The Patan Urban Co-operative Bank Ltd, V. Income Tac Officer, Satara

ITA 897/PUN/2010

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 49776 (ITAT-PUNE)
• Duration Of Justice: 10 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-05-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 16-03-2011
• Assessment Year: 2005-2006
• Appeal Filed On: 15-06-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A S SINGH

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B , PUNE BEFORE SHRI I.C. SUDHIR (JM) AND SHRI G.S. PANNU (AM) ITA NO. 897 /PN/ 20 1 0 ( ASSTT. YEAR : 2005 - 06 ) THE PATAN URBAN CO - OPERATIVE BANK LTD., 886 - A, PATAN, TAL. PATAN DIST. SATARA PAN: AAATT4001G .. APP ELLANT V. INCOME - TAX OFFICER, WARD 1, SATARA . RESPONDENT APP ELLANT BY : SHRI M.K. KULKARNI RESPONDENT BY : SHRI. A.S. SINGH ORDER PER I.C. SU DHIR, JM TH E ASSESSEE HAS QUESTIONNED FIRST APPELLATE ORDER ON THE SOLE GROUND THAT T HE LD CIT(A) WAS NOT JUSTIFIED IN REJECTING THE CLAIM OF INSURANCE COMMISSION AS THE SAME WAS EXEMPT U/S. 80 P(2)(A)(I) OF THE ACT. 2. AT THE OUTSET OF HEARING, THE LD. A.R. SUBMITTED THAT THE ISSUE RAISED IN THE GROUND IS FULLY COVERED BY THE DECISIONS O F PUNE BENCH OF THE TRIBUNAL IN THE CASES OF JANKALYAN NAGARI SAHAKARI PATSANSTHA MARYADIT V. ITO, ITA NO. 1352/PN/2007 (A.Y. 2004 - 05), ORDER DATED 30 TH APRIL 2009; MAHAVIR NAGARI PAT SANSTHA, 74 TTJ 793(PUNE); AND JANATA BANK SEVAKANCHI SAHAKARI CREDIT S OCIETY V. ITO, ITA NO. 1477/PN/2008 (A.Y. 2005 - 06), ORDER DATED 31 ST DECEMBER 2008. LD. A.R. FURNISHED THE COPY OF THE ORDER OF THE TRIBUNAL IN THE CSE OF JANKALYAN NAGARI SAHAKARI PATSANSTHA MARYADIT V. ITO (SUPRA) WHEREIN THE OTHER TWO DECISIONS HAVE BE EN FOLLOWED. ITA . NO 897/PN/2010 THE PATAN URBAN CO - OPERATIVE BAN K LTD... A. Y 2005 - 06 PAGE 2 OF 2 2 3. LD. D.R. DID NOT DISPUTE THE ABOVE SUBMISSIONS BUT AT THE SAME TIME, HE PLACED RELIANCE ON THE ORDERS OF THE AUTHORITIES BELOW. 4. HAVING GONE THROUGH THE ABOVE CITED DECISION ON AN IDENTICAL ISSUE, WE FIND THAT THE PUNE BENCH OF THE TRI BUNAL IN THE ABOVE CITED CASES HAS ALREADY DECIDED AN IDENTICAL ISSUE IN FAVOUR OF THE ASSESSEE HOLDING THAT EARNING OF INSURANCE COMMISSION BY THE ASSESSEE FROM ITS MEMBERS IS ATTRIBUTABLE TO BUSINESS OF BANKING AND IS ELIGIBLE FOR GRANT OF DEDUCTION U/S. 80 P(2)(A)(I) OF THE ACT. FOLLOWING THE CITED DECISION, THE ISSUE RAISED IN THE GROUND IS DECIDED IN FAVOUR OF THE ASSESSEE WITH DIRECTION TO THE A.O TO ACCEPT THE CLAIMED EXEMPTION OF THE ASSESSEE IN THIS REGARD. THE GROUND IS ACCORDINGLY ALLOWED. 5. IN RESULT, APPEAL IS ALLOWED. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 13TH MAY 2011. SD/ - SD/ - ( G.S. PANNU ) ACCOUNTANT MEMBER ( I.C. SUDHIR ) JUDICIAL MEMBER PUNE , DATED THE 13TH MAY , 20 1 1 US COPY OF THE ORDER IS FORWARDED TO : 1. THE A PP ELLA NT 2. THE RESPONDENT 3. THE CIT III , PUNE 4. THE CIT(A) - I II, PUNE 5. THE D.R. B BENCH, PUNE 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL PUN E