ASST.C.I.T.-1(3), MUMBAI v. M/S. NEW INDIA CO-OP BANK LTD., MUMBAI

ITA 6119/MUM/2008 | 2004-2005
Pronouncement Date: 09-02-2010 | Result: Dismissed

Appeal Details

RSA Number 611919914 RSA 2008
Bench Mumbai
Appeal Number ITA 6119/MUM/2008
Duration Of Justice 1 year(s) 3 month(s) 29 day(s)
Appellant ASST.C.I.T.-1(3), MUMBAI
Respondent M/S. NEW INDIA CO-OP BANK LTD., MUMBAI
Appeal Type Income Tax Appeal
Pronouncement Date 09-02-2010
Appeal Filed By Department
Order Result Dismissed
Bench Allotted B
Tribunal Order Date 09-02-2010
Assessment Year 2004-2005
Appeal Filed On 10-10-2008
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES B MUMBAI BEFORE SHRI R.S.SYAL AM AND SHRI R.S.PADVEKAR JM ITA NOS.6119 & 6120/MUM/2008 : ASST.YEARS 2004-2005 & 2005-2006 THE ASSTT.COMMISSIONER OF INCOME-TAX CIRCLE 1(3) MUMBAI. VS. NEW INDIA CO-OPERATIVE BANK LIMITED NEW INDIA BHAVAN A.V.NAGVEKAR MARG BABASABEH WORLIKAR CHOWK PRABHADEVI MUMBAI 400 025. PA NO.AAAAN0012G. (APPELLANT) (RESPONDENT) APPELLANT BY : S/SHRI S.S.RANA PEEYUSH JAIN & PRAB HAT JHA RESPONDENT BY : SHRI HARI S.RAHEJA O R D E R PER R.S.SYAL AM : THESE TWO APPEALS BY THE REVENUE RELATE TO THE ASS ESSMENT YEARS 2004-2005 AND 2005-2006. SINCE BOTH THE APPEALS ARE BASED ON IDENTICAL FACTS AND COMMON GROUNDS OF APPEAL WE ARE THEREFORE PROCEEDING TO DISPOSE THEM OFF WITH THIS COMMON ORDER FOR THE SAKE OF CONVENIENCE. 2. THE COMMON GROUND RAISED IN BOTH THESE APPEALS I S AGAINST THE ACTION OF THE LEARNED CIT(A) IN TREATING THE INTEREST ON INCOME T AX REFUND AS INCOME FROM BANKING BUSINESS AND NOT AS INCOME FROM OTHER SOURC ES THEREBY ALLOWING DEDUCTION U/S.80P(2) TO THE ASSESSEE. 3. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE RELEVANT MATERIAL ON RECORD. BOTH THE SIDES ARE IN AGREEMENT THAT THE FA CTS AND CIRCUMSTANCES OF THESE APPEALS ARE MUTATIS MUTANDIS SIMILAR TO THOSE DECIDED BY THE SPECIAL BENCH OF THE TRIBUNAL AT MUMBAI IN THE CASE OF THE MAHARASHTRA S TATE CO-OPERATIVE BANK LIMITED IN ITA NO.7108/MUM/2004. VIDE ITS ORDER DAT ED 22 ND JANUARY 2010 THE TRIBUNAL HAS HELD THAT THE ASSESSEE IS ENTITLED TO DEDUCTION U/S 80P(2)(A)(I) ON THE AMOUNT OF INTEREST RECEIVED U/S 244A ON THE REFUND OF TAX. THE LEARNED DEPARTMENTAL REPRESENTATIVE COULD NOT POINT OUT ANY DISTINGUISHING FEATURE IN THE ITA NOS.6119 & 6120/MUM/2008 NEW INDIA CO-OP. BANK LIMITED. 2 FACTS OF THE CASE BEFORE THE AFORE NOTED SPECIAL BE NCH VIS--VIS THOSE OF THE INSTANT CASES. RESPECTFULLY FOLLOWING THE PRECEDENT WE APPR OVE THE VIEW TAKEN IN THE IMPUGNED ORDERS ON THIS ISSUE. 4. IN THE RESULT BOTH THE APPEAL STAND DISMISSED. ORDER PRONOUNCED ON THIS 9 TH DAY OF FEBRUARY 2010. SD/- SD/- ( R.S.PADVEKAR ) ( R.S.SYAL ) JUDICIAL MEMBER ACCOUNTANT ME MBER MUMBAI : 9 TH FEBRUARY 2010. DEVDAS* COPY TO : 1. THE APPELLANT. 2. THE RESPONDENT. 3. THE CIT CONCERNED 4. THE CIT(A) XXI MUMBAI. 5. THE DR/ITAT MUMBAI. 6. GUARD FILE. TRUE COPY. BY ORDER ASSISTANT REGISTRAR ITAT MUMBAI. ITA NOS.6119 & 6120/MUM/2008 NEW INDIA CO-OP. BANK LIMITED. 3 DATE INITIAL 1. DRAFT DICTATED ON 09.02.2010 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 09.02.2010 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER. JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS/PS 6. KEPT FOR PRONOUNCEMENT ON SR.PS 7. FILE SENT TO THE BENCH CLERK SR.PS 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK. 9. DATE OF DISPATCH OF ORDER. *