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Income Tax Appellate Tribunal, “SMC” BENCH : KOLKATA
Before: Hon’ble Shri S.S. Godara, JM]
This assessee’s appeal for assessment year 2014-15 is directed against the CIT(A)- 10, Kolkata’s order dated 09.02.2018 passed in case no. 149/CIT(A)-10/W-34(3)/2014- 15/2016-17/Kol, involving proceedings u/s 143(3) of the Income Tax Act, 1961 ( in short the ‘Act’). Heard both the parties. Case file perused.
The assessee’s first substantive ground seeks to claim section 80P deduction regarding its rental income of Rs. 54,100/-. Learned counsel is very fair in taking me to CIT(A)’s order in page 3 para 6.2 that a co-ordinate bench has already declined the very relief in assessment year 2012-13. I therefore uphold the CIT(A)’s findings under challenge.
Central Bank National Employees Co. Operative Credit Society Ltd. A.Yr. 2014-15 3. Next comes assessee similar section 80P claim regarding interest income received from banks. Mr. Surana submits herein as well that the assessee has admittedly derived its interest income from investments in banks and financial institutions which is not entitled for the impugned deduction as per hon’ble jurisdictional high court’s decision in CIT vs. South Eastern Railway Co-operative Credit Society India Ltd. [2017] 390 ITR 524 (Cal). I therefore affirm the CIT(A)’s findings under challenge in principal qua this latter issue as well.
Mr. Surana at this stage submits that the assessee’s only prayer in given facts and circumstances of the case is that the Assessing Officer ought to have followed netting principle whilst invoking the impugned disallowance of deduction. The Revenue is very fair in not disputing the correctness of such a netting exercise. I therefore restore the instant appeal back to the Assessing Officer to re-compute the impugned Section 80P deduction disallowance after following netting formula vis-à-vis the corresponding expenditure. The assessee’s twin grounds are partly accepted for statistical purposes.
This assessee’s appeal is partly allowed for statistical purposes.
Order pronounced in the Court on 12.10.2018
Sd/ [ S.S.Godara ] Judicial Member Dated : 12.10.2018 SB, Sr. PS
Central Bank National Employees Co. Operative Credit Society Ltd. A.Yr. 2014-15 Copy of the order forwarded to:
1. 1. Central Bank National Employees Co. operative Credit Society Ltd., Raja Bhawan, 111, C.R.Avenue, Kolkata-700073.
2. ITO, Ward-34(3), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, Near Ruby Hospital, E.M. Bye Pass, Kolkata-700107. 3..C.I.T(A).- 4. C.I.T.- Kolkata.
5. CIT(DR), Kolkata Benches, Kolkata.