Daivanaya Sahakara Bank Niyamit., Belgaum V. Asst. Commissioner of Income Tax, Circle-1, Belgaum

ITA 71/PAN/2015

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 93605 (ITAT-PANAJI)
• Duration Of Justice: 5 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-07-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Next Hearing Date: 28-07-2015
• Assessment Year: 2010-2011
• Appeal Filed On: 16-02-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S NATARAJ
• Assessee Lawyers: JAYANT D KALPAVRIKSHA
• Keywords: Assessment record
• Section: 133A; 201(1); 2

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI BEFORE SHRI N.S. SAINI , HONBLE ACCOUNTANT MEMBER AND SHRI GEORGE MATHAN, HONBLE JUDICIAL MEMBER ITA NO. 71 /PNJ/201 5 (ASST. YEAR : 20 1 0 - 1 1 ) DAIVADNAYA SAHAKARA BANK NIYAMIT, 1 169, SARAF GALLI, SHAHAPUR, BELAGAVI. V S. CIT, BEL A GA VI. PAN NO. AAAAD 0328 D (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI JAYANT D. KALPAVRIKSHA CA . DEPARTMENT BY : S. NATARAJ D.R. DATE OF HEARING : 28 / 0 7 /2015 . DATE OF PRONOUNCEMENT : 28 / 0 7 /201 5 . O R D E R PER N.S. SAINI , ACCOUNTANT MEMBER THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF COMMISSIONER OF INCOME TAX , BELAGAVI, DATED 0 1 / 12 /201 4 . 2. THE SOLE ISSUE INVOLVED IN THIS APPEAL IS THAT THE COMMISSIONER OF INCOME TAX ERRED IN MAKING THE ADDITION UNDER SEC. 40(A)(IA) OF THE ACT FOR NON - DEDUCTION OF TAX AT SOURCE ON INTEREST PAID TO MEMBERS OF THE SOCIETY AND TO OTHER COOPERATIVE SOCIETIES WHEN THE SAME IS EXEMPT UNDER SEC. 194A(3)(V) OF THE ACT. 3 . B RIEF F ACTS OF THE CASE ARE THAT THE COMMISSIONER OF INCOME TAX OBSERVED THAT THE ASSESSEE HAS DEBITED A SUM OF RS. 5,62,25,240/ - ON ACCOUNT OF INTEREST ON DEPOSITS, BORROWINGS. AS PER PROVISIONS OF 2 ITA NO. 71 /PNJ/201 5 SEC.194A, ANY PERSON, NOT BEING AN INDIVIDUAL OR HUF, WHO IS RESPONSIBLE FOR PAYING TO A RESIDENT ANY INCOME BY WAY OF INTEREST OTHER THAN INCOME BY WAY OF INTEREST ON SECURITIES, SHALL AT THE TIME OF CREDIT OF SUCH INCOME TO THE ACCOUNT OF THE PAYEE OR AT THE TIME OF PAYMENT THEREOF, WHICHEVER IS EARLIER, DEDUCT IN COME TAX THEREON, IF THE AMOUNT OF INTEREST EXCEEDS RS. 10,000/ - . FAILURE TO DO SO, ATTRACTS DISALLOWANCE UNDER SEC. 40(A)(IA) OF THE I.T.ACT, 1961 . HE OBSERVED THAT FROM THE ASSESSMENT RECORDS THAT NEITHER ASSESSING OFFICER HAS EXAMINED THIS ASPECT IN T HE LIGHT OF THE PROVISIONS OF SEC. 194A READ WITH SEC.40(A)(IA) NOR THE ASSESSEE HAS FURNISHED DETAILS OF THE SAID INTEREST PAYMENTS DURING THE COURSE OF ASSESSMENT PROCEEDINGS. SUBSEQUENTLY, DURING SURVEY ACTION UNDER SEC. 133A CONDUCTED BY ITO, TDS WARD , BELGAUM ON 03/07/2013 , IT WAS NOTICED THAT THE ASSESSEE HAS PAID INTEREST IN EXCESS OF RS. 10,000/ - , TOTALLING TO RS. 1,67,67,153/ - WITHOUT DEDUCTING TAX AT SOURCE AS ENVISAGED IN SEC. 194A OF THE I.T.ACT, 1961. THE COMMISSIONER OF INCOME TAX FURTHER OB SERVED THAT THE ASSESSEE IS A COOPERATIVE SOCIETY ENGAGED IN CARRYING OF BANKING BUSINESS AND THE ASSESSEE BANKS CASE CLEARLY FALLS UNDER THE AMBIT OF SUB - CLAUSE (B) OF CLAUSE (I) OF SUB - SEC. (3) OF SEC. 194A. AS PER THE PROVISIONS OF SEC.194(3), ANY COOPERATIVE SOCIETY WHICH IS ENGAGED IN THE BUSINESS OF BANKING SHALL HAVE TO DEDUCT TAX ON INTEREST PAID OR PAYABLE TO ANY PERSON ON TIME DEP OSITS, IF THE AMOUNT OF SAID INTEREST EXCEEDS RS.10,000/ - . IT IS PROVED THAT THE ASSESSEE BANK IS COVERED BY THE PROVISIONS OF SUB - CLAUSE (B) OF CLAUSE (I) OF SEC. 194A(3) AS WELL AS THE PROVISIONS OF CLAUSE (VIIA) OF SEC. 194A(3) WHICH ARE SPECIFIC IN NA TURE AND THE ASSESSEE CANNOT PUT - FORTH ITS CLAIM UNDER SEC. 194(3) WHICH ARE GENERAL IN NATURE. HE OBSERVED THAT IN VIEW OF THE DECISION OF THE PUNE BENCH OF THIS TRIBUNAL IN THE CASE OF BHAGANI NIVEDITA SAHAKARI BANK LTD. VS. ACIT (2003) 87 ITD 569 WHEREIN IT WAS HELD THAT SEC. 194A(3)(VIIA)(B) MAKES NO DISTINCTION BETWEEN MEMBERS AND NON - MEMBERS OF COOPERATIVE BANK FOR THE PURPOSE OF DEDUCTION OF TAX AT SOURCE ON INTEREST PAID/CREDITED AND THEREFORE, COOPERATIVE BANK WOULD 3 ITA NO. 71 /PNJ/201 5 BE LIABLE TO DED UCT TAX AT SOURCE UNDER SEC. 194A(1) ON TIME DEPOSITS PAID/CREDITED TO ITS DEPOSITORS, IF SUCH INTEREST AMOUNT EXCEEDED THE LIMIT PRESCRIBED IN PROVISO TO SEC. 194A OF THE ACT. 4 . HE FURTHER OBSERVED THAT CIRCUL AR NO. 9 OF 2002 ISSUED BY THE C BDT RELIED UPON BY THE ASSESSEE HAD SOUGHT TO INTERPRET THE DEFINITION OF WORD MEMBER CLARIFYING THAT THE WORD MEMBER DOES NOT INCLUDE THE WORD NOMINAL MEMBER. IT HAS BEEN HELD BY THE BOMBAY HIGH COURT IN THE CASE OF JALGAON DISTRICT CENTRAL COOPERATIVE BANK L TD. & ANOTHER VS. UNION OF INDIA REPORTED IN 265 ITR 423 (BOM.) THAT THE BOARD HAS NO POWER TO INTERPRET THE PROVISIONS OF LAW BY WAY OF CIRCULAR. THE ISSUE AT HAND OF THE BOMBAY HIGH COURT WAS DEFINITION OF THE WORD MEMBER AS APPEARING IN CLAUSE (V) OF SEC.194(3) AND THE POWERS OF THE CBDT TO ISSUE CIRCULARS UNDER SEC. 119 WHICH WOULD BE OVERRIDE OR DETRACT FROM THE PROVISIONS OF INCOME TAX ACT. THE CIRCULAR NO. 9 OF 2002 DATED 11/09/2002 ISSUED BY THE CBDT HAS BEEN QUASHED AND SET ASIDE BY THE HONBLE HIGH COURT . THIS CIRCULAR IS NOT RELATED TO ISSUE ON HAND. 5. IN ORDER TO UNDERSTAND THE LEGISLATIVE INTENT IN THIS REGARD, IT IS NECESSARY TO REFER TO THE EXPLANATORY NOTES TO FINANCE (NO.2) ACT, 1 991 GIVEN IN CIRCULAR NO. 621 DATED 19/12/1991 WHICH AMONG OTHERS, PROVIDES THAT WITH A VIEW TO IMPROVING TAX COMPLIANCE, SEC. 194A OF THE ACT HAS BEEN AMENDED TO SECURE DEDUCTION OF TAX AT SOURCE FROM INTEREST ON TIME DEPOSITS WITH THE AFORESAID COMPANIES AND COOPERA TIVES SOCIETIES ENGAGED IN CARRYING ON THE BUSINESS OF BANKING. THIS CIRCULAR OF THE CBDT EXPLAINS IN NO UNCERTAIN TERMS THAT THE INTENTION OF THE LEGISLATURE IN AMENDMENT OF SEC. 194A WAS TO SECURE DEDUCTION OF TAX AT SOURCE FROM INTEREST ON TIME DEPOSI TS WITH THE BANKING COMPANIES AND COOPERATIVE SOCIETIES ENGAGED IN CARRYING ON THE BUSINESS OF BANKING. THE ASSESSEE BEING A COOPERATIVE SOCIETY ENGAGED IN CARRYING ON THE BUSINESS OF BANKING IS LIABLE TO MAKE TDS UNDER SEC. 194A OF THE 4 ITA NO. 71 /PNJ/201 5 I.T.ACT, 1961. THUS, THE ASSESSING OFFICER FAILED TO APPLY THE LAW AND HAD ERRED IN NOT BRINGING TO TAX THE INCOME OF RS. 1,67,67,153/ - . THE IMPUGNED ORDER OF THE ASSESSING OFFICER WAS ERRONEOUS AS WELL AS PREJUDICIAL TO THE INTEREST OF THE REVENUE. THEREFORE, COMMISSI ONER OF INCOME TAX HELD THAT EXPENDITURE OF RS. 1,67,67,153/ - IS LIABLE TO BE DISALLOWED UNDER SEC. 40(A)(IA). THE SAID ASSESSMENT IS THUS ENHANCED BY THE INCOME OF RS. 1,67,67,153/ - BY MAKING DISALLOWANCE UNDER SEC.40(A)(IA) OF THE ACT. 6 . BEING AGGRIEVED BY THE SAID ORDER, THE ASSESSEE IS IN APPEAL BEFORE US. 7 . AT THE TIME OF HEARING, BOTH THE PARTIES BEFORE US AGREED THAT THE ISSUE AT HAND IS NO MORE RES INTEGRA . THE SAME HAS BEEN DECIDED BY THIS BENCH OF THE TRIBUNAL IN THE CASE OF SHREE TUK ARAM COOPERATIVE BANK LTD. VS. ITO, TDS WARD, BELGAUM IN I.T.A.NOS . 437 TO 440/PNJ/2014 DATED 19/06/2015 FOR THE ASSESSMENT YEAR S 2010 - 11 TO 2013 - 14 WHERE I N THE TRIBUNAL HELD THAT THE ASSESSEE WAS NOT LIABLE TO DEDUCT TDS FROM INTEREST PAID ON DEPOSITS RECEIVED FROM MEMBERS. THEREFORE, APPEAL OF THE REVENUE IS LIABLE TO BE DISMISSED. 8 . WE FIND THAT THE TRIBUNAL IN THE CASE OF SHREE TUKARAM COOPERATIVE BANK LTD. (SUPRA) HELD AS UNDER: - 2. THE COMMON GRIEVANCE IN ALL THESE APPEALS IS THAT THE LD. CIT(A) ERRED IN LAW AS WELL AS ON FACTS WHILE DISALLOWING THE EXEMPTION TO THE ASSESSEE FROM THE PROVISIONS OF TDS IN RESPECT OF INTEREST PAID ON DEPOSITS RECEIVED FROM MEMBERS. 3. AT THE VERY OU TSET, IT WAS BROUGHT TO THE NOTICE OF THE RIVAL PARTIES THAT AN IDENTICAL ISSUE HAS BEEN CONSIDERED AND DECIDED BY THIS VERY BENCH IN THE CASE OF BELGAUM DISTRICT CENTRAL COOPERATIVE BANK LTD. VS. ITO, TDS WARD, BELGAUM IN I.T.A.NOS. 312 TO 315/PNJ/2014, W HEREIN THE BENCH HAS CONSIDERED THE PROVISIONS OF 5 ITA NO. 71 /PNJ/201 5 THE FINANCE ACT, 2015. THE RELEVANT PORTION OF WHICH READS AS UNDER: - SECTION 194A(1) READ WITH SECTION 194A(3)(I) OF THE ACT PROVIDE FOR DEDUCTION OF TAX ON INTEREST (OTHER THAN INTEREST ON SECURITIES) 'OVER A SPEC IFIED THRESHOLD, I.E., RS. 10,000 FOR INTEREST PAYMENT BY BANKS, CO - OPERATIVE SOCIETY ENGAGED IN BANKING BUSINESS (CO - OPERATIVE BANK) AND POST OFFICE AND RS. 5,000 FOR PAYMENT OF INTEREST BY OTHER PERSONS. FURTHER, SUB - SECTION (3) OF SECTION 1 94A, INTER ALIA, ALSO PROVIDES FOR EXEMPTION FROM DEDUCTION OF TAX IN RESPECT OF FOLLOWING INTEREST PAYMENTS BY CO - OPERATIVE SOCIETY: (I) INTEREST PAYMENT BY A CO - OPERATIVE SOCIETY TO A MEMBER THEREOF OR ANY OTHER CO - OPERATIVE SOCIETY. (SECTION 194A(3)(V) OF THE ACT] (II) INTEREST PAYMENTS ON DEPOSITS BY A PRIMARY AGRICULTURAL CREDIT SOCIETY OR PRIMARY CREDIT SOCIETY OR CO - OPERATIVE LAND MORTGAGE BANK OR CO OPERATIVE LAND DEVELOPMENT BANK. [SECTION 194A(3)(VIIA)(A) OF THE ACT] (III) INTEREST PAYMENT ON D EPOSITS OTHER THAN TIME DEPOSIT BY A CO - OPERATIVE SOCIETY ENGAGED IN THE BUSINESS OF BANKING OTHER THAN THOSE MENTIONED IN SECTION 194A(3)(VIIA)(A) OF THE ACT. [SECTION 194A(3)(VIIA)(B) OF THE ACT] THEREFORE, AS PER THE PROVISIONS OF SECTION 194A(1) READ WITH PROVISIONS OF SECTION 194A(3)(I)(B) AND 194A(3)(VIIA)(B), CO - OPERATIVE BANK IS REQUIRED TO DEDUCT TAX FROM INTEREST PAYMENT ON TIME DEPOSITS IF THE AMOUNT OF SUCH PAYMENT EXCEEDS SPECIFIED THRESHOLD OF RS. 10,000. HOWEVER, AS THE PRO VISIONS OF SECTI ON 194A(3)(Y) OF THE ACT PROVIDE A GENERAL EXEMPTION FROM MAKING TAX DEDUCTION FROM PAYMENT OF INTEREST BY ALL CO - OPERATIVE SOCIETIES TO ITS MEMBERS, THE C O - OPERATIVE BANKS TRIED TO AVAIL THIS EXEMPTION BY MAKING THEIR DEPOSITORS AS MEMBERS OF DIFFERENT CA TEGORIES. THIS HAS LED TO DISPUTE AS TO WHETHER THE CO - OPERATIVE BANKS, FOR WHICH THE SPECIFIC PRO - VISIONS OF TAX DEDUCTION EXIST IN THE FORM OF SECTION 194A(1), SECTION 19 4A(3)(I)(B) AND 1 94A(3)(VIIA) (B) OF THE ACT CAN TAKE THE BENEFIT OF GENERAL EXEMPTIO N PROVIDED TO ALL CO - OPERATIVE SOCIETIES FROM DEDUCTION O F TAX ON PAYMENT O F INTEREST TO MEMBERS. THE MATTER HAS BEEN CARRIED TO JUDICIAL FORUMS AND IN SOME CASES A VIEW HAS BEEN TAKEN THAT THE PROVISIONS OF SECTION 194A(3)(VIIA)(B) OF THE ACT MAKES NO DIS TINCTION BETWEEN MEMBERS AND NON - MEMBERS OF CO - OPERATIVE BANKS FOR THE PURPOSES OF DEDUCTION OF TAX, HENCE, THE CO - OPERATIVE BANKS ARE REQUIRED TO DEDUCT TAX ON PAYMENT OF INTEREST ON TIME DEPOSIT AND CANNOT AVOID THE SAME BY TAK ING THE PLEA OF THE GENERA L EXEMPTION PROVIDED UNDER SECTION 194A(3)(V) OF THE ACT. THIS IS BECAUSE THE SPECIFIC PROVISION OF TAX DEDUCTION PROVIDED UNDER SECTION 194A(3)(I)(B) AND 194A(3)(VIIA)(B) OF THE ACT FOR CO - OPERATIVE BANKS OVERRIDE THE GENERAL EXEMPTION PROVIDED TO ALL CO - OPERATIVE SOCIETIES FOR NON - DEDUCTION OF TAX FROM INTEREST PAYMENT TO MEMBERS UNDER SECTION 194A(3)(V) OF THE ACT. AS THERE IS NO DIFFERENCE IN THE FUNCTIONING OF THE CO - OPERATIVE BANKS AND OTHER COMMERCIAL BANKS, THE FINANCE ACT, 2006 AND FINANCE ACT, 2007, AMENDED THE PROVISIONS OF THE ACT TO PROVIDE FOR CO - OPERATIVE BANKS A TAXATION REGIME WHICH IS SIMILAR TO THAT FOR THE OTHER COMMERCIAL BANKS. THEREFORE, THERE IS NO RATIONALE FOR TREATING THE CO - 6 ITA NO. 71 /PNJ/201 5 OPERATIVE BANKS DIFFERENTLY FROM OTHER COMMERCIAL BANK S IN THE MATTER OF DEDUCTION OF TAX AND ALLOWING THEM TO AVAIL THE EXEMPTION MEANT FOR SMALLER CREDIT CO - OPERATIVE SOCIETIES FORMED FO R THE BENEFIT OF SMALL NUMBER OF MEMBERS. HOWEVER, AS MENTIONED EARLIER, A DOUBT HAS BEEN CREATED REGARDING THE APPLICABIL ITY O F THE SPECIFIC PROVISIONS MANDATING DEDUCTION OF TAX FRO M THE PAY MENT OF INTEREST ON T IME DEPOSITS BY THE CO - OPERATIVE BANKS TO ITS MEMBERS BY 'CLAIMING THAT GENERAL EXEMPTION PROVIDED IS ALSO APPLICABLE FOR PAYMENT OF INTEREST TO MEMBER DEPOSITORS . IN VIEW OF TH I S , IT IS PROPOSED TO AMEND THE PROVISIONS OF THE SECTION 194A OF THE ACT TO EXPRESSLY PROVIDE FROM THE PROSPECTIVE DATE OF 1ST JUNE, 2015 THAT THE EXEMPTION PROVIDED FROM DEDUCTION OF TAX FROM PAYM ENT OF I N TEREST TO MEMBE R S BY A CO - OPERATIVE SOCIETY U NDER SECTION 194A(3)(V) OF THE ACT SHALL NOT APPLY TO THE PAYMENT OF INTEREST O N TIME DEPOSITS BY THE CO OPERATIVE BANKS TO ITS MEMBERS. 3.1 IT WAS OBSERVED THAT WITH THIS AMENDMENT, THE IMPUGNED PROVISION WAS NOT APPLICABLE DURING THE YEARS UNDER APPEAL AND IT IS CLEAR THAT THE PROVISIONS ARE APPLICABLE W.E.F. 01/06/2015. THE BENCH HAS ALSO CONSIDERED CIRCULAR NO. 09/2002 OF THE CBDT AND STATED THAT THE BOARD HAS CLARIFIED THAT THE PROVISIONS OF TDS ARE NOT ENFORCEABLE IN RESPECT OF INTEREST PAID BY THE COOPERATIVE SOCIETY/BANK TO ITS MEMBERS, BUT TAX HAS TO BE DEDUCTED FROM THE INTEREST PAID TO THE NON - MEMBERS. 3.2 THE BENCH HAS ALSO CONSIDERED THE FACT THAT THE HONBLE HIGH COURT OF BOMBAY IN THE CASE OF JALGAON DISTRICT CO - OP BANK LTD. & ANO. VS. UNION BANK OF INDIA (265 ITR 423) HAS HELD THAT THE SAID CIRCULAR IS NOT GOOD. AFTER CONSIDERING ALL THESE FACTS, THE TRIBUNAL HELD AS UNDER: - 11. FIRSTLY, THE ASSESSING OFFICER AND THE LD. CIT(A) HAVE HEAVILY RELIED UPON THE DECISION OF THE TRIBUNAL PANAJI BENCH IN THE CASE OF BAILHONGAL URBAN CO. BANK LTD. (SUPRA), WHEREIN THE TRIBUNAL HAS HELD THAT CIRCULAR NO. 9 OF 2002 DATED 11/09/2002 ISSUED BY THE CBDT HAS BEEN QUASHED AND SET ASIDE BY THE HONBLE HIGH COURT OF BOMBAY IN THE CASE OF JAL GAON DISTRICT CO. BANK (SUPRA). THEREFORE, ASSESSEES RELIANCE ON THE SAID CASE AND THE CIRCULAR IS FOUND TO BE ILL - FOUNDED. THE TRIBUNAL DECIDED THE APPEAL IN FAVOUR OF THE REVENUE AND AGAINST THE ASSESSEE. WITH DUE RESPECT TO THE SAID DECISION OF THE TRIBUNAL, WE HAVE TO SAY THE OBSERVATIONS MADE BY THE TRIBUNAL ARE ILL - FOUNDED BECAUSE SUBSEQUENT TO THE DECISION OF THE HONBLE BOMBAY HIGH COURT IN THE CASE OF JALGAON DISTRICT CO. BANK (SUPRA) AN INFORMATION WAS REQUIRED FROM THE CBDT UNDER THE RIGHT T O INFORMATION ACT, 2005. THE INFORMATION REQUIRED AND THE REPLY OF THE BOARD READS AS UNDER: - 7 ITA NO. 71 /PNJ/201 5 THUS, WITH THIS CLARIFICATION, IT IS CLEAR THAT THE CIRCULAR HAS NOT BEEN WITHDRAWN. MOREOVER, A PERUSAL OF THE DECISION OF THE HONBLE HIGH COURT OF BOMBAY IN THE CASE OF JALGAON DISTRICT CO. BANK (SUPRA) SHOWS THAT THE HONBLE HIGH COURT HAS HELD THAT THE IMPUGNED NOTIFICATION ISSUED BY THE CBDT WHICH IS IN THE FORM OF A CLARIFICATION WITH REGARD TO THE RIGHTS AND PRIVILEGES OF A DULY REGISTERED MEMBER AND NOMINAL MEMBER IS OUTSIDE THE SCOPE OF SEC.119 OF THE ACT. THE HONBLE HIGH COURT FURTHER HELD THAT THE CBDT CANNOT ISSUE A CIRCULAR U/S. 119 OF THE ACT WHICH WOULD OVERRIDE OR RETRACT FROM THE PROVISIONS OF INCOME - TAX ACT, 1961. THUS, THE OBSERVATIONS OF THE HONBLE HIGH COURT WERE MORE TOWARDS THE CLARIFICATION REGARDING MEMBER AND NOMINAL MEMBER. CONSIDERING ALL THE FACTS IN TOTALITY IN THE LIGHT OF THE MEMORANDUM EXPLAINING THE PROVISIONS IN THE FINANCE BILL 2015 (SUPRA) AND THE CLARIFICATION BY THE BOARD THAT THE CIRCULAR HAS NOT BEEN WITHDRAWN, MAKES IT AMPLE CLEAR THAT THE IMPUGNED PROVISIONS R ELATING TO THE LIABILITY OF TDS WOULD COME WITH EFFECT FROM 01/06/2015, WE, THEREFORE, SET ASIDE THE FINDINGS OF THE LD. CIT(A) AND DIRECT THE ASSESSING OFFICER 8 ITA NO. 71 /PNJ/201 5 TO DELETE THE IMPUGNED ADDITIONS MADE IN THE ORDER U/S. 201(1) & 201(1A) OF THE ACT. 3.3 RESPE CTFULLY FOLLOWING OUR OWN DECISION IN THE CASE OF BELGAUM DISTRICT CENTRAL COOPERATIVE BANK LTD. (SUPRA), ALL THE APPEALS FILED BY THE ASSESSEE ARE ALLOWED. 9. FACTS BEING IDENTICAL RESPECTFULLY FOLLOWING THE PRECEDENT, WE SET ASIDE THE ORDER OF THE COMMISSIONER OF INCOME TAX AND ALLOW THE GROUNDS OF APPEAL OF THE ASSESSEE. 10 . IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE COURT AT THE CLOSE OF THE HEARING ON TUESDAY , THE 2 8 TH DAY OF JULY , 201 5 AT GOA . SD/ - SD/ - (GEORGE MATHAN) (N.S.SAINI) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 2 8 TH JU LY , 201 5 . VR/ - COPY TO: 1 . THE ASSESSEE. 2 . THE REVENUE. 3 . THE CIT 4 . THE CIT(A) 5 . THE D.R . 6 . GUARD FILE. BY ORDER ASSISTANT REGISTRAR I.T.A.T., PANAJI 9 ITA NO. 71 /PNJ/201 5 DATE INITIAL ORIGINAL DICTATION PAD IS ENCLOSED IN THE FILE 1. DRAFT DICTATED ON 28 .0 7 .2015 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 28 .07 .2015 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER 28 /07 /2015 JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER 28 /0 7 /2015 JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS 28 /07 /2015 SR.PS 6. DATE OF PRONOUNCEMENT 28 /0 7 /2015 SR.PS 7. FILE SENT TO THE BENCH CLERK 29 /07 /2015 SR.PS 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK 9. DATE OF DISPATCH OF ORDER