Income-tax Officer, Ward - 3, Satara V. M/s. Shri Bhairavnath Multi State Co-operative Credit Society Ltd, Satara

MA 285/PUN/2022

• Counselvise Citation: [2024] 100 COUNSELVISE.COM (IT) 2008 (ITAT-PUNE)
• Duration Of Justice: 1 year(s) 3 month(s) 29 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 29-05-2024
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 02-05-2024
• Assessment Year: 2014-2015
• Appeal Filed On: 31-01-2023
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE “A” BENCH : PUNE : BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI GD PADMAHSHALI, , ACCOUNTANT MEMBER M.A.No.285/PUN./2022 Arising out of I.T.A.No.2484/PUN./2017 - Assessment Year 2014-2015 The Income Tax Officer, Ward-3, SATARA. Maharashtra. vs. M/s. Shri Bhairavnath Multistate Co-op. Credit Society Ltd., Phaltan, 48, Laxminagar, Deccan Chowk Phaltan, Tal-Phaltan, Dist.Satara – 415 523. PAN AAEAS8344J (Applicant) (Respondent) For Assessee : Shri Prateek Jha For Revenue : Shri Sourabh Nayak Date of Hearing : 03.05.2024 Date of Pronouncement : 30.05.2024 ORDER PER SATBEER SINGH GODARA, J.M. : This Revenue’s miscellaneous application M.A.No. 285/PUN./2022, for assessment year 2014-2015 seeks to recall/rectify tribunal’s order dated 01.08.2018 dismissing it’s main appeal I.T.A.No.2484/PUN./2017 as involving lower than the prescribed tax effect of Rs.20 lakhs in light of the CBDT’s Circular no.3/2018 dated 11.07.2018 u/sec.254(2) of the Income Tax Act, 1961 (in short "the Act"). Heard both the parties. Case file perused. 2 M.A.No.285/PUN./2022 2. It emerges at the outset with the able assistance coming from both the parties that the assessee had claimed the impugned sec.80P deduction relief involving interest income of Rs.2,65,15,064/- as per the Revenue’s pleadings in para-2.2 of the instant application. The CIT(A) admittedly accepted the said claim which led to the Revenue filing the main appeal herein I.T.A.No.2484/PUN./2017. 3. Faced with this situation, learned counsel representing the assessee submitted very fairly that the tax effect herein involving quantum addition of Rs.2,65,15,064/- very well exceeds Rs.20 lakhs. That being the case, we recall our impugned order dated 01.08.2018 as suffering from an apparent error on the face of it in very terms. The Registry is directed to list the Revenue’s main appeal I.T.A.No.2484/PUN./2017 in due course as per rules. Ordered accordingly. 4. This Revenue’s miscellaneous application M.A.No. 285/PUN./2022 is allowed in above terms. Order pronounced in the open Court on 30.05.2024. Sd/- Sd/- [GD PADMAHSHALI] [SATBEER SINGH GODARA] ACCOUNTANT MEMBER JUDICIAL MEMBER Pune, Dated 30 th May, 2024 VBP/- 3 M.A.No.285/PUN./2022 Copy to 1. The appellant 2. The respondent 3. The CIT(A) concerned. 4. The Pr. CIT, Pune concerned. 4. D.R. ITAT, “A” Bench, Pune. 5. Guard File. //By Order// //True Copy // Sr. Private Secretary, ITAT, Pune Benches, Pune.