THE ST. SEBASTIAN HOMES COOPERATIVE SOCIETY LTD ,MUMBAI V. ITO, WARD, 23(3)(1), MUMBAI

ITA 4986/MUM/2024

AI Insights

The case involves The St. Sebastian Homes Co-op Society Ltd., which appealed against the order of the Commissioner of Income Tax (Appeals) at the National Faceless Appeal Centre, Delhi. The primary issue was the disallowance of a deduction claimed under section 80P(2)(d) of the Income Tax Act, 1961, concerning interest income from investments made with cooperative banks. The Assessing Officer (AO) had treated this income as 'income from other sources'. The CIT(A) upheld this decision without properly considering the facts and submissions of the assessee, leading to the current appeal before the ITAT.

• Counselvise Citation: [2024] 140 COUNSELVISE.COM (IT) 470829 (ITAT-MUMBAI)
• Duration Of Justice: 1 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-11-2024
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: G
• Next Hearing Date: 12-11-2024
• Assessment Year: 2020-2021
• Appeal Filed On: 26-09-2024
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: NAGNATH BHIMARAO PASALE
• Assessee Lawyers: BHAVESH JAIN
• Section: 250

Judgement Text

"IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH MUMBAI BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER & MS. PADMAVATHY S, ACCOUNTANT MEMBER ITA No. 4986/Mum/2024 (Assessment Year: 2020-21) The St. Sebastian Homes Co-op Society Ltd. 3, Sebastian House, 42 Rebello road, Bandra West Mumbai – 400 050. Vs. ITO – 23(3)(1) Piramal Chambers, Lalbaug, Mumbai – 400012. PAN/GIR No. AAAAT3419K (Applicant) (Respondent) Assessee by Shri Bhavesh Jain Revenue by Shri Nagnath Bhimarao Pasale, Sr. AR सुनवाई क\u0002 तारीख/Date of Hearing 12.11.2024 घोषणा क\u0002 तारीख/Date of Pronouncement 13.11.2024 आदेश / ORDER PER SANDEEP GOSAIN, JM: The present appeal has been filed by the assessee challenging the impugned order 29.07.2024, passed u/s 250 of the Income Tax Act, 1961 (‘the Act’), by the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi (‘Ld. CIT(A)’), for the assessment year 2020-21. The assessee has raised the following grounds of appeal: 1. In the facts and cirucumstance of the case and especially in law, the Ld.CIT(A) has erred in passing the impugned order 2 ITA No. 4986/Mum/2024 The St. Sebastian Homes Cooperative Society Ltd, Mumbai without considering the facts, documents and submissions of the appellant case and instead mentioning the facts/content and names of some other unconnected appellant. 2. Without prejudice to above and in the facts and circumstances of the case and especially in law, the Ld.CIT(A) has erred by passing the erred by passing the erroneous impugned order without considering the facts of appellant case and without appreciating that 3 ITAT in favour of the appellant have been earlier passed on same set of facts thereby this being a covered case. 2. Ground -1 raised by the assessee relates to challenging the order of the CIT(A) in passing the impugned order without considering the facts, documents and submissions of the assessee. In this regard we have heard the counsels of both the parties and perused the material placed on record, orders passed by the revenue authorities. From the facts, we noticed that in the present case the assessee being a cooperative society had claimed deduction u/s 80P(2)(d) of the Act in respect of interest income earned by the society on investment made with cooperative banks but Ld.AO disallowed the said claim and treated the interest and dividend received by the assessee from cooperative bank as income from other sources vide order dated 08.08.2022. 3. Aggrieved by the said order, the assessee preferred appeal but the same was dismissed by the Ld.CIT(A) against which the assessee has preferred the present appeal before us. 3 ITA No. 4986/Mum/2024 The St. Sebastian Homes Cooperative Society Ltd, Mumbai 4. On perusal of the impugned order of Ld.CIT(A), we find that Ld.CIT(A) has narrated and discussed the facts of some other case, which are not related to the assessee and is not emanating from the order of the Ld.AO and do not relate to the claim of the assessee u/s 80P(2)(d) of the Act. Therefore the same is not sustainable in the eyes of law, thus stands quashed. 5. Since the Ld.AR has submitted that the matter is covered in favour of assessee by the decision of Coordinate Benches of ITAT in assessee’s own case of different years, but, be that as it may, since the CIT(A) has not adjudicate the claim of the assessee on merits, therefore, we restore the matter back to the file of the Ld.CIT(A) with a direction t decide the same on merits after providing opportunity of hearing to the assessee. 6. Before parting, we make it clear that our decision to restore the matter back to the file of the CIT(A) shall in no way be construed as having any reflection or expression on the merits of the dispute, which shall be adjudicated by the CIT(A) independently in accordance with law. 4 ITA No. 4986/Mum/2024 The St. Sebastian Homes Cooperative Society Ltd, Mumbai 7. In the result, the appeal filed by the assessee is allowed for statistical purposes. Order pronounced in the open court on 13.11.2024. Sd/- Sd/- (PADMAVATHY S) (SANDEEP GOSAIN) ACCOUNTANT MEMBER JUDICIAL MEMBER Mumbai, Dated 13/11/2024 KRK, PS आदेश की \bितिलिप अ\u000eेिषत/Copy of the Order forwarded to : 1. अपीलाथ\f / The Appellant 2. \r\u000eथ\f / The Respondent. 3. संबंिधत आयकर आयु\u0019 / The CIT(A) 4. आयकर आयु\u0019(अपील) / Concerned CIT 5. िवभागीय \rितिनिध, आयकर अपीलीय अिधकरण, मु\u0003बई / DR, ITAT, Mumbai 6. गाड फाईल / Guard file. आदेशानुसार/ BY ORDER, स\u000eािपत \rित //True Copy// 1. उप/सहायक पंजीकार ( Asst. Registrar) आयकर अपीलीय अिधकरण, मु\u0003बई मु\u0003बई मु\u0003बई मु\u0003बई / ITAT, Mumbai "