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Income Tax Appellate Tribunal - Kolkata
Tamluk Town Cooperative Credit ... vs Department Of Income Tax

IN THE INCOME TAX APPELLATE TRIBUNAL : "A" BENCH: KOLKATA (Before Hon.Shri D.K.Tyagi, JM & Hon. Shri B.K.Haldar,AM)

ITA No.229/Kol/10

Assessment Year: 2006-07

Dy. Commissioner of Income-tax Vs. Tamluk Town Co-op Society Circle: Haldia Ltd. PAN : AAALT 0302J (Appellant) (Respondent) Appellant by: Mrs. Jyoti Kumari

Respondent by: Mr. M.Bandyopadhya y

ORDER

Per Shri B.K.Haldar, AM

This is an appeal filed by the revenue against the order of the ld. CIT(A),XXXIII, Kolkata dated 16-09-2009 for the A.Y 2006-07.

2. The revenue has taken following grounds of appeal:- "The assessee, a cooperative society doing banking business, earned Rs.11,11,948/- as interest from F.D made with Punjab National Bank during F.Y 2005-06. U/s. 80P(2)(a), a co-operative society is entitled to 100% deduction from profit and gains of business. It is also eligible for 100% deduction u/s.80P(2)(d) in respect of any income by way of interest or dividend from investment with any other co-operative society.

Income from other source is covered u/s.80P(2)( c) by virtue of which, a co-operative society doing banking business is entitled to a maximum deduction of Rs.50,000/- from income from other source.

In the assessment order, interest income from F.D with PNB was treated as income from other source and Rs.50,000/- was allowed as per provisions of section 80P. Therefore, CIT(A) has erred in directing to treat the income from F.D with PNB as income from business."

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3. There is a delay of 15 days in filing the impugned appeal. The revenue has filed condonation petition. After going through the same and hearing both the parties, we condone the delay and admit the appeal

4. It is the common submission of both the parties that the issue involved in this appeal is squarely covered against the revenue by the order of the Hon'ble Jurisdictional Tribunal in the case of the assessee for the A.Ys 2003-04 and 2004-05.

5. In view of the above, the appeal filed by the revenue is dismissed.

6. In the result, the appeal of the revenue is dismissed. Order pronounced on 18-3-10.

( D.K.TYAGI) (B.K.HALDAR) JUDICIAL MEMBER Dt. 18-3-10 ACCOUNTANT MEMBER

Copy forwarded to :-

1. D.C.I.T, Cir: Haldia, Khajanchak, Haldia, Purba Medinipur

2. Tamluk Town Co-op Credit Society Ltd, Padambasan,P.O Tamluk Purba Medinipur

3. CIT(A)-XXXIII, Kolkata

4. CIT(WB)

5 D.R., ITAT, Kolkata.

*PP True copy By order

Deputy Registrar, ITAT, Kolkata

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