The Brahmarshi Co. Op. Credit Society Ltd, Modasa V. The DCIT, S.K Circke, Himmatnagar

MA 155/AHD/2021

AI Insights

The case involves The Brahmarshi Co. Op. Credit Society Ltd., the appellant, contesting an order by the DCIT, S.K. Circle, Himatnagar, regarding the assessment year 2016-17. The appellant filed a Miscellaneous Application seeking a review of the Tribunal's earlier decision, arguing that the Tribunal had not fully considered the Supreme Court's judgment in Mavilayi Service Co-operative Bank Limited vs. CIT, which was pivotal to their case. The Tribunal, however, upheld its original decision, stating that it had fully considered the Supreme Court's judgment and found no apparent mistake in their previous order.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 129865 (ITAT-AHMEDABAD)
• Duration Of Justice: 1 year(s) 25 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 17-01-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Next Hearing Date: 12-01-2023
• Assessment Year: 2016-2017
• Appeal Filed On: 23-12-2021
• Other Referred Cases: Mavilayi Service Co-operative Bank Limited vs. CIT, 431 ITR 1 (SC), State Bank of India vs. CIT, 389 ITR 578
• Laws Referred To: Section 80P(2)(a)(i) of the Act
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

M.A. No.155/Ahd/2021 Assessment Year: 2016-17 Page 1 of 3 IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “SMC” BENCH, AHMEDABAD BEFORE Ms. SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI WASEEM AHMED, ACCOUNTANT MEMBER M.A. No.155/Ahd/2021 (In ITA No.1085/Ahd/2019) Assessment Year: 2016-17 The Brahmarshi Co. Op. Credit vs. The DCIT, Society Ltd., S.K. Circle, Himatnagar B/7, First Floor of Annapurna Near Civil Court, Malpur Road, Modasa – 383 315, Dist. Aravalli. [PAN – AABAT 4324 L] (Appellant) (Respondent) Assessee by : Shri A.C. Shah & Shri Bhadresh Gandhakwala, ARs. Revenue by : Shri V.K. Mangla, Sr. DR Date of hearing : 13.01.2023 Date of pronouncement : 18.01.2023 O R D E R PER SUCHITRA KAMBLE, JUDICIAL MEMBER : This Miscellaneous Application is filed by the Assessee in respect of order dated 02.12.2021 passed by the Tribunal. 2. The Ld. AR submitted that at the time of hearing of the appeal the Ld. AR relied upon the decision of Hon’ble Supreme Court in the case of Mavilayi Service Co- operative Bank Limited vs. CIT, 431 ITR 1 (SC) and the Tribunal also considered the said judgement in the order in paragraph no.7. The Ld. AR submitted that the judgement and the relevant paragraph has to be read in whole and not in part. Ld. AR submitted that the Tribunal has referred only four lines of paragraph no.45 of the said judgement without considering the facts of the case and the whole paragraph No.45 of the said order. The Ld. AR further submitted that the assessee is a society providing M.A. No.155/Ahd/2021 Assessment Year: 2016-17 Page 2 of 3 credit facilities to its members and this fact was never disputed by the Tribunal. Thus, paragraph no.45 of the decision of Mavilayi Service Co-operative Bank Limited which provides that the whole income of Credit Society is eligible for deduction under Section 80P(2)(a)(i) of the Act should have been taken into account by the Tribunal. The Ld. AR submitted that there is a mistake apparent on record. 3. Ld. DR submitted that the order dated 02.12.2021 passed by the Tribunal is just and proper and the assessee is seeking review of the aid order. 4. We have heard both the parties and perused all the relevant material available on record. From the perusal of the order dated 02.12.2021 it appears that the Tribunal has taken cognisance of the proposition laid down by the Hon’ble Gujarat High Court in case of State Bank of India vs. CIT, 389 ITR 578 and also that of Mavilayi Service Co-operative Bank Limited (supra). Though the Tribunal quoted the specific extract of the decision, the Tribunal has taken the decision of the Hon’ble Supreme Court in its entirety and passed a reasoned order. There is no mistake apparent on record. Therefore, the present Miscellaneous Application filed by the assessee is dismissed. 5. In the result, Miscellaneous Application is dismissed. Order pronounced in the open Court on this 18 th day of January, 2023. Sd/- Sd/- (WASEEM AHMED) (SUCHITRA KAMBLE) Accountant Member Judicial Member Ahmedabad, the 18 th day of January, 2023 PBN/* Copies to: (1) The appellant (2) The respondent (3) CIT (4) CIT(A) (5) Departmental Representative (6) Guard File M.A. No.155/Ahd/2021 Assessment Year: 2016-17 Page 3 of 3 By order UE COPY Assistant Registrar Income Tax Appellate Tribunal Ahmedabad benches, Ahmedabad