KOLHAPUR UDYAM COOPERATIVE SOCIETY LTD,KOLHAPUR V. CENTRAL PROCESSING CENTRE, BANGALORE

ITA 1104/KOL/2024

AI Insights

The case involves the Kolhapur Udyam Cooperative Society Ltd., which appealed against an order from the Addl/JCIT(A)-3, Kolkata, concerning a denial of deduction under section 80P of the Income-tax Act, 1961. Initially, the Cooperative Society's return was processed under section 143(1), and the matter was later selected for complete scrutiny due to a large deduction claimed. The scrutiny assessment resulted in certain additions to the income, which were partially contested in the appeal. The CIT(A)/NFAC allowed the deduction for interest income but confirmed other additions. The Tribunal dismissed the appeal as infructuous because the main issue had already been resolved in favor of the assessee in earlier proceedings.

• Counselvise Citation: [2024] 140 COUNSELVISE.COM (IT) 32575 (ITAT-PUNE)
• Duration Of Justice: 6 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-12-2024
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 13-11-2024
• Assessment Year: 2020-2021
• Appeal Filed On: 14-05-2024
• Laws Referred To: Income-tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: ARVIND DESAI
• Assessee Lawyers: PRAMOD S. SHINGTE

Judgement Text

"IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCHES “B”, PUNE BEFORE DR.MANISH BORAD, ACCOUNTANT MEMBER AND SHRI VINAY BHAMORE, JUDICIAL MEMBER आयकर अपील सं. / ITA No.1104/Kol/2024 \u000bनधा\u000fरण वष\u000f / Assessment Year : 2020-21 Kolhapur Udyam Cooperative Society Ltd., 1328/25A, Y.P. Powarnagar, Kolhapur – 416 008 Maharashtra PaN : AAAAK0364N Vs. CPC, Bangalore Appellant Respondent आदेश / ORDER PER DR. MANISH BORAD, ACCOUNTANT MEMBER : The captioned appeal at the instance of Assessee is directed against the order dated 23rd March, 2024 framed by Addl/JCIT(A)-3, Kolkata u/s.250 of the Income-tax Act, 1961 (hereinafter referred to as ‘The Act’). 2. The present appeal has been transferred from ITAT, Kolkata Benches to Pune Benches on the ground of Jurisdiction. 3. At the very outset, Ld. Counsel for the assessee submitted that appeal has been filed against the Intimation order dated 23.12.2021 processed by the CPC denying the deduction claimed by the assessee u/s.80P of the Act which got imprimatur by the ld.CIT(A) in the impugned order. However, it is submitted by Ld. Assessee by : Shri Pramod S. Shingte Revenue by : Shri Arvind Desai Date of hearing : 13.11.2024 Date of pronouncement : 04.12.2024 ITA No.1104/Kol/PUN/2024 Kolhapur Ydyam Coop. Society Ltd.. 2 Counsel for the assessee that subsequent to processing of return u/s.143(1), the matter was selected through CASS for ‘complete scrutiny’ for verification of large deduction under Chapter VI-A. The assessment order was passed by the AO vide order dated 25.09.2022 u/s.143(3) r.w.s.144B of the Act denying deduction of interest income of Rs.75,00,813/- apart from making addition on account of leave encashment of Rs.1,49,506/- and loss of sale of weigh bridge Rs.2,79,244/-, determining the income of the assessee at Rs.1,83,44,520/-. Aggrieved by the above assessment order, an appeal was filed before the ld.CIT(A)/NFAC who inturn had allowed the deduction of interest income u/s.80P(2)(d) of Rs.75,00,813/- but confirmed the remaining two additions made by AO. The said order of ld.CIT(A)/NFAC allowing the deduction u/s.80P(d)(d) was also given effect to by CIT, Circle-1, Kolhapur vide order dated 28.11.2023. The copies of the assessment order, appellate order and the order giving effect to have been placed on record. The ld. Counsel for the assessee accordingly submitted that the instant appeal becomes ‘Infructuous’. 4. The ld. Departmental Representative did not dispute the above factual position elucidated by the ld. Counsel for the assessee. 5. We have heard the parties and perused the record placed before us. Though the instant appeal has been filed against the Intimation order passed by the CPC u/s.143(1) denying deduction u/s.80P(2)(d) of the Act, the fact remains undisputed that same issued was again examined in the scrutiny assessment u/s.143(3) and matter travelled before the ld.CIT(A)/NFAC. The CIT(A)/NFAC vide its order dated ITA No.1104/Kol/PUN/2024 Kolhapur Ydyam Coop. Society Ltd.. 3 20.07.2023 allowed the deduction claimed u/s.80P(2)(d) of the Act which was also given effect to by the CIT, Circle-1, Kolhapur by order dated 28.11.2023. In the light of these facts, the present appeal filed by the assessee deserves to be dismissed as “infructuous. 6. In the result, appeal filed by the assessee is dismissed. Order pronounced on this 04th day of December, 2024. Sd/- Sd/- (VINAY BHAMORE) (MANISH BORAD) JUDICIAL MEMBER ACCOUNTANT MEMBER पुणे / Pune; \u0001दनांक / Dated : 04th December, 2024. Satish आदेश क\u0002 \u0003ितिलिप अ\tेिषत / Copy of the Order forwarded to : 1. अपीलाथ\f / The Appellant. 2. \r\u000eयथ\f / The Respondent. 3. The Pr. CIT concerned. 4. िवभागीय \rितिनिध, आयकर अपीलीय अिधकरण, “B” ब\u0014च, पुणे / DR, ITAT, “B” Bench, Pune. 5. गाड\u0004 फ़ाइल / Guard File. आदेशानुसार / BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण, पुणे / ITAT, Pune. "