Appeal details
Counselvise Citation
[2021] 107 COUNSELVISE.COM (IT) 3468 (ITAT-PANAJI)
Assessee PAN
Bench
Appeal Number
Duration Of Justice
5 year(s) 4 month(s) 28 day(s)
Appellant
Respondent
Appeal Type
Miscellaneous Application
Pronouncement Date
08-10-2021
Appeal Filed By
Assessee
Order Result
Allowed
Bench Allotted
DB
Assessment Year
2012-2013
Appeal Filed On
10-05-2016
Judgement Text
, , IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI, BENCH PANAJI , , BEFORE SHRI LALIET KUMAR, JM AND DR. MITHA LAL MEENA, AM MISCELLANEOUS APPLICATI ON NO. 11 /PAN/201 6 (AY: 20 1 2 - 201 3 ) (ARISING OUT OF ITA NO. 264 /PAN/201 5 THE BELLAD BAGEWADI KRISHI SEVA SAHAKARI SANGH NIYAMIT BELAD BAGEWADI, TAL: HUKKERI, DIST : BELAGAVI PAN NO.AAAAT 0640 C VS ITO WARD - 1(3), BELGAUM ( / APPELLANT ) .. ( / RESPONDENT ) /ASSESSEE BY : SHRI PRAVIN P. GHALI, CA /REVENUE BY : SHRI SOURABH NAYAK, SR.DR / DATE OF HEARING : 0 8 /1 0 /202 1 / DATE OF PRONOUNCEMENT : 08 /10 /202 1 / O R D E R PER BENCH : TH IS MI SCELLANEOUS APPLICATION HAS BEEN FILED BY THE ASSESSEE FOR RECTIFICATION OF THE ORDER DATED 18.08.2015, PASSED IN ITA NO.264/PAN/2015 WHEREBY IN THE LAST PARA THE INTEREST AMOUNT SHOWN HAS WRONGLY BEEN MENTIONED AS RS.21,02,368/ - . 2 . IN THIS REGARD, LD. AR DREW OUR ATTENTION TO THE RECTIFICATION ORDER PASSED BY THE CIT(A), WHEREIN THE AMOUNT HAS BEEN CORRECTED TO THE EXTENT OF RS.61,80,230/ - . TO THE ABOVE SAID EFFECT, THE ORDER PASSED BY THE TRIBUNAL IS REQUIRED TO BE RECTIFIED. 3. PER CONTRA, THE LD. DR OF THE REVENUE HAS NO OBJECTION IF THE SAME IS CORRECTED. 4. IN VIEW OF THE ABOVE, WE ARE OF THE OPINION THAT ADMITTEDLY THE CIT(A) HAS PASSED THE RECTIFICATION ORDER AND RECTIFIED THE AMOUNT TO THE MA NO. 11 /PAN/201 6 2 EXTENT OF RS.61,80,230/ - INSTEAD OF RS.21,02,368/ - AFTER CONSIDERING THE SUBMISSIONS OF THE ASSESSEE, WHICH READS AS UNDER ; - 4. AS THE AMOUNT MENTIONED IN THE APPELLATE ORDER WAS A MISTAKE APPARENT FROM RECORDS, THE SAME IS RECTIFIED AS UNDER : - (I) THE SENTENCE MENTIONED AGAINST PARA 2 IN THE APPELLATE ORDER WAS : IN THE SAID RETURN OF INCOME, THE APPELLANT HAD INTER ALIA SHOWN INTEREST INCOME OF RS.21,02,368/ - FROM INVESTMENT MADE WITH BDCC BANK AND OTHER NATIONALISED BANKS, INST ITU TES OTHER THAN CO - OPERATIVE SOCIETIES WHICH MAY BE R EAD AS UNDER : (II) IN THE SAID RETURN OF INCOME, THE APPELLANT HAD INTER ALIA SHOWN INTEREST INCOME OF RS.61,80,230/ - FROM INVESTMENT MADE WITH BDCC BANK AND OTHER NATIOINALISED BANKS, INSTITUTES OTHER THAN CO - OPERATIVE SOCIETIES . ACCORDINGLY, THE APPE AL ORDER DATED 13.05.2015 IS TREATED AS RECTIFIED AS ABOVE. THE TRIBUNAL AT LAST PORTION OF PARA 6 HAS WRONGLY MENTIONED THE INT EREST INCOME AS RS.21,02,368/ - INSTEAD OF RS.61,80,230/ - . 5. IN VIEW OF THE ABOVE, THE ORDER DATED 18.08.2015 IS RECTIFIED TO THE EXTENT THAT IN LAST PORTION OF PARA 6 , THE INTEREST INCOME OF RS.21,02,368/ - IS SUBSTITUTED WITH RS.61,80,230/ - . AFTER SUBSTITUTION THE LAST PORTION OF PARA 6 SHALL BE READ AS UNDER : - . FURTHER THE ASSESSEE HAS EARNED INTEREST INCOME OF RS.21,02,36 8/ - FROM INVESTMENT MADE WITH BDCC INSTITUTE WHICH IS ALSO A COOPERATIVE SOCIETY, HENCE, IS ENTITLED TO DEDUCTION FOR THE SAME UNDER SEC.80P(2)(D) OF THE ACT. NO MATERIAL WAS BROUGHT ON RECORD BY THE DEPARTMENT TO SHOW THAT BDCC INSTITUTES, IN WHICH THE AS SESSEE MADE INVESTMENT AND EARNED INTEREST THEREON, WERE COOPERATIVE BANKS AND NOT CREDIT SOCIETIES . IN ABSENCE OF THE SAME, INN OUR CONSIDERED OPINION, THE LOWER AUTHORITIES WERE NOT JUSTIFIED IN DISALLOWING CLAIM OF DEDUCTION UNDER SEC.80P(2)(D) OF THE A CT IN RESPECT OF INTEREST RECEIVED FROM COOPERATIVE SOCIETIES. MA NO. 11 /PAN/201 6 3 ACCORDINGLY, THE LAST THE ORDER DATED 18.08.2015 IS RECTIFIED TO THE EXTENT AS INDICATED HEREINABOVE. 6 . IN THE RESULT, MISCELLANEOUS APPLICATION FILED BY THE ASSESSEE IS ALLOWED. ORDER PRO NOUNCED IN THE OPEN COURT ON 08 / 10 / 2021. SD/ - SD/ - ( ) (DR. M ITHA LAL MEENA ) ( ) (LALIET KUMAR) / ACCOUNTANT MEMBER / JUDICIAL MEMBER /PANAJI ; DATED 08 /10 /202 1 PRAKASH KUMAR MISHRA, SR.P.S. / COPY OF THE ORDER FORWARDED TO : / BY ORDER, ( SENIOR PRIVATE SECRETARY ) , /ITAT, PANAJI 1. / THE APPELLANT - 2. / THE RESPONDENT - 3. ( ) / THE CIT(A), 4. / CIT 5. , , / DR, ITAT, PANJAJI 6. / GUARD F ILE. //TRUE COPY//
