ITO, 41(2)(3), Mumbai V. MORESHWAR KRUPA CO OP HOUSING SOCIETY LTD, Mumbai

MA 641/MUM/2023

• Counselvise Citation: [2024] 100 COUNSELVISE.COM (IT) 1082 (ITAT-MUMBAI)
• Duration Of Justice: 6 month(s) 24 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 04-07-2024
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC
• Next Hearing Date: 20-06-2024
• Assessment Year: 2017-2018
• Appeal Filed On: 10-12-2023
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: S.V. JOSHI
• Section: 254(2)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “SMC”, MUMBAI BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER M.A No.641/MUM/2023 (Arising out of ITA No.403/Mum/2023, A.Y. 2017-18) ITO-41(2)(3) Kautilya Bhawan, Bndra Kurla Complex, Bandra (E), Maharashtra-400051 --- Applicant Vs. Moreshwar Krupa Co-Op. Hsg. Society Ltd. 30/31/32 Building No.20, Veer Savarkar Marg, Bhandup (East), Mumbai – 400 042. PAN: AAAAM0113D ---- Respondent Applicant by : Ms. Mahita Nair, Sr.DR Respondent by : Shri S.V. Joshi Date of Hearing : 21/06/2024 Date of Pronouncement : 05/07/2024 O R D E R PER B.R. BASKARAN, ACCOUNTANT MEMBER : The revenue has filed this miscellaneous application submitting that the order dated 19-04-2023 passed in the captioned appeal suffers from mistake apparent from record. 2. We heard the parties and perused the record. In the miscellaneous application, it is submitted that the Tribunal has followed decisions rendered by the co-ordinate benches and accordingly held that the assessee co-operative society is entitled for deduction u/s 80P(2)(d) of the Act on the interest income earned from the co-operative banks. With regard to alleged 2 M.A No. 641/Mum/2023 Moreshwar Krupa Co-op. Hsg. Society Ltd. mistake apparent from record in the impugned order, it is submitted as under in the petition:- “The Hon’ble High Court of Karnataka in the case of Totogars was pronounced consequent to the specific directions of the Hon’ble SC in this regard and thus the rationale expressed in it attains paramount and supercedes all the decision which have been rendered earlier. Therefore, it is established beyond doubt that the interest earned from the cooperative bank is not eligible for deduction u/s 80P(2)(d).” Accordingly, it is prayed that the impugned order may be recalled and posted for fresh hearing. 3. We notice that the Tribunal has followed the order passed by the co- ordinate bench in the case of Kaliandas Udyog Bhavan Premises Co-op Society Ltd, wherein the co-ordinate bench has rendered its decision after considering the decision rendered by Hon’ble Karnataka High Court in the case of Totogors Cooperative Sale society Ltd (2017)(392 ITR 74)(Kar). Thus, the Tribunal has taken a particular view on the impugned matter and the prayer of the revenue would lead to review of the same, which is not permitted u/s 254(2) of the Act. Accordingly, we do not find any merit in the petition filed by the revenue. Accordingly, we dismiss the same. 4. In the result, the miscellaneous petition filed by the revenue is dismissed. Order pronounced in the open court on 05 th July, 2024. Sd/- Sd/- (RAHUL CHAUDHARY) JUDICIAL MEMBER (B.R. BASKARAN) ACCOUNTANT MEMBER Mumbai, Date : 05 th July, 2024 SK, Sr. PS Copy to : 1) The Applicant 2) The Respondent 3) The PCIT/CIT concerned 4) The D.R, “F” Bench, Mumbai 5) Guard file 3 M.A No. 641/Mum/2023 Moreshwar Krupa Co-op. Hsg. Society Ltd. By Order Dy./Asstt. Registrar I.T.A.T, Mumbai