Income Tax Officer, Nipani., Nipani V. Shri Vijayalaxmi Co-op. Credit Society Ltd., Chikodi

ITA 79/PAN/2015

• Counselvise Citation: [2015] 121 COUNSELVISE.COM (IT) 1039 (ITAT-PANAJI)
• Duration Of Justice: 3 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-06-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 04-06-2015
• Assessment Year: 2011-2012
• Appeal Filed On: 02-03-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: K M MAHESH LD
• Assessee Lawyers: SHAM J KAMAT

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI BEFORE SHRI GEORGE MATHAN , HONBLE JUDICIAL MEMBER ITA N O . 79 /PNJ/20 15 : (A.Y 2011 - 12 ) INCOME TAX OFFICER, NIPANI, BELAGAVI DIST. ( APPELLANT) VS. SHRI VIJAYALAXMI CO - OPERATIVE CREDIT SOCIETY LTD., A/P JANAWAD, TQ. CHIKODI, DIST. : BELAGAVI PAN : AACAS1009A (RESPONDENT) ASSESSEE BY : SHAM J. KAMAT, CA REVENUE BY : K.M. MAHESH, LD. DR DATE OF HEARING : 04 / 06 /201 5 DATE OF PRONOUNCEMENT : 04 / 06 /201 5 O R D E R 1. THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF LD. CIT(A), BELGAUM IN ITA NO. 312/BGM/13 - 14 DT. 1.12.2014 IN A.Y 2011 - 12. SHRI K.M. MAHESH, LD. DR REPRESENTED ON BEHALF OF THE REVENUE. SHRI SHAM K. JAMAT, CA REPRESENTED ON BEHALF OF THE ASSESSEE. 2. IT WAS SUBMITTED BY THE LD. DR THAT THE ISSUE IN THIS APPEAL WAS IDENTICAL TO THE ISSUE RAISED BY THE REVENUE IN THE CASE OF M/S. RENUKA CO - OPERATIVE CREDIT SOCIETY LTD. IN ITA NO. 70/PNJ/2015. 3. I HAVE CONSIDERED THE SUBMISSIONS. AS IT IS NOTICED THAT THE ISSUE IN THE APPEAL IS IDENTICAL TO THE ISSUE RAISED BY THE REVENUE IN THE CASE OF M/S. RENUKA 2 ITA NO. 7 9 /PNJ/2015 (A.Y : 2011 - 12) CO - OPERATIVE CREDIT SOCIETY LTD. IN ITA NO. 70/PNJ/2015 AND AS IN THE SAID APPEAL OF THE REVENUE IN ITA NO. 70/PNJ/2015 IT HAS BEEN ALREADY HELD AS FOLLOWS : 4. I HAVE CONSIDERED THE RIVAL SUBMISSIONS. A PERUSAL OF THE ORDER OF THE LD. CIT(A) IN THE PRESENT CASE, MORE SPECIFICALLY AT PARA 8.1 CLEARLY SHOWS THAT THE LD. CIT(A) HAS TAKEN INTO CONSIDERA TION THE DECISION OF THE JURISDICTION HIGH COURT OF KARNATAKA IN THE CASE OF SRI BILURU GURUBASAVA PATTINA SAHAKARI SANGHA NIYAMITHA IN INCOME TAX APPEAL NO. 5006/2013 DT. 5.2.2014 AS ALSO THE DECISION IN THE CASE OF VASAVI MULTIPURPOSE SOUHARDA SAHAKARI N IYAMITA IN ITA NO. 505/2013 DT. 27.6.2014 REFERRED TO SUPRA TO HOLD THAT THE ASSESSEE IS NOT HOLDING A BANKING LICENCE FROM THE RBI AND IS ENGAGED IN ONLY PROVIDING CREDIT FACILITIES TO ITS MEMBERS. AS IT IS NOTICED THAT THE ISSUE IS SQUARELY COVERED BY T HE DECISION OF THE HON'BLE JURISDICTION HIGH COURT OF KARNATAKA AND AS NO FACTS HAVE BEEN BROUGHT OUT TO DISTINGUISH THE ASSESSEES CASE FROM THAT AS DECIDED BY THE HON'BLE JURISDICTION HIGH COURT OF KARNATAKA, I AM OF THE VIEW THAT THE FINDING OF LD. CIT( A) IS ON A RIGHT FOOTING AND DOES NOT CALL FOR ANY INTERFERENCE. IN THE RESULT, THE APPEAL FILED BY THE REVENUE STANDS DISMISSED. IN THE CIRCUMSTANCES, FOLLOWING MY EARLIER DECISION IN THE CASE OF M/S. RENUKA CO - OPERATIVE CREDIT SOCIETY LTD. IN ITA NO. 70/PNJ/2015 DT. 4.6.2015 THE APPEAL OF THE REVENUE STANDS DISMISSED. 4. IN THE RESULT, THE APPEAL FILED BY THE REVENUE STANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 04/06/2015. S D / - ( GEORGE MATHAN ) JUDICIAL MEMBER PLACE : PANAJI / GOA DATED : 0 4 /06/ 201 5 *SSL* 3 ITA NO. 7 9 /PNJ/2015 (A.Y : 2011 - 12) COPY TO : (1) APPELLANT (2) RESPONDENT (3) CIT(A) CONCERNED (4) CIT CONCERNED (5) D.R (6) GUARD FILE TRUE COPY, BY ORDER , 4 ITA NO. 7 9 /PNJ/2015 (A.Y : 2011 - 12) DATE INITIAL ORIGINAL DICTATION PAD & DRAFT ORDER ARE ENCLOSED IN THE FILE 1. DRAFT DICTATED ON 04/06/2015 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 04/06/2015 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER N/A JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER N/A JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS 04 /06/2015 SR.PS 6. DATE OF PRONOUNCEMENT 04/06/2015 SR.PS 7. FILE SENT TO THE BENCH CLERK 0 4 /06/2015 SR.PS 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK 9. DATE OF DISPATCH OF ORDER