ITAT Panaji Judgments — July 2023

M/S BLACKCAT SERVICES,VASCO vs ACIT, CIRCLE - 1(1), PANAJI

ITA 13/PAN/2021[2019-20]Status: Disposed4 Jul 2023AY 2019-20Dismissed

The Tribunal held that the disallowance of the employees' share of ESIC and PF deposited beyond the due date under the respective Acts is justified. This is in line with the Supreme Court's decision in Checkmate Services P. Ltd. which clarified that such deposits must be made before the statutory due dates under the respective Acts for deduction.

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, UDUPI., UDUPI vs M/S MANIPAL FINANCE CORPORATION LIMITED., UDUPI

ITA 333/PAN/2016[2013-14]Status: Disposed4 Jul 2023AY 2013-14Partly Allowed

The Tribunal held that the Assessing Officer was justified in computing disallowance under Rule 8D(2)(iii) when the assessee failed to provide a basis for its suo motu disallowance. It also affirmed the deletion of additions related to write-back of principal amounts, following the jurisdictional High Court's decision.

THE PIRNA URBAN CO-OP. CREDIT SOCIETY LIMITED,PIRNA, GOA vs THE INCOME TAX OFFICER, WARD-2(3), PANAJI

ITA 152/PAN/2019[2015-16]Status: Disposed4 Jul 2023AY 2015-16Allowed

The Tribunal held that the issue of deduction under Section 80P(2)(a)(i) and 80P(2)(d) for interest income earned by cooperative societies from other cooperative banks was covered by judicial precedents. Therefore, the assessment orders could not be considered erroneous or prejudicial to the revenue.

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2 (1), PANAJI., PANAJI vs M/S GOA BAGAYATDAR SAHAKARI KHAREDI VIKRI SAUNSTHA MARYADIT, PONDA

ITA 146/PAN/2019[2015-16]Status: Disposed4 Jul 2023AY 2015-16Allowed

The Tribunal held that the issue of deduction under Section 80P(2)(a)(i) and 80P(2)(d) for interest income earned by cooperative societies from other cooperative banks was covered by judicial precedents. Therefore, the assessment orders could not be considered erroneous or prejudicial to the revenue.

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, UDUPI., UDUPI vs M/S MANIPAL FINANCE CORPORATION LIMITED., UDUPI

ITA 332/PAN/2016[2012-13]Status: Disposed4 Jul 2023AY 2012-13Partly Allowed

The Tribunal held that the Assessing Officer was justified in computing disallowance under Rule 8D(2)(iii) when the assessee failed to provide a basis for its suo motu disallowance. It also affirmed the deletion of additions related to write-back of principal amounts, following the jurisdictional High Court's decision.

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 2 (1), PANAJI., PANAJI vs M/S SHREE KALIKA URBAN CO-OP. CREDIT SOCIETY LIMITED, MAPUSA

ITA 147/PAN/2019[2015-16]Status: Disposed4 Jul 2023AY 2015-16Allowed

The Tribunal held that the issue of deduction under Section 80P(2)(a)(i) and 80P(2)(d) for interest income earned by cooperative societies from other cooperative banks was covered by judicial precedents. Therefore, the assessment orders could not be considered erroneous or prejudicial to the revenue.

THE OLD GOA URBAN CO-OPERATIVE CREDIT SOCIETY LIMITED,GOA vs ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1), PANAJI

ITA 156/PAN/2019[2016-17]Status: Disposed4 Jul 2023AY 2016-17Allowed

The Tribunal held that the issue of deduction under Section 80P(2)(a)(i) and 80P(2)(d) for interest income earned by cooperative societies from other cooperative banks was covered by judicial precedents. Therefore, the assessment orders could not be considered erroneous or prejudicial to the revenue.