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Income Tax Appellate Tribunal, ‘D’ BENCH, CHENNAI
Before: SHRI N.R.S. GANESAN & SHRI A. MOHAN ALANKAMONY
आदेश /O R D E R
PER N.R.S. GANESAN, JUDICIAL MEMBER:
This appeal of the Revenue is directed against the order of
the Commissioner of Income Tax (Appeals), Puducherry, dated
02.11.2017 and pertains to assessment year 2012-13.
2 I.T.A. No.418/Chny/18
No one appeared for the assessee inspite of service of notice by RPAD. Therefore, we heard the Ld. Departmental Representative and proceeded to dispose the appeal on merit.
Ms. S. Vijayaprabha, the Ld. Departmental Representative, submitted that the assessee claimed deduction under Section 80P(2)(iii) of the Income-tax Act, 1961 (in short 'the Act') before the
Assessing Officer. Under Section 80P(2)(iii) of the Act, the Assessing Officer can allow only ₹50,000/-. However, the CIT(Appeals) allowed the claim of the assessee under Section 80P(2)(iii) of the Act. The Ld. D.R. further submitted that the
assessee-co-operative society is trading in agricultural commodities, therefore, not eligible for exemption under Section 80P(2)(iii) of the Act.
We heard the Ld. Departmental Representative and perused the relevant material available on record. We have carefully gone
through the provisions of Section 80P(2)(iii) of the Act. Section 80P(2)(iii) of the Act clearly says that marketing of agricultural produce grown by the members of the co-operative society is eligible for exemption under Section 80P(2)(iii) of the Act. In this
3 I.T.A. No.418/Chny/18
case, the assessee-co-operative society is marketing agricultural
commodities, therefore, the CIT(Appeals) has rightly allowed the
claim of the assessee.
The next issue arises for consideration is non-deduction of
tax in respect of interest paid to M/s Pondicherry Industrial
Development and Investment Corporation Ltd.
We heard Ms. S. Vijayaprabha, the Ld. Departmental
Representative. Admittedly, M/s Pondicherry Industrial
Development and Investment Corporation Ltd. was established by
Government of Pondicherry. Therefore, the CIT(Appeals) has
rightly found that the payment of interest to the company
established by Government is not subjected to TDS. Therefore, the
CIT(Appeals) has rightly allowed the claim of the assessee. This
Tribunal do not find any reason to interfere with the order of the
lower authority and accordingly the same is confirmed.
In the result, the appeal filed by the Revenue is dismissed.
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Order pronounced in the court on 12th September, 2018 at Chennai. sd/- sd/- (ए. मोहन अलंकामणी) (एन.आर.एस. गणेशन) (A. Mohan Alankamony) (N.R.S. Ganesan) लेखा सद�य/Accountant Member �या�यक सद�य/Judicial Member चे�नई/Chennai, �दनांक/Dated, the 12th September, 2018. Kri.
आदेश क� ��त�ल�प अ�े�षत/Copy to: 1. अपीलाथ�/Appellant 2. ��यथ�/Respondent 3. आयकर आयु�त (अपील)/CIT(A), Puducherry 5. �वभागीय ��त�न�ध/DR 6. गाड� फाईल/GF. 4. Principal CIT, Puducherry