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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN
Before: Shri Satbeer Singh Godara & Shri Amarjit Singh
IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member & Shri Amarjit Singh, Accountant Member ITA No.554/Coch/2023 : Asst.Year 2020-2021 ITA No.827/Coch/2023 : Asst.Year 2020-2021 Mala Block Town Co-operative The Income Tax Officer Thrissur. Bank Limited No.R 1086 v. Aloor PO Thrissur – 680 683 PAN : AADAM1223B. (Appellant) (Respondent) Appellant by : --- None --- Respondent by : Smt.V.Swarnalatha, Sr.DR Date of Pronouncement : 25.09.2024 Date of Hearing : 13.08.2024 O R D E R Per Bench :
These assessee’s twin appeals ITA No.554/Coch/2023 & 827/Coch/2023 for the assessment year 2020-2021 arise against the CIT(A)/NFAC, DIN & Order Nos.ITBA/NFAC/S/ 250/2023-24/1053368026(1) dated31.05.2023 for asst.year 2020-2021, in proceedings u/s.143(3) of the Income-tax Act, 1961; in short “the Act” hereinafter, assessment year-wise, respectively.
Case called twice. None appears at the behest of the assessee. It is accordingly proceeded ex parte.
2 ITA No.554 & 827/Coch/2023. Mala Block Town Co-op Bank Ltd. 2. Coming to the assessee’s sole substantive grievance seeking to reverse the claim u/s.80P deduction of Rs.4,16,125 which has been disallowed in the lower proceedings. Learned DR invited our attention to CIT(A)/NFAC’s detailed discussion reading as under:-
“4. Decision- The only issue is disallowance of interest income from Treasury of Rs.4,16,125/- us/ 80P(2)(d) of the Income-tax Act, 1961. Assessing Officer relied on the decision of the Hon'ble High Court of Kerala in the case of Peroorkada Service Cooperative Bank (ITA Nos.142 & 323/2019 dated 01.11.2021 in Para no. 15 mentioned as under- "15. In ITA No.142/2019 it has been held that the interest income earned by the Society comes with the category of income from other sources and Section 80P(2)(d) deals with the eligible deduction in this behalf. It has been held in the connected cases that the assessee is entitled to deduction of interest income earned from Cooperative Banks/Societies/ Federation registered under the Co-operative Societies Act and the income earned from Treasury is not included in Section 80P(2)(d) and is not entitled for deduction from computation of income. Appellant placed reliance on CBDT Circular No. 133 of 2007 dated 09.05.2007 and Apex Court decision in Mavilayi Service Co-operative Bank Limited. However, the decision of AO is liable to be upheld since the decision relied upon is the jurisdictional Kerala High Court decision.”
Suffice to say, it has come on record that the hon’ble jurisdictional high court herein has already decided the instant issue against the assessee and in favour of the department. We thus dismiss the assessee’s former appeal ITA No.554/Coch/2023 in very terms.
3 ITA No.554 & 827/Coch/2023. Mala Block Town Co-op Bank Ltd. 4. The assessee’s latter appeal ITA No.827/Coch/2023 also follows the suit being a “duplicate” file.
These assessee’s twin appeals ITA No.554/Coch/2023 & 827/Coch/2023 are dismissed in above terms. A copy of the common order be placed in the respective case files.
Order pronounced in the open court on this 25th Day of September, 2024.
Sd/- Sd/- (Amarjit Singh) (Satbeer Singh Godara) ACCOUNTANT MEMBER JUDICIAL MEMBER Cochin ; Dated : 25th September, 2024. Devadas G* Copy to : 1. The Appellant. 2. The Respondent. 3. The CIT(A), Concerned. 4. The CIT Concerned. 5. The DR, ITAT, Cochin. 6. Guard File. Asst.Registrar/ITAT, Cochin