THE LADOL VIVIDH KARYAKARI SAHAKARI MANDLI LTD. vs. THE INCOME TAX OFFICER, PATAN WARD- 5, MEHSANA

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ITA 2223/AHD/2015Status: DisposedITAT Ahmedabad17 August 2017AY 2012-132 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal dismissed the assessee's appeal, agreeing with the CIT(A)'s decision. The issue was found to be covered by the jurisdictional High Court's judgment in the case of State Bank of India vs. CIT.

What were the facts?

The assessee cooperative society claimed a deduction under Section 80P for an amount of Rs. 12,70,070. The CIT(A) held this amount was not eligible for deduction under Section 80P and was taxable under Section 56.

What were the issues?

Whether the amount of Rs. 12,70,070 is eligible for deduction under Section 80P or taxable under Section 56, considering the jurisdictional High Court's precedent.

Which sections of the Income-tax Act were involved?

Section 80P,Section 56

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, AHMEDABAD SMC BENCH, AHMEDABAD

ITA No.2223/Ahd/2015 Assessment Year: 2012-13

IN THE INCOME TAX APPELLATE TRIBUNAL, AHMEDABAD SMC BENCH, AHMEDABAD [Coram : Pramod Kumar, Accountant Member] ITA No.2223/Ahd/2015 Assessment Year: 2012-13

The Ladol Vividh Karyakari Sahakari Mandli Ltd., .......…………...........Appellant At: Ladol, Tal: Vijapur – 382 840. [PAN : AAAAT 1107 C] Vs. Income Tax Officer, Patan Ward – 5, Mehsana. ............................Respondent

Appearances by : M.K. Patel for the appellant Vimal I. Mehta for the respondent Date of concluding the hearing : 14.08.2017 Date of Pronouncing the order : 17.08.2017 O R D E R

1.

This appeal filed by the assessee appellant is directed against the order dated 12.06.2015, passed by the learned CIT(A), Gandhinagar, Ahmedabad, for the assessment year 2012-13. 2. Grievance raised by the appellant is as follows :- “That on facts, and in law, the learned CIT(A) has grievously erred in holding that an amount of Rs.12,70,070/- is not eligible for deduction u/s. 80P of the Act and is taxable u/s. 56 of the Act.”

3.

Learned counsel for the assessee fairly accepts that the aforesaid issue is now covered, by Hon’ble jurisdictional High Court’s judgement in the case of State Bank of India vs. CIT, 389 ITR 578.

ITA No.2223/Ahd/2015 Assessment Year: 2012-13

4.

In view of the above discussions, the grievance raised by the assessee is clearly devoid of any legally sustainable merits. We, therefore, dismiss the grievance of the assessee and decline to interfere in the matter.

5.

In the result, appeal is dismissed. Pronounced in the open court today on the 17th day of August, 2017. Sd/- Pramod Kumar (Accountant Member) Dated: Ahmedabad, the 17th day of August, 2017. PBN/* Copies to: (1) The appellant (2) The respondent (3) CIT (4) CIT(A) (5) DR (6) Guard File

By order Assistant Registrar Income Tax Appellant Tribunal Ahmedabad Benches, Ahmedabad

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