The Income Tax Officer, Ward-1, Karwar., Karwar V. M/s Shree Maruti Sahakari Pattina Sangh Niyamit., Bhatkal

ITA 9/PAN/2017

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 7481 (ITAT-PANAJI)
• Duration Of Justice: 2 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-03-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2013-2014
• Appeal Filed On: 09-01-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SHIVENDRA GUPTA
• Assessee Lawyers: R K PIKALE
• Section: 263

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI BEFORE SHRI P.K.BANSAL, HON'BLE ACCOUNTANT MEMBER SHRI GEORGE MATHAN, HONBLE JUDICIAL MEMBER ITA NO. 0 9 /PAN/2017 (ASST. YEAR : 201 3 1 4 ) INCOME TAX OFFICER, WARD 1 , KARWAR, SANTERI KRUPA BUILDING HABBUWADA, KARWAR KARWAR 581 306 KARNATAKA V. M/S. SHREE MARUTI SAHAKARI PATTIN SAHAKARI SANGH NIYAMIT, PAI COMPLEX, MGM TEMPLE ROAD, SIRALI 581 354 BHATKAL PAN NO. AABAS 7089 M (APPELLANT) (RESPONDENT) ASSESSEE BY : R.K. PIKALE CA DEPARTMENT BY : SHRI SHIVENDRA GUPTA - D R DATE OF HEARING : 2 9 /03/2017 . DATE OF PRONOUNCEMENT : 2 9 /03/2017 . O R D E R PER GEORGE MATHAN, JUDICIAL MEMBER 1 . TH IS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF THE LEARNED CIT(A) , MANGALORE IN APPEAL NO ITA.NO. 2 10 / KWR / CIT(A)MNG / 15 - 16 DATED 28/10/ 2016, FOR THE ASSESSMENT YEAR 201 3 1 4 . 2 . SHRI R.K.PIKALE, CA REPRESENTED ON BEHALF O F THE ASSESSEE AND SHRI SHIVENDRA GUPTA REPRESENTED ON BEHALF OF THE REVENUE. 3 . AT THE TIME OF HEARING IT WAS FAIRLY AGREED BY BOTH THE SIDES THAT THE ISSUE WAS SQUARELY COVERED BY THE DECISION OF THE COORDINATE BENCH OF THIS TRIBUNAL IN THE ASSE SSEE S OWN CASE FOR THE ASSES SMENT YEAR 2 ITA NO. 9 /PAN/2017 M/S. SHREE MARUTI S A HAKRAI PATTIN SANGH NIYAMIT 20 10 11 IN ITA.N O. 102/ PNJ / 20 14 DATED 31.10.214 WHEREIN IT HAS BEEN HELD AS FOLLOWING : - 15. WE HAVE ALSO GONE THROUGH THE DECISION OF ACIT VS PALHAWAS PRIMARY AGRICULTURE CO - OPERATIVE SOCIETY LTD, 23 TAXMAN.COM 318 (DELHI). SECTION 80P( 4) CLEARLY EXCLUDES PRIMARY AGRICULTURE CREDIT SOCIETY FROM ITS DOMAIN. THEREFORE THIS DECISION WILL NOT ASSIST THE ASSESSEE. WE HAVE ALSO GONE THROUGH THE DECISION OF PUNE BENCH IN THE CASE OF ITO VS JANKALYAN NAGRI SAHAKARI PAD SANSTHA LTD, 24 TAXMAN. COM 127 PUNE. THIS WE HAVE ALREADY STATED THAT SECTION 80P(2)(A)(I) NOWHERE TALKS OF CO - OPERATIVE CREDIT SOCIETY AND THEREFORE THE DISTINCTION MADE UNDER THE BANKING REGULATION ACT CANNOT BE IMPORTED U/S 80P(2)(A)(I ). THIS DECISION IN OUR OPINION WILL NOT ASSIST THE ASSESSEE. WE HAVE ALSO GONE THROUGH THE DECISION OF TARARANI MANILA CO - OPERATIVE CREDIT SOCIETY LTD TO WHICH THE UNDERSIGNED IS THE AUTHOR SIMILAR FINDING AS HAS BEEN GIVEN IN THIS ARE GIVEN IN THAT CASE ALSO. THE DECISION OF KARNATAKA HIGH COURT IN THE CASE OF CIT VS SRI BILURU GURUBASAVA PATTANA SAHAKARI SANGH NIYAMITHA DATED 5.2.2014, RELATES TO AN APPEAL FILED AGAINST THE ORDER PASSED U/S 263 AND THE QUESTION INVOLVED WAS WHETHER THE REVISIONAL AUTHORI TY WAS JUSTIFIED IN INVOKING HIS POWER U/S 263 WITHOUT THE FOUNDATIONAL FACT OF THE ASSESSEE BEING CO - OPERATIVE BANK. THEREFORE, THIS DECISION IS NOT APPLICABLE. 4 . WE HAVE CONSIDERED THE SUBMISSIONS. AS IT IS NOTICED THAT THE ISSUE IS SQUARELY COVERED BY THE DECISION OF THE COORDINATE BENCH OF THIS TRIBUNAL IN THE ASSESSEES OWN CASE THE FINDING OF THE LEARNED CIT(A) ON THIS ISSUE STANDS CONFIRMED. 5 . IN THE RESULT APPEAL OF THE REVENUE STANDS DISMISSED. 3 ITA NO. 9 /PAN/2017 M/S. SHREE MARUTI S A HAKRAI PATTIN SANGH NIYAMIT ORDER PRONOUNCED IN THE COURT AT THE CLOSE OF THE HEARING ON WEDNESDAY , THE 2 9 TH DAY OF MARCH, 2017 AT GOA . SD/ - SD/ - (P.K.BANSAL) (GEORGE MATHAN) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 2 9 TH MARCH, 2017 . VSSGB / - COPY TO: 1 . THE ASSESSEE. 2 . THE REVENUE. 3 . THE CIT 4 . THE CIT(A), 5 . THE D.R. 6 . GUARD FILE. BY ORDER ASSISTANT REGISTRAR I.T.A.T., PANAJI