CIT, JALANDHAR vs. THE GHANDA BANA CO-OP.
What did the High Court hold?
The High Court, for the reasons stated in a separate order passed on the same day in the case of The Commissioner of Income-tax, Amritsar v. Gurdaspur Hardochhanni Co-op L/C Society, Gurdaspur (I.T.R. Nos. 401 and 402 of 1995), answered the referred question of law against the revenue and in favour of the assessee. This implies that the Tribunal's finding that the society's income is fully exempt under Section 80-P(2)(a)(vi) was upheld. The ratio decidendi is that the decision in the Gurdaspur Hardochhanni case, which dealt with a similar issue, is applicable here. The operative direction is that the question is answered in favour of the assessee.
What were the facts?
The Commissioner of Income Tax, Jalandhar (Revenue) has filed an Income Tax Reference (ITR) No. 12 of 2000 before the High Court of Punjab and Haryana at Chandigarh. The reference arises from an order passed by the Income Tax Appellate Tribunal (Tribunal) in R.A. No. 29/ASR/1994, pertaining to I.T.A. No. 1040/ASR/92. The Assessment Year in question is 1990-91. The assessee is The Ghanda Bana Co-op. (I&C) Society Ltd., Ghanda Bana. The Tribunal's order, which is under challenge, pertains to the exemption of the society's income.
What were the issues?
1. Whether on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the income of the society is fully exempt under Section 80-P(2)(a)(vi) of the Income Tax Act, 1961? The Revenue contends that the Tribunal erred in granting full exemption. The Assessee contends that its income is indeed fully exempt under the specified section. The judgment does not explicitly detail the arguments of each side beyond the framing of the question and the reliance on a previous decision.
Which sections of the Income-tax Act were involved?
80-P(2)(a)(vi)
AI-generated summary — verify with the full judgment below
IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH I.T.R. No. 12 of 2000 Date of Decision: 22.2.2007 The Commissioner of Income Tax, Jalandhar …Applicant Versus The Ghanda Bana Co-op. (I&C) Society Ltd., Ghanda Bana …Respondent CORAM:- HON'BLE MR. JUSTICE M.M. KUMAR HON'BLE MR. JUSTICE RAJESH BINDAL Present:- Mr. Sanjeev Bansal, Advocate, for the applicant-Revenue. Mr. K.L. Goyal, Advocate, for the respondent-Assessee M.M. KUMAR, J. The Income Tax Appellate Tribunal, Amritsar Bench, Amritsar (for short, ‘the Tribunal’), at the instance of revenue, has referred the following question of law for adjudication of this Court arising out of order passed by it in R.A. No. 29/ASR/1994 in I.T.A. No. 1040/ASR/92, in respect of the Assessment Year 1990-91:- “Whether on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the
I.T.R. No. 12 of 2000 income of the society is fully exempt under Section 80-P(2)(a)(vi) of the Act?” For the reasons stated in our separate order passed today in the case of The Commissioner of Income-tax, Amritsar v. Gurdaspur Hardochhanni Co-op L/C Society, Gurdaspur (I.T.R. Nos. 401 and 402 of 1995), the question referred is answered against the revenue and in favour of the assessee. (M.M. KUMAR) JUDGE (RAJESH BINDAL) February 22, 2007 JUDGE Pkapoor 2
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