ITO, WD-36(4), KOLKATA, Kolkata V. Bank of India Employee Co-Op Credit Society Ltd., Kolkata

ITA 890/KOL/2015

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 4656 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 1 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-08-2016
• Appeal Filed By: Department
• Bench Allotted: SMC
• Assessment Year: 2011-2012
• Appeal Filed On: 18-06-2015
• Court: TRIBUNAL
• Department Lawyers: RAJAT KUMAR KUREEL
• Assessee Lawyers: VARSHA JALAN
• Keywords: Business income; Tax effect

Judgement Text

I.T.A. NO. 890/KOL./2015 ASSESSMENT YEAR: 2011-2012 PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA A(SMC) BENCH, KOLKATA BEFORE SHRI P.M. JAGTAP, ACCOUNTANT MEMBER I.T.A. NO. 890 /KOL/ 2015 ASSESSMENT YEAR: 2011-2012 INCOME TAX OFFICER,................................ .......................................APPELLANT WARD-36(4), KOLKATA, 8 TH FLOOR, AAYAKAR BHAWAN (POORVA), 110, SHANTI PALLY, KOLKATA-700 107 -VS.- BANK OF INDIA EMPLOYEE CO-OP. CREDIT SOCIETY LIMITE D,..............RESPONDENT 23A-B, N.S. ROAD, KOLKATA-700 001 [PAN: AAAJT 0843 Q] APPEARANCES BY: SHRI RAJAT KUMAR KUREEL, JCIT, D.R., FOR THE DEPARTMENT MS. VARSHA JALAN, ADVOCATE, FOR THE ASSESSEE DATE OF CONCLUDING THE HEARING : JULY 21, 2016 DATE OF PRONOUNCING THE ORDER : AUGUST 10, 2016 O R D E R THIS APPEAL IS PREFERRED BY THE REVENUE AGAINST THE ORDER OF LD. COMMISSIONER OF INCOME TAX (APPEALS)-10, KOLKATA DA TED 30.03.2015 FOR THE ASSESSMENT YEAR 2011-12 ON THE FOLLOWING GROUND S:- 1. ' THAT ON THE FACTS AND THE CIRCUMSTANCES OF THE CASE, THE LD. CIT(A), ERRED IN APPORTIONING THE EXPENSE RELATED TO BUSINESS INCOME (WHICH IS EXEMPT U/S 80P) FROM THE TAXABLE INCOME INCOME FROM OTHER SOURCE. 2. THAT ON THE FACTS AND THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT(A) ERRED IN ALLOWING DEDUCTION OF SECTION 80P ON THE ENHANCED ASSESSED BUSINESS INCOME WHICH WAS NOT CLAIMED AS DEDUCTION BY THE ASSESSEE IN HIS RETURN OF INCOME. 2 AS POINTED OUT BY THE LD. COUNSEL FOR THE ASSESSE E AT THE OUTSET, THE TAX EFFECT INVOLVED IN THIS APPEAL OF THE REVENUE I S LESS THAN THE REVISED I.T.A. NO. 890/KOL./2015 ASSESSMENT YEAR: 2011-2012 PAGE 2 OF 2 MONETARY LIMIT RECENTLY FIXED BY THE CBDT VIDE CIRC ULAR NO. 21/2015 DATED 10 TH DECEMBER, 2015 AT RS.10,00,000/- FOR FILING THE AP PEAL BY THE REVENUE BEFORE THE TRIBUNAL AND THIS POSITION CLEAR LY EVIDENT FROM THE GROUNDS RAISED BY THE REVENUE IN THIS APPEAL IS NOT DISPUTED EVEN BY THE LD. D.R. IN CIRCULAR NO. 21/2015 (SUPRA) RECENTLY I SSUED BY THE CBDT, THE MONETARY LIMIT FOR FILING THE APPEAL BY THE REVENUE BEFORE THE TRIBUNAL HAS BEEN INCREASED TO RS.10,00,000/- AND AS CLARIFI ED IN THE SAID CIRCULAR, THE SAID MONETARY LIMIT IS APPLICABLE RETROSPECTIVE LY EVEN TO THE APPEALS PENDING BEFORE THE TRIBUNAL. THE CBDT HAS ALSO INST RUCTED THAT SUCH PENDING APPEALS BELOW THIS SPECIFIED TAX LIMIT OF R S.10,00,000/- MAY BE WITHDRAWN/ NOT PRESSED. KEEPING IN VIEW THE INSTRUC TION GIVEN BY THE CBDT VIDE CIRCULAR NO. 21/2015 DATED 10.12.2015, WH ICH IS SQUARELY APPLICABLE IN THE PRESENT CASE, THE APPEAL FILED BY THE REVENUE IN THIS CASE IS TREATED AS WITHDRAWN/NOT PRESSED AND DISMIS SED ACCORDINGLY. 3. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON AUGUST 10, 20 16. SD/- (P.M. JAGTAP) ACCOUNTANT MEMBER KOLKATA, THE 10 TH DAY OF AUGUST, 2016 COPIES TO : (1) INCOME TAX OFFICER, WARD-36(4), KOLKATA, 8 TH FLOOR, AAYAKAR BHAWAN (POORVA), 110, SHANTI PALLY, KOLKATA-700 107 (2) BANK OF INDIA EMPLOYEE CO-OP. CREDIT SOCIETY L IMITED, 23A-B, N.S. ROAD, KOLKATA-700 001 (3) COMMISSIONER OF INCOME TAX (APPEALS)-10, KOLKA TA; (4) COMMISSIONER OF INCOME TAX- , (5) THE DEPARTMENTAL REPRESENTATIVE (6) GUARD FILE BY ORDER ASSISTANT REGISTRAR, INCOME TAX APPELLATE TRIBUNAL, KOLKATA BENCHES, KOLKATA LAHA/SR. P.S.