Society of Saint Ursula, Pune V. Assistant Commissioner of Income-Tax -Exemption Circle, Pune

ITA 936/PUN/2022

AI Insights

The case involves the Society of Saint Ursula, a charitable trust engaged in educational activities, appealing against the decision of the CIT(A) which upheld the Assessing Officer's refusal to allow deduction of tax deducted at source amounting to Rs.27,43,667/- from the interest income. The Tribunal, referencing a similar case from the preceding assessment year, decided in favor of the assessee, allowing the deduction claimed.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 137687 (ITAT-PUNE)
• Duration Of Justice: 2 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-03-2023
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 01-03-2023
• Assessment Year: 2017-2018
• Appeal Filed On: 21-12-2022
• Laws Referred To: Income Tax Act
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “SMC”, PUNE BEFORE SHRI R.S. SYAL, VICE PRESIDENT आयकर अपील सं. /ITA No.936/PUN/2022 नधा रण वष / Assessment Year : 2017-18 Society of Saint Ursula, 1, Akurdi, Pune – 411 035 Maharashtra PAN : AAAAS4291C Vs. ACIT, Exemption Circle, Pune Appellant Respondent आदेश / ORDER PER R.S. SYAL, VP : This appeal by the assessee arises out of the order dated 22-11-2022 passed by CIT(A) in National Faceless Appeal Centre (NFAC), Delhi u/s.250 of the Act in relation to the assessment year 2017-18. 2. The only issue raised in this appeal is against not allowing deduction of tax deducted at source of Rs.27,43,667/- from the interest income as application of income. 3. Briefly stated, the facts of the case are that the assessee is a charitable trust engaged in educational activities. Return of income was filed claiming deduction, inter alia, for tax deducted Assessee by Shri C.H. Naniwadekar Revenue by Shri Akhilesh Srivastava Date of hearing 02-03-2023 Date of pronouncement 02-03-2023 ITA No. 936/PUN/2022 Society of Saint Ursula 2 at source amounting to Rs.27,43,667/- on interest income. The Assessing Officer (AO) did not allow deduction for such tax deducted at source. The ld. CIT(A) countenanced the action of the AO, against which the assessee has approached the Tribunal. 4. Having heard both the sides and gone through the relevant material on record, it is seen that similar issue came up for consideration before the Tribunal in assessee’s own case for the immediately preceding assessment year 2016-17 today itself. Vide separate order for the immediately preceding assessment year, I have allowed the assessee’s claim. The reasons so ascribed hold good for the year under consideration as well. I, therefore, direct to allow deduction of Rs.27,43,667/- in the computation of income available for application or accumulation. 5. In the result, the appeal is allowed. Order pronounced in the Open Court on 02 nd March, 2023. Sd/- (R.S.SYAL) उपा य / VICE PRESIDENT प ु णे Pune; दनांक Dated : 02 nd March, 2023 Satish ITA No. 936/PUN/2022 Society of Saint Ursula 3 आदेश की ितिलिप अ ेिषत/Copy of the Order is forwarded to : 1. अपीलाथ / The Appellant; 2. 3. थ / The Respondent The Pr.CIT concerned 4. 5. DR, ITAT, ‘SMC’ Bench, Pune गाड फाईल / Guard file. आदेशानुसार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण ,पुणे / ITAT, Pune Date 1. Draft dictated on 02-03-2023 Sr.PS 2. Draft placed before author 02-03-2023 Sr.PS 3. Draft proposed & placed before the second member - JM 4. Draft discussed/approved by Second Member. - JM 5. Approved Draft comes to the Sr.PS/PS Sr.PS 6. Kept for pronouncement on Sr.PS 7. Date of uploading order Sr.PS 8. File sent to the Bench Clerk Sr.PS 9. Date on which file goes to the Head Clerk 10. Date on which file goes to the A.R. 11. Date of dispatch of Order. *