Income Tax Officer, Ward-1, Gokak, Gokak V. M/s KPTCL Employees Co-op. Credit Society Ltd., Gokak

MA 17/PAN/2015

• Counselvise Citation: [2016] 124 COUNSELVISE.COM (IT) 4588 (ITAT-PANAJI)
• Duration Of Justice: 1 year(s) 4 month(s) 2 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 22-07-2016
• Appeal Filed By: Department
• Order Result: Partly Allowed
• Bench Allotted: DB
• Next Hearing Date: 22-07-2016
• Assessment Year: 2009-2010
• Appeal Filed On: 20-03-2015
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: ANAND S MARATHE

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI BEFORE SHRI N.S. SAINI , HONBLE ACCOUNTANT MEMBER AND SHRI GEORGE MATHAN, HONBLE JUDICIAL MEMBER M.A.NO. 17 /PAN/2015 ( ITA NO. 389 /PN J /201 3 ) (ASST. YEAR : 20 09 - 1 0 ) ITO, WARD - 1, GOKAK. VS. M/S. KPTCL EMPLOYEES COOPERATIVE CREDIT SOCIETY LTD., GHATAPRABHA, TQ : GOKAK, DIST. BELGAUM. PAN AAATK 6706 D (APPELLANT) (RESPONDENT) ASSESSEE BY : NONE DEPARTMENT BY : SHRI ANAND S. MARATHE - DR DATE OF HEARING : 22 / 0 7 /201 6 . DATE OF PRONOUNCEMENT : 22 / 0 7 /201 6 . O R D E R PER NARENDRA S. SAINI , ACCOUNTANT MEMBER THIS IS A MISC. APPLICATION FILED BY THE REVENUE IN THE ORDER OF THE TRIBUNAL IN ITA NO. 389 /PNJ/201 3, DATED 19/11/2014 . 2. SHRI ANAND S. MARATHE, DEPARTMENTAL REPRESENTATIVE REPRESENTED ON BEHALF OF THE DEPARTMENT. NONE REPRESENTED ON BEHALF OF THE ASSESSEE . 3 . IT IS SUBMITTED BY THE DEPARTMENTAL REPRESENTATIVE THAT THERE WERE ERRORS IN PARA 8 AT PAGE NO. 9 OF THE ORDER, INSOFAR AS THE TRIBUNAL HELD THAT ASSESSEE IS ENGAGED IN THE BANKING BUSINESS AND I N PARA 16 AT PAGE NO. 14 OF THE ORDER, THE TRIBUNAL HELD THAT IT IS CONFIRMED THE O R DER OF THE COMMISSIONER OF INCOME TAX (APPEALS) WHICH IS AGAINST THE 2 M.ANO. 17 /PAN/2015 ( ITA NO. 389 /P NJ /201 3 ) ASSESSEE BUT HAS DIRECTED THE ASSESSING OFFICER TO ALLOW THE DEDUCTION TO THE ASSESSEE UNDER SECTION 80P(2)(A)(I) . IT WAS THE SUBMISSION THAT THE ORDER OF THE TRIBUNAL IS LIABLE TO THE RECALLED. 4 . WE HAVE CONSIDERED THE SUBMISSIONS. ADMITTEDLY, THERE IS A TYPOGRAPHICAL ERROR IN THE ORDER OF THE T R IBUNAL . CONSEQUENT L Y, THE FOLLOWING CORRECTIONS ARE TO BE INCORPORATED : - IN PARA 8 AT PAGE NO. 9 THE SENTENCE THEREFORE, WE HOLD THAT THE ASSESSEE IS ENGAGED IN THE BANKING BUSINESS I S TO BE READ AS THEREFORE, WE HOLD THAT THE ASSESSEE IS NOT ENGAGED IN THE BANKING BUSINESS. SIMILARLY, IN PARA 16 AT PAGE N.14, THE SENTENCE WE, THEREFORE, CONFIRM THE ORDER OF THE CIT(A) AND DIRECT THE ASSESSING OFFICER TO ALLOW DEDUCTION TO THE ASSE SSEE TO ALLOW DEDUCTION U/S 80P(2)(A)(I) ON THE INCOME GENERATED FOR PROVIDING CREDIT FACILITIES TO ITS MEMBERS I S TO BE READ AS WE, THEREFORE, REVERSE THE ORDER OF THE CIT(A) AND DIRECT THE ASSESSING OFFICER TO ALLOW DEDUCTION TO THE ASSESSEE TO ALLOW DEDUCTION U/S 80P(2)(A)(I) ON THE INCOME GENERATED FOR PROVIDING CREDIT FACILITIES TO ITS MEMBERS . 5. IN THE RESULT, MISC. APPLICATION FILED BY THE REVENUE STAND S PARTLY ALLOWED . ORDER PRONOUNCED IN THE COURT AT THE CLOSE OF THE HEARING ON FRIDAY , THE 2 2 ND DAY OF JULY , 201 6 AT GOA . S D / - S D / - (GEORGE MATHAN) (N.S.SAINI) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 2 2 ND JU LY , 201 6 . 3 M.ANO. 17 /PAN/2015 ( ITA NO. 389 /P NJ /201 3 ) VR/ - COPY TO: 1 . THE ASSESSEE. 2 . THE REVENUE. 3 . THE CIT 4 . THE CIT(A) 5 . THE D.R . 6 . GUARD FILE. BY ORDER ASSISTANT REGISTRAR I.T.A.T., PANAJI