Roza Sahkari Ganna Samiti Ltd., Shahjahanpur V. Income Tax Officer-ii, Shahjahanpur

ITA 660/LKW/2014

• Counselvise Citation: 66023714 RSA 2014
• Duration Of Justice: 4 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-12-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 11-11-2014
• Assessment Year: 2009-2010
• Appeal Filed On: 08-08-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: C P SINGH
• Section: 2

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.660/LKW/2014 ASSESSMENT YEAR:2009 - 10 INCOME TAX OFFICER - 2, SHAHJAHANPUR. VS ROZA SAHKARI GANNA SAMITI LTD., ROZA, SHAHJAHANPUR. PAN:AAALR0096F (RESPONDENT) (APPELLANT) SHRI S. L. AGARWAL, ADVOCATE APPELLANT BY SHRI C. P. SINGH, D. R. RESPONDENT BY 11/11/2014 DATE OF HEARING 17 /12/2014 DATE OF PRONOUNCEMENT O R D E R PER A. K. GARODIA, A.M. THIS IS AN ASSESSEES APPEAL DIRECTED AGAINST THE ORDER PASSED BY LEARNED CIT(A), BAREILLY DATED 03/06/2014 FOR THE ASSESSMENT YEAR 2009 - 2010. 2. THE GROUNDS RAISED BY THE ASSESSEE ARE AS UNDER: 1. THAT THE LEARNED LOWER AUTHORITIES HAVE ERRED IN LAW AS WELL AS IN FACTS IN ADDING AND RETAINING THE ADDITION OF RS.5,02,180/ - INTEREST RECEIVED BY THE APPELLANT FROM BANK'S AND POST OFFICE AS INCOME OF THE APPELLANT. 2. THAT THE ACTIVITY OF THE SOCIETY IN KEEPING THE CASH WIT H THE BANK AND POST OFFICE IS A NORMAL STEP IN CARRYING OUT THE BUSINESS OF THE SOCIETY OF PROVIDES CREDIT FACILITIES TO ITS MEMBERS. THE INTEREST EARNED FROM THIS MONEY HAS A DIRECT NEXUS WITH THE APPELLANT BUSINESS. 3. T HAT THE INTEREST OF RS. 5,02,180/ - EARNED FROM THE BANKS AND POST OFFICE A S INCOME ATTRIBUTABLE TO THE BUSINESS OF THE ASSESSEE AND IS THUS EXEMPT U/S 80P(2). 2 4. THAT THE ORDER S OF THE LEARNED LOWER AUTHORITIES ARE AGAINST THE MERITS, CIRCUMSTANCES AND LEGAL ASPECT OF THE CASE. 3. IT WAS SUBMITTED BY LEARNED A.R. OF THE ASSESSEE THAT THIS ISSUE IS COVERED IN FAVOUR OF THE ASSESSEE BY THE TRIBUNAL DECISION IN ASSESSEES OWN CASE FOR ASSESSMENT YEAR 2007 - 08 IN I.T.A. NO.499/LKW/2013 DATED 10/09/2013. HE ALSO SUBMITTED THAT THE COPY OF T HE TRIBUNAL DECISION IS AVAILABLE ON PAGES 4 TO 8 OF THE PAPER BOOK. 4. LEARNED D.R. OF THE REVENUE SUPPORTED THE ORDERS OF THE AUTHORITIES BELOW. 5. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS. WE FIND THAT THE ISSUE IN DISPUTE IS REGARDING ALLOWABILITY OF DEDUCTION U/S 80P(2) OF THE ACT IN RESPECT OF INTEREST INCOME EARNED FROM BANK AND POST OFFICE. IN ASSESSMENT YEAR 2007 - 08 ALSO , SIMILAR ISSUE WAS DECIDED BY THE TRIBUNAL IN FAVOUR OF THE ASSESSEE. LEARNED D.R. OF THE REVENUE COULD NOT POINT OUT ANY DIFF ERENCE IN FACTS AND THEREFORE, WE DO NOT FIND ANY REASON TO TAKE A CONTRARY VIEW. THEREFORE, RESPECTFULLY FOLLOWING THE DECISION OF THE TRIBUNAL IN ASSESSEES OWN CASE, WE DECIDE THIS ISSUE IN FAVOUR OF THE ASSESSEE. 6. IN THE RESULT, THE APPEAL OF THE AS SESSEE STANDS ALLOWED. (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: 17 /12/2014. *C.L.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. REGISTRAR