Income Tax Officer, Lakhimpur-Kheri V. M/s Co-operative Cane Development UnionLtd., Lakhimpur-Kheri

ITA 745/LKW/2013

• Counselvise Citation: 74523714 RSA 2013
• Duration Of Justice: 10 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-09-2014
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 09-09-2014
• Assessment Year: 2010-2011
• Appeal Filed On: 14-11-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P K DEY

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH B , LUCKNOW BEFORE SHRI S UNIL KUMAR YADAV , JUDICIAL MEMBER AND SHRI. A. K. GARODIA , ACCOUNTANT MEMBER ITA NO. 745/LKW/2013 ASSESSMENT YEAR: 2010 - 11 INCOME TAX OFFICER WARD II LAKHIMPUR KHERI V. M/ S CO - OPERATIVE CANE DEVELOPMENT UNION LIMITED BHEERA LAKHIMPUR KHERI PAN: AAATC5045R (APP ELL ANT) (RESPONDENT) APP ELL ANT BY: SHRI. P. K. DEY, D.R. RESPONDENT BY: SHRI. SHUBHAM RASTOGI, C.A. DATE OF HEARING: 09 09 2014 DATE OF PRONOUNCEMENT: 29 0 9 2014 O R D E R PER SUNIL KUMAR YADAV: THIS APPEAL IS PREFERRED BY THE REVENUE AGAINST THE ORDER OF THE LD. CIT(A) ON A SOLITARY GROUND, WHICH IS AS UNDER: - 1 . THAT THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS ) IS NOT JUSTIFIED IN DELETING THE ADDITI ON OF RS.25,74,870/ - PLACING RELIANCE OF THE JUDGMENT OF THE HON'BLE ITAT LUCKNOW IN A.NO.1 24/LUK/ 2007, A.NO.1 25/LUK / 2007 AND A.NO.127/LUK/ 2007 AS THE HON'BLE SUPREME COURT IN THE CASE OF TOTGARS COOPERATIVE SALE SOCIETY LIMITED 322 - ITR - 283 (SC) 2010 HAS HELD THAT THE ADDITION WAS MADE AS INTEREST FROM POST OFFICE AND NATIONALIZED BANK (OTHER THAN COOPERATIVE BANK ) AND THE ASSESSEE FAILED TO PROVE WITH SUPPORTING DOCUMENTARY EVIDENCE THAT INTEREST INCOME WAS EXCLUSIVELY DERIVED FROM DEPOSITS IN THE SAVING BANK ACCOUNT AND NOT FROM LONG - TERM DEPOSITS MADE FOR LONG TERM INVESTMENTS OUT OF SURPLUS FUNDS TO EARN INTEREST INCOME WHICH DOES NOT QUALIFY FOR DEDUCTION UNDER SECTION 80 P (2)(D) OF THE I.T. ACT,1961 AND THEREFORE, THE ADDITION WAS RIGHTLY MADE BY THE ASSESSING OFFICER AS THE FACTS OF THE INSTANT CASE ARE DIFFERENT FROM THE CASE LAW CITED BY THE PRINT TO PDF WITHOUT THIS MESSAGE BY PURCHASING NOVAPDF ( HTTP://WWW.NOVAPDF.COM/ ) : - 2 - : ASSESSEE. MOREOVER, ON THE SAME ISSUE THE MATTER IS PENDING BEFORE THE HON'BLE HIGH COURT IN THE CASE OF M/S KHERI PILIBHIT SAHKARI GANNA VIKAS SAMITI LIMITED, LAKHIMPUR KHERI. 2 . DURING THE COURSE OF HEARING OF THE APPEAL, THE LD. COUNSEL FOR THE ASSESSEE HAS INVITED OUR ATTENTION THAT THE IMPUGNED ISSUE IS SQUARELY COVERED BY THE ORDER OF THE TRIBUNAL IN THE ASSESSEES OWN CASE AND THE LD. CIT(A) HAS DECIDED THE ISSUE FOLLOWING THE ORDER OF THE TRIBUNAL, THEREFORE, THERE IS NO ERROR IN THE ORDER OF THE LD. CIT(A). THE SAID ORDER OF THE TRIBUNAL WAS ALSO FOLLOWED BY THE TRIBUNAL IN THE SUBSEQUENT YEAR IN SIMILAR TYPE OF CASES. 3 . THE LD. D.R., ON THE OTHER HAND, HAS PLACED RELIANCE UPON THE ORDER OF THE ASSESSING OFFICER. 4 . HAVING CAREFULLY EXAMINED THE ORDERS OF THE AUTHORITIES BELOW AND THE ORDER OF THE TRIBUNAL REFERRED TO ABOVE, WE FIND THAT THE LD. CIT(A) HAS DECIDED THE ISSUE FOLLOWING THE ORDER OF THE TRIBUNAL I N THE ASSESSEES OWN CASE. COPY OF THE ORDER OF THE TRIBUNAL IS ALSO PLACED ON RECORD. SINCE THE LD. CIT(A) HAS ADJUDICATED THE ISSUE FOLLOWING THE ORDER OF THE T RIBUNAL IN THE ASSESSEES OWN CASE, WE FIND NO INFIRMITY IN THE ORDER OF THE LD. CIT(A). AC CORDINGLY, THE GROUND RAISED BY THE REVENUE IS REJECTED. 5 . IN THE RESULT, APPEAL OF THE REVENUE STANDS DISMISSED. ORDER WAS PRONOUNCED IN THE OPEN COURT ON THE DATE MENT I ONED ON THE CAPTION PAGE. SD/ - SD/ - [ A. K. GARODIA ] [ S UNIL KUMAR Y ADAV ] ACCOUNTA NT MEMBER JUDICIAL MEMBER DATED: 29 TH SEPTEMBER , 2014 JJ: 1009 PRINT TO PDF WITHOUT THIS MESSAGE BY PURCHASING NOVAPDF ( HTTP://WWW.NOVAPDF.COM/ ) : - 3 - : COPY FORWARDED TO: 1 . APPELLANT 2 . RESPONDENT 3 . CIT(A) 4 . CIT 5 . DR ASSISTANT REGISTRAR PRINT TO PDF WITHOUT THIS MESSAGE BY PURCHASING NOVAPDF ( HTTP://WWW.NOVAPDF.COM/ )