The ITO, Ward-3, Nadiad V. Balasinor Vikas Co.Op.Credit So.Ltd., Kheda

ITA 909/AHD/2013

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 9107 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 11 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-03-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2009-2010
• Appeal Filed On: 03-04-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: TALATI
• Keywords: Retrospective amendment; Tax effect
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD C BENCH BEFORE: S H RI PRAMOD KUMAR , ACCOUNTANT MEMBER AND SHR I S. S. GODARA , JUDICIAL MEMBER THE INCOME TAX OFFICER, WARD - 3, NADIAD (APPELLANT) VS BALASINOR ROAD TRANSPORT CO. OP. CREDIT SOCIETY LTD, RAJPURI DARWAJA, BALASINOR, DIST. KHEDA - 388255 (RESPONDENT) REVENUE BY : S H RI RAJDEEP SINGH , SR. D . R. ASSESSEE BY: S H RI S.H. TALATI , A.R. DATE OF HEARING : 11 - 03 - 2 016 DATE OF PRONOUNCEMENT : 18 - 03 - 2 016 / ORDER P ER : S. S. GODARA , JUDICIAL MEM BER : - THE S E TWO REVENUE S APPEAL S FOR A.Y. 2009 - 10 , AR ISE FROM ORDER OF THE CIT(A) - IV, BARODA DATED 18 - 01 - 2013 IN APPEAL NO. CAB/IV - N - 312 /2011 - 12 , IN PROCEEDINGS UNDER SECTION 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT . I T A NO S . 908 & 909 / A HD/20 13 A SSESSMENT YEAR 200 9 - 10 I.T.A NO S. 908 & 909 /AHD/20 13 A.Y. 2009 - 10 PAGE NO ITO VS. BALASINOR ROAD TRANSPORT CO. COP. CREDIT SOCIETY LTD 2 2. THE REVENUE S SOL E SUBSTANTIVE GROUND IN E ACH OF THESE APPEALS CHALLENGE THE CIT(A) S ORDER HOLDING THE ASSESSEE ELIGIBLE FOR 80P DEDUCTION ON INTEREST AMOUNT RECEIVED FROM FIXED DEPOSITS WITH COMMERCIAL BANKS THEREBY TREATING THE SAME AS PROFITS AND GAINS FROM BUSINESS I N S TEAD OF INCOME FROM OTHER SOURCES. IT EMERGES THAT RELEVANT DEDUCTION AMOUNT IN QUESTION ARE OF RS. 11,77,279/ - AND RS. 27,12,293/ - AND GRAND TOTAL INCOME IS RS. 12,27,461/ - AND RS. 28,45,023/ - ; RESPECTIVELY. THE LD. AUTHORIZED REPRESENTATIVE INVITES O UR ATTENTION TO THE ABOVE STATED DETAILS AND SUBMITS THAT THE NET TAX EFFECT IN BOTH CASES IS OF LESS THAN RS. 10 LACS. THE REVENUE IS UNABLE TO DISPEL THIS FACTUAL POSITION. THERE IS NO DISPUTE THAT THE NET TAX EFFECT IN THE INSTANT APPEAL IS LESS THAN RS. 10 LACS. WE FIND THAT THE CENTRAL BOARD OF DIRECT TAXES; HEREAFTER THE BOARD HAS ISSUED THE CIRCULAR NO. 21/2015 DATED 10 - 12 - 2015 CLEARLY ENVISAGING THEREIN THAT DEPARTMENT S PENDING APPEALS BEFORE THE TRIBUNAL/HIGH COURTS ARE TO BE WITHDRAWN/NOT P RESSED AS PER THE ABOVE STATED CIRCULAR. THE SAME HAS BEEN DECLARED TO BE HAVING RETROSPECTIVE EFFECT IN OTHER WORDS. WE TAKE INTO CONSIDERATION THE ABOVE STATED BOARD S CIRCULAR AND DISMISS THE INSTANT APPEAL ACCORDINGLY. 3. THESE TWO REVENUE S APPEALS ARE DISMISSED AS HAVING LOW TAX EFFECT. ORDER PR ONOUNCED IN THE OPEN C OURT ON 18 - 03 - 201 6 SD/ - SD/ - ( PRAMOD KUMAR ) ( S. S. GODARA ) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD : DATED 18 /03 /2016 I.T.A NO S. 908 & 909 /AHD/20 13 A.Y. 2009 - 10 PAGE NO ITO VS. BALASINOR ROAD TRANSPORT CO. COP. CREDIT SOCIETY LTD 3 AK / COPY OF ORDER FORWARDED TO: - 1. ASSESSEE 2. REVENUE 3. CONCERNED CIT 4. CIT (A) 5. DR, ITAT, AHMEDABAD 6. GUARD FILE. BY ORDER/ , / ,