Case Number: ITA 680/DEL/2019
Appellant: Maa Jhandewali Cooperative Urban Thrift & Credit Society Ltd, New Delhi
Respondent: ITO, Ward-63(5), New Delhi
Assessment Year: 2015-16
Case Filed on: 2019-01-31
Order Type: Final Tribunal Order
Date of Order: 2019-10-23
Pronounced on: 2019-10-23
Result: Appeal Allowed
The case revolves around the appeal filed by Maa Jhandewali Cooperative Urban Thrift & Credit Society Ltd. against the order passed by the Commissioner of Income Tax (Appeals)-20, New Delhi, for the assessment year 2015-16. The primary contention was the denial of deduction under Section 80P of the Income Tax Act, 1961, in respect of interest earned on bank fixed deposits (FDRs) and savings accounts held with banks.
The appellant challenged the order of the CIT(A) on the following grounds:
During the hearing, the counsel for the assessee, Shri P.K. Mishra, CA, argued that the issue in dispute had already been decided by the ITAT Delhi Benches in the case of ACIT, Circle 38(1), New Delhi vs. M/s Jawala Cooperative Urban Thrift & Credit Society Ltd. (ITA No. 2607/Del/2012, AY 2008-09, dated 19.12.2014). He requested that the appeal be allowed based on this precedent.
The Revenue, represented by Ms. Ekta Vishnoi, Sr. DR, opposed this request, arguing that the CIT(A) had rightly relied on the Hon’ble Delhi High Court’s decision in the case of Mantola Cooperative Thrift & Credit Society Ltd. She contended that the ITAT order cited by the assessee was not from a higher court and therefore should not be followed.
The Tribunal, presided over by Shri H.S. Sidhu, Judicial Member, examined the relevant records, including the impugned order and the cited ITAT decision. The Tribunal noted the following key points:
After considering the arguments and examining the case law, the Tribunal concluded that the addition in dispute should be deleted. The appeal filed by the assessee was allowed, and the Tribunal’s order was pronounced in the open court on 23rd October 2019.
The appeal filed by Maa Jhandewali Cooperative Urban Thrift & Credit Society Ltd. is allowed, and the addition made by the Assessing Officer is deleted.
Order pronounced in the open Court on 23/10/2019.
Copy forwarded to:
True Copy
Assistant Registrar
ITAT New Delhi
Date of Dictation: 22.10.2019
Date on which the typed draft is placed before the dictating Member: 23.10.2019
Date on which the typed draft is placed before the Other Member: N/A
Date on which the approved draft comes to the Sr. PS/PS: 23.10.2019
Date on which the fair order is placed before the Dictating Member for pronouncement: 23.10.2019
Date on which the fair order comes back to the Sr. PS/PS: 23.10.2019
Date on which the final order is uploaded on the website of ITAT: 23.10.2019
Date on which the file goes to the Bench Clerk: 23.10.2019
Date on which the file goes to the Head Clerk: N/A
Date on which the file goes to the Assistant Registrar for signature on the order: N/A
Date of dispatch of the Order: N/A
ITA 680/DEL/2019: Maa Jhandewali Cooperative vs. ITO Ward-63(5) – Deduction Denial under Section 80P
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