Shree Channabasava Pattina Souhardha Sahakari Niyamitha, Gangavathi v. Income Tax Officer, Bangalore

ITA 2303/BANG/2016 | 2012-2013
Pronouncement Date: 28-11-2017 | Result: Dismissed

Appeal Details

RSA Number 230321114 RSA 2016
Assessee PAN AAAJC0301L
Bench Bangalore
Appeal Number ITA 2303/BANG/2016
Duration Of Justice 11 month(s) 2 day(s)
Appellant Shree Channabasava Pattina Souhardha Sahakari Niyamitha, Gangavathi
Respondent Income Tax Officer, Bangalore
Appeal Type Income Tax Appeal
Pronouncement Date 28-11-2017
Appeal Filed By Assessee
Tags No record found
Order Result Dismissed
Bench Allotted C
Tribunal Order Date 28-11-2017
Date Of Final Hearing 12-07-2017
Next Hearing Date 12-07-2017
First Hearing Date 12-07-2017
Assessment Year 2012-2013
Appeal Filed On 26-12-2016
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL SMC-C BENCH : BANGALORE BEFORE SHRI SUNIL KUMAR YADAV JUDICIAL MEMBER ITA NO.2303/BANG/2016 ASSESSMENT YEAR : 2012-13 SHREE CHANNABASAVA PATTINA SOUHARDHA SAHAKARI NIYAMITHA C.B.S. COMPLEX GANGAVATHI 585 227. PAN : AAAJC0301L VS. THE INCOME TAX OFFICER WARD-I KOPPAL. APPELLANT RESPONDENT ASSESSEE BY : NONE REVENUE BY : SHRI. M. RAJASEKHAR ADDL. CIT DATE OF HEARING : 27.11.2017 DATE OF PRONOUNCEMENT : 28.11.2017 O R D E R PER SUNIL KUMAR YADAV JUDICIAL MEMBER THIS APPEAL IS PREFERRED BY THE ASSESSEE AGAINST T HE ORDER OF CIT(A) INTER ALIA ON THE FOLLOWING GROUNDS: 1. THE LEARNED ASSESSING OFFICER AS WELL AS THE 1T APPELLATE AUTHORITY NOT JUSTIFIED IN CONSIDERING THE LAW ON POINT THAT THE INTEREST EARNED ON THE DEPOSIT MADE BY THE ASSESSEE IN BANKING ACTIVITIES IS EXEMPTED UNDER SECTION 80P OF INCOME TAX ACT AS HELD IN COMMISSIO NER OF INCOME TAX AND ANRS VS GRAIN MERCHANTS CO-OPERATIVE BANK LTD AS WE LL IN SRI RENUKADEVI URBAN CREDIT CO-OP SOCIETY LTD. 2. THE LEARNED ASSESSING OFFICER AS WELL AS THE 1ST APPELLATE AUTHORITY NOT CONSIDERED THE PROVISION OF SECTION 80 (2) (A) (1) NOT ONLY INCOME FROM BUSINESS OF BANKING OR PROVIDING CREDIT FACILI TY TO ITS MEMBER IS ELIGIBLE FOR DEDUCTION BUT ALSO ANY INCOME 'ATTRIBU TABLE' TO SUCH ACTIVITIES IS ELIGIBLE FOR DEDUCTION UNDER SECTION 80 P (2) (A). WHEREFORE ITA NO. 2303/BANG/2016 PAGE 2 OF 2 COMMISSION EARNED PENAL CHARGES COLLECTED FROM PIG MY AGENTS AND MISCELLANEOUS INCOME EARNED IN COURSE OF CREDIT BUS INESS ARE CONSIDERABLE INCOME ATTRIBUTABLE TO ACTIVITIES OF B ANKING. HENCE BOTH THE AUTHORITIES COMMITTED AN ERROR IN DISALLOWING THE. DEDUCTION IN RESPECT OF MISCELLANEOUS INCOMES COMMISSION AS WELL AS THE PE NAL CHARGES AND PIGMY. 3. FOR ALL THESE GROUNDS AND OTHER REASONS THAT MA Y BE URGED AT THE TIME OF ARGUMENTS THE APPEAL MAY BE ALLOWED. 2. THIS APPEAL CAME UP FOR HEARING ON 27.11.2017 BU T NONE APPEARED DESPITE VALID SERVICE OF NOTICE OF HEARING. I THEREFORE HAD NO OPTION BU T TO HEAR THE APPEAL EX-PARTE AND ACCORDINGLY REVENUE WAS HEARD. 3. I HAVE CAREFULLY EXAMINED THE ORDER OF THE CIT(A ) IN THE LIGHT OF THE RIVAL SUBMISSIONS AND I FIND THAT CIT(A) HAD ADJUDICATED THE ISSUE RA ISED BEFORE IT IN DETAIL AND SINCE I DO NOT FIND ANY INFIRMITY THEREIN I CONFIRM HIS ORDER. 4. IN THE RESULT APPEAL OF THE ASSESSEE IS DISMISS ED. PRONOUNCED IN THE OPEN COURT ON 28 TH NOVEMBER 2017. SD/- BANGALORE. DATED: 28 TH NOVEMBER 2017. /NS/* COPY TO: 1. APPELLANTS 2. RESPONDENT 3. CIT 4. GUARD FILE BY ORDER SR. PRIVATE SECRETARY ITAT BANGALORE. (SUNIL KUMAR YADAV) JUDICIAL MEMBER