ASST. COMMISSIONER OF INCOME TAX, CIRCLE-15(1)., HYDERABAD. vs. A.P. DAIRY DEVELOPMENT CO-OPERATIVE FEDERATION LIMITED., HYDERABAD.

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ITA 1113/HYD/2017Status: DisposedITAT Hyderabad28 May 2021AY 2013-149 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(Appeals)'s decision to delete the interest income addition, finding no revenue element in the grants received. It also upheld the deletion of the Section 43B disallowance, following previous tribunal orders.

What were the facts?

The Revenue appealed against the CIT(Appeals)'s deletion of additions related to interest income and disallowance of interest under Section 43B. The assessee is A.P. Dairy Development Co-operative Federation Limited.

What were the issues?

Whether grants received by the assessee are taxable income and whether interest paid to public financial institutions/scheduled banks is disallowable under Section 43B.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 43B

AI-generated summary — verify with the full judgment below

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Income Tax Appellate Tribunal, HYDERABAD ‘ A ‘ BENCH, HYDERABAD.

Before: SHRI S.S. GODARA & SHRI LAXMI PRASAD SAHU

For Appellant: Shri R. Dipak (D.R.)

that this tribunal co-ordinate bench’s order(s) in assessee's cases for the Assessment Years 2004-05 & 2005-06 and 2009-10 to 2012-13 dt.2.6.2017 has already held that the above interest pertains to public financial institution/scheduled banks not covered u/s. 43B of the Act. There is no distinction coming from the Revenue’s side during the course of hearing before us. We thus adopt judicial consistency to uphold the CIT(Appeals)’s action deleting the impugned section 43B disallowance.

5.

These Revenue’s appeals are dismissed. A copy of common order placed in the respective files.

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