED IN FAVOUR OF THE ASSESSEE AS PER THIS TRIBUNAL ORDER. IN THE PRESENT CASE, LEARNED DR OF THE REVENUE COULD NOT POINT OUT ANY D IFFERENCE IN FACTS AND HENCE, WE FIND NO REASON TO TAKE A CONTRARY VIEW. T HEREFORE, BY RESPECTFULLY FOLLOWING THIS TRIBUNAL ORDER, WE DECL INE TO INTERFERE IN THE ORDER OF CIT (A) ON THIS ISSUE. 5. 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. GARODI A ) JUDICIAL MEMBER ACCOUNTANT MEMB ER DATED:09/10/2015 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. REGIST RAR