M/s. Krishi Upaj Mandi Samiti,, Itarsi v. The ACIT, Bhopal

ITA 459/IND/2009 | 2006-2007
Pronouncement Date: 28-05-2010 | Result: Partly Allowed

Appeal Details

RSA Number 45922714 RSA 2009
Assessee PAN AAALK0572B
Bench Indore
Appeal Number ITA 459/IND/2009
Duration Of Justice 8 month(s) 9 day(s)
Appellant M/s. Krishi Upaj Mandi Samiti,, Itarsi
Respondent The ACIT, Bhopal
Appeal Type Income Tax Appeal
Pronouncement Date 28-05-2010
Appeal Filed By Assessee
Order Result Partly Allowed
Bench Allotted DB
Tribunal Order Date 28-05-2010
Assessment Year 2006-2007
Appeal Filed On 18-09-2009
Judgment Text
PAGE 1 OF 3 -. I.T.A.NO. 459/IND/2009 KRISHI UPAJ MANDI SAMITI ITARSI IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH : INDORE BEFORE SHRI JOGINDER SINGH JUDICIAL MEMBER AND SHRI V.K. GUPTA ACCOUNTANT MEMBER PAN NO. : AAALK0572B I.T.A.NO. 459/IND/2009 A.Y. : 2006-07 KRISHI UPAJ MANDI SAMITI ACIT 1(2) ITARSI VS BHOPAL APPELLANT RESPONDENT ASSESSEE BY : SHRI ASHISH GOYAL C. A. DEPARTMENT BY : SMT. APARNA KARAN CIT DR DATE OF HEARING : 28.05.2010 O R D E R PER V.K. GUPTA A.M. THIS APPEAL IS DIRECTED AGAINST THE ORDER OF LD. CI T(A)-I BHOPAL DATED 10.7.2009 FOR THE ASSESSMENT YEAR 2006-07. 2. WE HAVE HEARD BOTH THE PARTIES AND HAVE ALSO PERUSE D THE MATERIAL AVAILABLE ON RECORD. 3. FIRST WE SHALL TAKE UP THE REVENUES APPEAL IN I.T .A.NO. 445/IND/2009. 4. GROUND NOS.1 TO 3 WERE NOT PRESSED HENCE THE SAME ARE DISMISSED AS NOT PRESSED. PAGE 2 OF 3 -. I.T.A.NO. 459/IND/2009 KRISHI UPAJ MANDI SAMITI ITARSI 5. GROUND NO.4 READS AS UNDER :- THAT AT ANY EVENT AND WITHOUT PREJUDICE TO THE ABO VE THE LD. LOWER AUTHORITIES WERE NOT JUSTIFIED IN REJECTING T HE BOOKS OF ACCOUNT WITHOUT INVOKING THE PROVISIONS OF SECTI ON 145(3) OF THE INCOME-TAX ACT 1961 AND MAKING VARIOUS ADD ITIONS AND DISALLOWANCES. THEREFORE THE FOLLOWING DISALLO WANCE MADE BY THE LD. AO AND THEREAFTER SUSTAINED BY THE LD. CIT(A) ARE UNLAWFUL AND NOT JUSTIFIED. A. DISALLOWANCE UNDER THE EXPENSE HEAD ARAKSHIT NIDHI RS. 20 97 254/- B. DISALLOWANCE UNDER THE EXPENSE HEAD STHAI NIDHI FIXED FUND. RS. 44 64 298/- 6. THE LEARNED COUNSEL FOR THE ASSESSEE REFERRED TO P ARA 10 TO 11 ON PAGE 5 OF THE ORDER PASSED IN I.T.A.NO. 45 & 46/ IND/2009 OF THIS BENCH AND SUBMITTED THAT THIS ISSUE WAS COVERED IN FAVOUR OF THE ASSESSEE. REGARDING DISALLOWANCE UNDER THE HEAD STHAI NIDHI F UND THE LEARNED COUNSEL FOR THE ASSESSEE REFERRED TO PARAS 8 TO 9 ON PAGE 4 TO 5 OF THE SAID ORDER (SUPRA) AND SUBMITTED THAT THIS ISSUE IS COVE RED IN FAVOUR OF THE REVENUE. THE LEARNED SENIOR DEPARTMENTAL REPRESENTA TIVE ALSO AGREED. 7. WE HAVE CONSIDERED THE SUBMISSIONS MADE BY BOTH TH E SIDES MATERIAL ON RECORD AND THE ORDERS OF THE AUTHORITIE S BELOW. 8. AS REGARD TO TRANSFER TO RESERVE FUND WE FIND THAT THE TRIBUNAL IN THE DECISION CITED BY THE ASSESSEE HELD THAT THE PRINCIPAL AMOUNT TRANSFERRED TO PENSION FUND WAS ALLOWABLE. HENCE F OLLOWING THE SAME RATIO WE ACCEPT THIS GROUND OF THE ASSESSEE. PAGE 3 OF 3 -. I.T.A.NO. 459/IND/2009 KRISHI UPAJ MANDI SAMITI ITARSI 9. AS REGARD TO TRANSFER TO STHAI NIDHI AND INTEREST T HEREON WE FIND THAT THIS ISSUE WAS RESTORED TO THE FILE OF AO. HOW EVER IN SUBSEQUENT DECISION A VIEW AGAINST THE ASSESSEE HAS BEEN TAKEN AS POINTED OUT BY THE LEARNED COUNSEL FOR THE ASSESSEE AND THEREFORE F OLLOWING THE SUBSEQUENT DECISION OF THE TRIBUNAL WE DECIDE THIS ISSUE AGAI NST THE ASSESSEE AND CONFIRM THE FINDINGS OF THE LD. CIT(A) THAT THIS AM OUNT HAS NOT GONE IRRETRIEVABLY FROM THE ASSESSEE HENCE DOES NOT AM OUNT TO EXPENDITURE HENCE NOT ALLOWABLE AS DEDUCTION. THUS THIS GROUN D OF THE ASSESSEE STANDS DISMISSED. 10. IN THE RESULT THE APPEAL FILED BY THE ASSESSEE STA NDS PARTLY ALLOWED. THIS ORDER HAS BEEN PRONOUNCED IN THE OPEN COURT ON 28 TH MAY 2010. SD/- SD/- (JOGINDER SINGH) (V. K. GUPTA) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 28 TH MAY 2010. CPU* 315