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Income Tax Appellate Tribunal, SMC BENCH, PUNE
Before: SHRI D. KARUNAKARA RAO, AM
आदेश आदेश / ORDER आदेश आदेश
PER D. KARUNAKARA RAO, AM :
This is the appeal filed by the assessee against the order of CIT(A)-2, Aurangabad, 16-03-2017 for the Assessment Year 2013-14.
At the time of hearing, there is none to represent the assessee. However, assessee sent a letter dated 11-05-2018 (through post) seeking withdrawal of the appeal. The contents of the said letter read as under : “(i) Vide appellate order of CIT(A)-2, A'bad, under reference, the disallowance of claim made u/s.80P(2)(b) was confirmed, as the appellant being a federation of primary milk procuring societies. (ii) Further, Recently, assessee came to know that such deduction u/s.80P(2)(b) is not allowable to the federation, as observed by the Hon. Supreme court in the case of "The Citizen Co-op Society Ltd vs ACIT” reported in (2017) 397 ITR 0001(SC)., dated:08/08/2017.,in Para 21 giving reference of decision of CIT vs Punjab State Co-op Bank Ltd.,(2008) 300 ITR 24 (Pun & Har-HC).
“21. In the case of Commissioner of Income Tax v. Punjab State Co-operative Bank Ltd., (2008) 300 ITR 24 (Punjab & Haryana H. C. ), while dealing with an identical issue, the High Court of Punjab and Haryana held as follows:
“8. The provisions of section 80P were introduced with a view to encouraging and promoting the growth of the co-operative sector in the economic life of the country and in pursuance of the declared policy of the Government. The different heads of exemption enumerated in the section are separate and distinct heads of exemption and are to be treated as such. Whenever a question arises as to whether any particular category of an income of a co-operative society is exempt from tax, then it has to be seen whether such income fell within any of the several heads of exemption. If it fell within anyone head of exemption, .... It means that a co-operative society engaged in carrying on the business of banking and a co-operative society providing credit facilities to its members will be entitled for exemption under this sub-clause. The carrying on the business of banking by a cooperative society or providing credit facilities to its members are two different types of activities which are covered under this sub-clause.
xx xx xx 13. So, in our view, if the income of a society is falling within anyone head of exemption) it has to be exempted from tax notwithstanding that the condition of other heads of exemption are not satisfied. A reading of the provisions of section 80P of the Act would indicate the manner in which the exemption under the said provisions is sought to be extended. Whenever the Legislature wanted to restrict the exemption to a primary co-operative society, it was so made clear as is evident from clause (f) with reference to a milk co-operative society that a primary society engaged in supplying milk is entitled to such exemption while denying the same to a federal milk co-operative society.”
In view of the above narrated facts and considering observation of Apex Court cited supra, appellant may please be permitted to withdraw the appeal, under reference, and oblige.”
Considering the above submission of the assessee and having no-
objection from the Ld. DR for the Revenue, the request of the assessee
seeking withdrawal of the appeal is allowed. Accordingly, the grounds
raised by the assessee dismissed.
In the result, the appeal of the assessee is dismissed as ‘withdrawn’.
Order pronounced on this 12th day of June, 2018.
Sd/- (D.KARUNAKARA RAO) लेखा सद� / ACCOUNTANT MEMBER पुणे / Pune; �दनांक Dated : 12th June, 2018. Satish
आदेश आदेश क� आदेश आदेश क� क� �ितिलिप क� �ितिलिप �ितिलिप अ�ेिषत �ितिलिप अ�ेिषत अ�ेिषत/Copy of the Order is forwarded to : अ�ेिषत
अपीलाथ� / The Appellant; 1. ��यथ� / The Respondent; 2. आयकर आयु�(अपील) / The CIT(A)-2, Aurangabad 3. आयकर आयु� / The Pr.CIT-2, Aurangabad 4. िवभागीय �ितिनिध, आयकर अपीलीय अिधकरण, पुणे “SMC” / 5. DR ‘SMC’, ITAT, Pune; गाड� फाईल / Guard file. 6.
आदेशानुसार आदेशानुसार आदेशानुसार/ BY ORDER,स आदेशानुसार
स�यािपत �ित //True Copy// //True Copy// Senior Private Secretary आयकर अपीलीय अिधकरण ,पुणे / ITAT, Pune