ITO, Coimbatore V. Veerakeralam Primary Agricultural Cooperative Society, Coimbatore

ITA 630/CHNY/2016

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 7972 (ITAT-CHENNAI)
• Duration Of Justice: 8 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-11-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2012-2013
• Appeal Filed On: 17-03-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A V SREEKANTH

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, CHENNAI . . . , . , ! ' BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER ./ ITA NO. 630/MDS/2016 # $# /ASSESSMENT YEAR : 2012-13 THE INCOME TAX OFFICER, NON CORPORATE WARD -4(2), 63-A, RACE COURSE ROAD, COIMBATORE. V. M/S.VEERAKERALAM PRIMARY AGRICULTURAL COOPERATIVE SOCIETY, NO.17, PERIYA THOTTAM COLONY, VEERAKERALAM, COIMBATORE 641 007. PAN : AAAAV 3131 G ( %& /APPELLANT) ( '(%& /RESPONDENT) %& ) * /APPELLANT BY : SHRI A.V.SREEKANTH, JCIT '(%&)* /RESPONDENT BY : NONE + ),! /DATE OF HEARING : 04.10.2016 -$ ),! /DATE OF PRONOUNCEMENT : 25.11.2016 /O R D E R PER N.R.S. GANESAN, JUDICIAL MEMBER: THIS APPEAL OF THE REVENUE IS DIRECTED AGAINST THE ORDER OF CIT(A)-3, COIMBATORE DATED 15.12.2015 AND PERTAINS TO ASSESSM ENT YEAR 2012-13. 2 I.T.A. NO.630/MDS/2016 2. THE NOTICE OF HEARING WAS SERVED ON THE ASSESSEE BY R.P.A.D. THE REGISTRY HAS PLACED ON RECORD THE POSTAL ACKNOWLEDG EMENT AS A PROOF OF SERVICE OF NOTICE OF HEARING. IN SPITE OF RECEIPT O F NOTICE BY R.P.A.D., THE ASSESSEE HAS NOT CHOOSE TO APPEAR BEFORE THIS TRIBU NAL. THEREFORE, WE HAVE HEARD THE LEARNED REPRESENTATIVE FOR THE DEPARTMENT AND PROCEEDED TO DISPOSE OFF THE APPEAL ON MERIT. 3. SHRI A.V.SREEKANTH, THE LEARNED REPRESENTATIVE F OR THE DEPARTMENT SUBMITTED THAT THE ONLY ISSUE ARISES FOR CONSIDERAT ION IS DISALLOWANCE OF DEDUCTION CLAIMED BY THE ASSESSEE UNDER SECTION 80P OF THE ACT. THE ASSESSING OFFICER DISALLOWED THE CLAIM OF THE ASSESSEE UNDER SECTION 80P ON THE GROUND THAT THE ASSESSEE IS A BANK WITHIN THE MEANING OF S ECTION 80P(4). HOWEVER, THE CIT(A) BY PLACING RELIANCE IN THE ORDER OF ITAT IN THE ASSESSEES OWN CASE IN ITA NO.2287/MDS/2013 DATED 21.03.2014, FOR ASSESSME NT YEAR 2008-09, ALLOWED THE CLAIM OF THE ASSESSEE. ACCORDING TO THE LEARNED REPRESENTATIVE, THE ASSESSEE CANNOT BE CONSIDERED TO BE A CREDIT COOPER ATIVE SOCIETY. 4. WE HAVE CONSIDERED THE SUBMISSION OF THE DEPARTM ENT REPRESENTATIVE AND ALSO PERUSED THE MATERIAL AVAILABLE ON RECORD. THE ISSUE ARISES FOR CONSIDERATION IS WHETHER THE ASSESSEE IS A COOPERAT IVE BANK OR A CREDIT SOCIETY. IT WAS EXAMINED BY THIS TRIBUNAL IN THE ASSESSEES OWN CASE FOR ASSESSMENT YEAR 2008-09 AND FOUND THAT THE ASSESSEE IS A CREDI T SOCIETY AND ELIGIBLE FOR DEDUCTION UNDER SECTION 80P OF THE ACT. SIMILAR VIE W WAS TAKEN BY MADRAS HIGH 3 I.T.A. NO.630/MDS/2016 COURT IN THE ASSESSEES OWN CASE IN TAX CASE APPEAL NOS.735, 755 OF 2014 AND 460 OF 2015 DATED 05.07.2016. 5. IN VIEW OF THE JUDGMENT OF THE MADRAS HIGH COURT IN ASSESSEES OWN CASE, THIS TRIBUNAL DO NOT FIND ANY REASON TO INTER FERE WITH THE ORDER OF THE LOWER AUTHORITY AND ACCORDINGLY, THE SAME IS CONFIR MED. 6. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED ON 25 TH NOVEMBER, 2016 AT CHENNAI. SD/- SD/- ( . ) ( . . . ) (A. MOHAN ALANKAMONY) (N.R.S. GANESAN) ! /ACCOUNTANT MEMBER /JUDICIAL MEMBER /CHENNAI, . /DATED, THE 25 TH NOVEMBER, 2016. SP. ) ',/0 10$, /COPY TO: 1. %& /APPELLANT 2. '(%& /RESPONDENT 3. + 2, ( )/CIT(A) 4. + 2, /CIT, 5. 03 ', /DR 6. 4# 5 /GF.