Renuka Gramin Bigar Sheti Sahakari Pat Sanstha Maryadit, Solapur V. Income Tax Officer, Ward -2, Pandharpur

ITA 678/PUN/2019

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 2573 (ITAT-PUNE)
• Duration Of Justice: 1 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-06-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Assessment Year: 2014-2015
• Appeal Filed On: 29-04-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: M K VERMA
• Section: 15

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH SMC, PUNE BEFORE SHRI R.S. SYAL , VICE PRESIDENT . / ITA NO S . 678 & 727 /PUN/20 19 / ASSESSMENT YEAR S : 2014 - 15 & 2008 - 09 RENUKA GRAMIN BIGER SHETI SAHAKARI PAT SANSTHA MARYADIT, NATEPUTE, MALSHIRAS, SOLAPUR - 413 109. PAN : AAAAR3361C ....... / APPELLANT / V/S. THE INCOME TAX OFFICER, WARD - 2, PANDHARPUR. / RESPONDENT A SSESSEE BY : SHRI ABHAY AVCHAT REVENUE BY : SHRI M.K. VERMA / DATE OF HEARING : 1 8 .06.2019 / DATE OF HEARING : 1 8 .06.2019 / DATE OF PRONOUNCEMENT : 19 .06.2019 / ORDER PER R.S. SYAL, VP : THESE TWO APPEALS BY THE ASSESSEE ARISE OUT OF THE ORDER S PASSED BY THE CIT(A PPEALS ) - 7 , PUNE ON 30.08.2016 & 29.12.2017 IN RELATION TO THE ASSESSMENT YEAR S 2008 - 09 & 2014 - 15 RESPECTIVELY . 2. THERE IS A DELAY OF 2 YEARS AND 4 MONTHS IN PRESENTING THE APPEAL FOR THE ASSESSMENT YEAR 2008 - 09 BEFORE THE TRIBUNAL. THERE IS A DELAY OF 1 YEAR AND 4 MONTH IN PRESENTING THE APPEAL FOR ASSESSMENT YEAR 2014 - 15 BEFORE THE TRIBUNAL. THE ASSESSEE HAS FILED AFFIDAVIT IN SUPPORT OF THE CONDONATION OF DELAY. I AM SATISFIED WITH REASONS STATED THEREIN . AS SUCH, THE DELAY IS CONDONED AND THE APPEAL S ARE ADMITTED FOR HEARING ON MERITS. 2 ITA NO S . 678 & 727 /PUN/20 19 A.Y S . 2014 - 15 & 2008 - 09 ITA NO.727/PUN/2019 A.Y.2008 - 09 3. THE ONLY ISSUE RA ISED IN THIS APPEAL IS AGAINST NOT ALLOWING DEDUCTION U/S.80P(2)(A)(I) OF THE INCOME TAX ACT, 1961 (HEREINAFTER ALSO CALLED THE ACT) ON THE INTEREST INCOME EARNED BY ASSESSEE FROM BANK TO THE TUNE OF RS.3,72,970/ - . 4. I HAVE HEARD BOTH THE SIDES AND GONE THROUGH THE RELEVANT MATERIAL ON RECORD. IT IS OBSERVED THAT SIMILAR ISSUE C A ME UP FOR CONSIDERATION BEFORE THE TRIBUNAL IN ASSESSEES OWN CASE FOR THE ASSESSMENT YEAR S 2012 - 13 AND 2013 - 14 . C OPIES OF THE ORDERS DATED 29.11.2018 AND 28.12.2018 RESPECTIVELY PASSED BY THE TRIBUNAL HAVE BEEN PLACED ON RECORD. FOR BOTH THE YEARS, THE TRIBUNAL HAS HELD THE ASSESSEE TO BE ENTITLED TO THE BENEFIT OF DEDUCTION U/S.80P(2)(A)(I) OF THE ACT IN RESPECT OF INTEREST INCOME EARNED FROM BANK. THE LD. DR DID NOT DISPUTE THIS FACTUAL POSITION. SINCE FACTS FROM BANK. THE LD. DR DID NOT DISPUTE THIS FACTUAL POSITION. SINCE FACTS AND CIRCUMSTANCES OF THE PRESENT APPEAL ARE MUTATIS MUTANDIS SIMILAR TO THOSE OF THE ASSESSMENT YEARS 2012 - 13 & 2013 - 14, RESPECTFULLY FOLLOWING THE PRECEDENT , I OVERTURN THE IMPUGNED ORDER FOR THE ASSESSMENT YEAR 2008 - 09 AND DIRECT TO GRANT DEDUCTION U/S.80P(2)(A)(I) OF THE ACT IN RESPECT OF INTEREST INCOME EARNED FROM BANK. 5. IN THE RESULT, APPEAL FOR THE ASSESSMENT YEAR 2008 - 09 IS ALLOWED. ITA NO.678/PUN/2019 A.Y.2014 - 15 6. THE FIRST ISSUE RAISED IN THIS APPEAL IS AGAINST DENIAL OF DEDUCTION U/S.80P(2)(A)(I) OF THE ACT ON INTEREST INCOME OF RS.2,75,700/ - EARNED BY THE ASSESSEE FROM NATIONALIZED BANKS. 3 ITA NO S . 678 & 727 /PUN/20 19 A.Y S . 2014 - 15 & 2008 - 09 7. ADMITTEDLY, FACTS AND CIRCUMSTANCES OF THE INSTANT ISSUE ARE SIMILA R TO THOSE FOR THE ASSESSMENT YEAR 2008 - 09 DEALT HEREINABOVE . FOLLOWING THE SAME, I OVERTURN THE IMPUGNED ORDER ON THIS SCORE AND DIRECT TO GRANT DEDUCTION U/S.80P(2)(A)(I) OF THE ACT IN RESPECT OF INTEREST INCOME EARNED FROM BANK. 8. ANOTHER GROUND HAS BEEN RAISED AGAINST DISALLOWANCE OF COMMISSION PAYMENT OF RS.2,07,097/ - MADE U/S.40(A)(IA) OF THE ACT. IT IS SEEN THAT THIS GROUND DOES NOT A RISE FROM THE IMPUGNED ORDER. THE LD. AR ADMITTED THIS FACTUAL POSITION. IN VIEW OF THIS FACT, T HIS GROUND NEEDS NO ADJUDICATION AND HENCE, TH E SAME IS DISMISSED. 9. IN THE RESULT, APPEAL FOR THE ASSESSMENT YEAR 2014 - 15 IS PARTLY ALLOWED. ORDER PRO NOUNCED ON 19 TH DAY OF JUNE , 201 9 . SD/ - R . S . SYAL / VICE - PRESIDENT / PUNE; / DATED : 19 TH JUNE , 201 9 . SB / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT. 2. / THE RESPONDENT. 3. THE CIT (APPEALS) - 7, PUNE. 4. THE CIT - 6, PUNE. 5 . , , - , / DR, ITAT, SMC BENCH, PUNE. 6. / GUARD FILE. // TRUE COPY // / BY ORDER, / PRIVATE SECRETARY , / ITAT, PUNE. 4 ITA NO S . 678 & 727 /PUN/20 19 A.Y S . 2014 - 15 & 2008 - 09 * DATE 1 DRAFT DICTATED ON 18 .06 .201 9 SR. PS/PS 2 DRAFT PLACED BEFORE AUTHOR 18 .06.2019 SR. PS/PS 3 DRAFT PROPOSED AND PLACED BEFORE THE SECOND MEMBER JM/AM 4 DRAFT DISCUSSED/APPROVED BY SECOND MEMBER AM/JM 5 APPROVED DRAFT COMES TO THE SR. PS/PS SR. PS/PS 6 KEPT FOR PRONOUNCEMENT ON SR. PS/PS 7 DATE OF UPLOADING OF ORDER SR. PS/PS 8 FILE SENT TO BENCH CLERK SR. PS/PS 9 DATE ON WHICH THE FILE GOES TO THE HEAD CLERK 10 DATE ON WHICH FILE GOES TO THE A.R 11 DATE OF DISPATCH OF ORDER