ITO, Ajmer V. KEKRI SAHAKARI BHUMI VIKAS BANK LTD., Ajmer

ITA 881/JPR/2016

• Counselvise Citation: [2017] 130 COUNSELVISE.COM (IT) 5669 (ITAT-JAIPUR)
• Duration Of Justice: 2 month(s) 30 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-01-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2008-2009
• Appeal Filed On: 03-10-2016
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Section: 32; 147; 131; 68; 246; 69; 145; 27; 148; 54; 37; 6; 56; 263; 63; 132; 12; 28; 271(1)(c); 144; 10; 90; 154; 2; 11; 15; 271(1)(b); 139; 92; 80P; 43

Judgement Text

VK;DJ VIHYH; VF/KDJ.K] T;IQJ U;K;IHB] T;IQJ IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHE S, JAIPUR JH DQY HKKJR] U;KF;D LNL; ,OA JH FOE FLAG ;KNO] YS [KK LNL; DS LE{K BEFORE: SHRI KUL BHARAT, JM & SHRI VIKRAM SINGH YAD AV, AM VK;DJ VIHY LA-@ ITA NO.881/JP/16 FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2008-09 THE INCOME TAX OFFICER, WARD 2(3), AJMER. CUKE VS. M/S KEKRI SAHAKARI BHOOMI VIKAS BANK LTD., POST KEKRI, DIST. AJMER LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN NO. AAATK 3393 A VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT VK;DJ VIHY LA-@ CO NO.42/JP/16 (A/O ITA NO. 881/JP/16) FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2008-09 M/S KEKRI SAHAKARI BHOOMI VIKAS BANK LTD., POST KEKRI, DIST. AJMER CUKE VS. THE INCOME TAX OFFICER, WARD 2(3), AJMER. LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN NO. AAATK 3393 A VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT VK;DJ VIHY LA-@ ITA NO.882/JP/16 FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2009-10 THE INCOME TAX OFFICER, WARD 2(3), AJMER. CUKE VS. M/S KEKRI SAHAKARI BHOOMI VIKAS BANK LTD., POST KEKRI, DIST. AJMER LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN NO. AAATK 3393 A ITA NO. 881 & 882 JP/16 ITO WARD 2(3), AJMER VS. M/S KEKRI SAHAKARI BHOOMI VIKAS BANK LTD. 2 VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT VK;DJ VIHY LA-@ CO NO.43/JP/16 (A/O ITA NO. 882/JP/16) FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2009-10 M/S KEKRI SAHAKARI BHOOMI VIKAS BANK LTD., POST KEKRI, DIST. AJMER CUKE VS. THE INCOME TAX OFFICER, WARD 2(3), AJMER. LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN NO. AAATK 3393 A VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT FU/KZKFJRH DH VKSJ LS@ ASSESSEE BY : SHRI SANJEEV JAIN (CA) JKTLO DH VKSJ LS@ REVENUE BY : SHRI RAJENDRA JHA (ADDL. CIT ) LQUOKBZ DH RKJH[K@ DATE OF HEARING : 02.01.2017 ?KKS'K .KK DH RKJH[K @ DATE OF PRONOUNCEMENT : 02/01/2017. VKNS'K@ ORDER PER SHRI VIKRAM SINGH YADAV, A.M. THESE ARE TWO APPEALS FILED BY THE REVENUE AGAINST THE DELETI ON OF PENALTY LEVIED U/S 271(1)(C) OF THE IT ACT BY THE L D. CIT(A), AJMER VIDE HIS ORDERS OF EVEN DATE I.E. 12.07.2016 FOR A.Y. 2008-0 9 AND 2009-10. FURTHER THE ASSESSEE HAS ALSO FILED ITS CROSS OBJECTION FOR BOT H THE YEARS IN SUPPORT OF THE ORDER OF THE LD CIT(A) WHEREIN IT HAS BEEN PRAYED T HAT PENALTY LEVIED BY THE AO HAS RIGHTLY BEEN DELETED BY THE LD CIT(A). ITA NO. 881 & 882 JP/16 ITO WARD 2(3), AJMER VS. M/S KEKRI SAHAKARI BHOOMI VIKAS BANK LTD. 3 2. AT THE OUTSET, IT WAS BROUGHT TO THE NOTICE OF T HE BENCH THAT THE CO-ORDINATE BENCH VIDE ITS ORDER DATED 12.02.2016 I N ITA NO.23/JP/15 AND 505/JP/15 HAS DELETED THE ADDITIONS IN THE QUANTUM PROCEEDINGS FOR THE SUBJECT ASSESSMENT YEARS. FURTHER IT WAS ALSO BROU GHT TO THE NOTICE OF THE BENCH THAT LD. CIT(A) HAS DELETED THE PENALTY FOLLO WING THE DELETION OF ADDITIONS BY THE COORDINATE BENCH VIDE ITS ORDER DA TED 12.02.2016. 3. THE RELEVANT FINDINGS OF THE COORDINATE BENCH IN ITA NO. 23/JP/15 AND 505/JP/15 IS REPRODUCED AS UNDER: WE HAVE HEARD THE RIVAL ARGUMENTS AND PERUSED THE MATERIAL AVAILABLE ON RECORD. THE ASSESSEE HAS CLEARLY DEMONSTRATED THRO UGH ITS LOAN DISBURSED STATEMENT THAT DURING A.Y. 2008-09, IT HAD DISBURSE D 89.10% OF ITS TOTAL LOAN DISBURSED TOWARDS AGRICULTURAL AND ALLIED ACTIVITIE S. SIMILARLY, DURING A.Y. 2009- 10 THE DISBURSEMENT TOWARDS THESE ACTIVITIES WAS TO THE TUNE OF 86.41%. HENCE, FOLLOWING THE COORDINATE BENCH DECISION AS R EFERRED SUPRA, WE HEREBY CONFIRM THE CLAIM OF ASSESSEE FOR DEDUCTION U/S 80P (2)(A)(I) OF THE ACT FOR BOTH THE YEARS. HENCE, GROUND TAKEN BY THE ASSESSEE IS ALLOWED. 4. THE LD. DR IS HEARD WHO HAS RELIED UPON THE ORDE R OF THE AO. AT THE SAME TIME, HE HAS FAIRLY AGREED THAT THE ADDITIONS IN THE QUANTUM PROCEEDINGS HAVE BEEN DELETED BY THE COORDINATE BENCH VIDE ITS ORDER DATED 22.02.2016. 5. AFTER HEARING BOTH THE PARTIES AND PERUSING THE MATERIAL AVAILABLE ON RECORD, IT IS CLEAR THAT THE SUBJECT MATTER FOR LEV Y OF PENALTY HAS ALREADY BEEN DELETED BY THE COORDINATE BENCH IN QUANTUM PROCEEDI NGS VIDE ITS ORDER DATED 22.02.2016. THE COORDINATE BENCH HAS UPHELD THE ASS ESSEES CLAIM FOR DEDUCTION U/S 80P(2)(A)(I) OF THE ACT AND THE ADDIT IONS MADE BY THE ASSESSING OFFICER BY WAY OF DENIAL OF DEDUCTION U/S 80P(2)(A) (I) OF THE ACT HAS BEEN DELETED. GIVEN THAT THE ADDITION, ON WHICH THE PEN ALTY HAS BEEN LEVIED, HAS BEEN DELETED BY THE COORDINATE BENCH IN THE QUANTUM PROCEEDINGS, THERE IS NO ITA NO. 881 & 882 JP/16 ITO WARD 2(3), AJMER VS. M/S KEKRI SAHAKARI BHOOMI VIKAS BANK LTD. 4 BASIS FOR LEVY OF PENALTY AND THE PENALTY DOESNT T HEREFORE SURVIVE. WE ACCORDINGLY CONFIRM THE ORDER OF THE LD CIT(A) DELE TING THE LEVY OF PENALTY FOR BOTH THE IMPUNGED YEARS. IN THE RESULT ALL THE APPEALS FILED BY THE REVENUE ARE DISMISSED AND CROSS- OBJECTIONS FILED BY THE ASSESSEE ARE ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 02/0 1/2017. SD/- SD/- (KUL BHARAT ) (VIKRAM SINGH YADAV) U;KF;D LNL;@ JUDICIAL MEMBER YS[KK LNL;@ ACCOUNTANT MEMBER JAIPUR DATED:- 02/01/2017 PILLAI VKNS'K DH IZFRFYFI VXZSF'KR@ COPY OF THE ORDER FORWARDED TO: 1. VIHYKFKHZ@ THE APPELLANT- THE ITO, WARD 2(3), AJMER 2. IZR;FKHZ@ THE RESPONDENT- M/S KEKRI SAHAKARI BHOOMI VIKAS BAN K LTD, KEKRI 3. VK;DJ VK;QDR@ CIT AJMER 4. VK;DJ VK;QDRVIHY@ THE CIT(A)-AJMER 5. FOHKKXH; IZFRFUF/K] VK;DJ VIHYH; VF/KDJ.K] T;IQJ@ DR, ITAT, JAIPUR 6. XKMZ QKBZY@ GUARD FILE (ITA NO.881 & 882 AND CO. 42 & 43 /JP/2016) VKNS'KKUQLKJ@ BY ORDER, LGK;D IATHDKJ@ ASSISTANT. REGISTRAR.