M/s Sree Bhyraveshwara Credit Co-operative Society Limited , Bangalore V. The Income Tax Officer Ward-3(2)(2), Bangalore

SA 267/BANG/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 6090 (ITAT-BANGALORE)
• Duration Of Justice: 5 month(s) 3 day(s)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 01-05-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2014-2015
• Appeal Filed On: 28-11-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R N SIDDAPP A JI
• Section: 80P

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH : BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER S.P. NOS. 267 TO 269/BANG/2018 (IN IT A NOS. 3172 TO 3174 / BANG/201 8 ) ASSESSMENT YEAR S : 20 1 4 - 15, 2013 - 14 & 2010 - 11 M/S. SREE BHYRAVESHWARA CREDIT COOPERATIVE SOCIETY LIMITED, #1, 8 TH MAIN, 22 ND CROSS, MRCR LAYOUT, VIJAYNAGAR, BANGALORE 560 040. PAN: AAAAS6789B VS. THE INCOME TAX OFFICER, WARD 3 (2) (2), BANGALORE. APPELLANT RESPONDENT ASSESSEE BY : SHRI PRADIP KUMAR JAIN, CA REVENUE BY : SHRI R.N. SIDDAPPAJI, ADDL. CIT (DR) DATE OF HEARING : 01 . 0 2 .201 9 DATE OF PRONOUNCEMENT : 01 . 0 2 .201 9 O R D E R PER SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER; BY THESE STAY PETITIONS ASSESSEE SEEKS STAY OF OUTS TANDING DISPUTED DEMAND OF TAX AS FOLLOWS. I) ASSESSMENT YEAR 2010 11 RS. 19,70,640/- II) ASSESSMENT YEAR 2013 14 RS. 14,38,490/- III) ASSESSMENT YEAR 2014 15 RS. 14,22,235/- TOTAL RS. 48,31,365/- 2. THE LD. DR SUBMITTED THAT THE ISSUE IN DISPUTE I S WITH REGARD TO DEDUCTION U/S. 80P OF THE ACT. THIS CLAIM OF THE ASSESSEE WAS REJ ECTED ON THE GROUND THAT THE DEPARTMENT HAS NOT ACCEPTED THE DECISION OF HON 'BLE KARNATAKA HIGH COURT IN THE CASE OF CIT VS. SRI BILIRU GURUBASAVA PATTINA SAHAKARI SANGHA NIYAMITA BAGALKOT AS REPORTED IN [2015] 56 TAXMANN. COM 280 (KARNATAKA) (2014) 369 ITR 0086 AND IT HAS BEEN FILED AN APPEAL BEFORE THE HONBLE S.P. NOS. 267 TO 269/BANG/2018 (IN ITA NOS. 3172 TO 3174/BANG/2018) PAGE 2 OF 2 SUPREME COURT. ACCORDING TO HIM THE ISSUE IN DISPU TE WAS SQUARELY COVERED IN FAVOUR OF ASSESSEE AND PRAYED FOR ABSOLUTE STAY OF THE OUTSTANDING DEMAND OF TAX. 3. ON THE OTHER HAND, LD. DR OPPOSED GRANTING OF STAY. 3.1 ADMITTEDLY THE ISSUE IN DISPUTE IS SQUAREL Y COVERED BY THE JUDGEMENT OF HON'BLE KARNATAKA HIGH COURT IN THE CASE OF CIT VS. SRI BILIRU GURUBASAVA PATTINA SAHAKARI SANGHA NIYAMITA BAGALKOT (SUPRA). BEING SO, WE ARE INCLINED TO POST THE CASE FOR EARLY HEARING ON 19.0 2.2019 AND ALSO MAKE IT CLEAR THAT DEPARTMENT SHALL NOT TAKE ANY COERCIVE S TEP FOR RECOVERY OF OUTSTANDING DISPUTED DEMAND OF TAX. IT NEEDLESS TO SAY THAT NO FURTHER NOTICE OF HEARING WOULD BE GIVEN TO BOTH THE PARTIES. THI S ORDER ITSELF SERVES AS NOTICE OF HEARING TO BOTH THE PARTIES. ORDERED ACC ORDINGLY. PRONOUNCED IN THE OPEN COURT ON THIS 1 ST DAY OF FEBRUARY, 2019. SD/- SD/- (PAVAN KUMAR GADALE) (CHANDRA POOJARI) JUDICIAL MEMBER ACCOUNTANT MEMBER BANGALORE, DATED, THE 1 ST FEBRUARY, 2019. /MS/ COPY TO: 1. APPELLANT 4. CIT(A) 2. RESPONDENT 5. DR, ITAT, BANGALORE 3. CIT 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR, INCOME TAX APPELLATE TRIBUNAL, BANGAL ORE.