Calcutta High Court
Principal Commissioner Of Income Tax-` vs South Eastern Railway Employees' ... on 15 July, 2016
ORDER SHEET
GA NO.1446 OF 2015
ITAT NO.69 OF 2015
IN THE HIGH COURT AT CALCUTTA
SPECIAL JURISDICITON (INCOME TAX)
ORIGINAL SIDE
Principal Commissioner of Income Tax-`0, Kolkata
-vs-
South Eastern Railway Employees' Cooperative Credit Society Ltd.
PRESENT:
THE HON'BLE JUSTICE GIRISH CHANDRA GUPTA
AND THE HON'BLE JUSTICE ARINDAM SINHA JULY 15, 2016.
Ms. S. Das Dey, Adv. Appears.
Mr. J.P. Khaitan, Sr. Adv. Appears with Mr. S. Das, Adv. The Court: The subject matter of challenge in this appeal is a judgment and order dated October 30, 2014, passed by the learned Income Tax Appellate Tribunal, "C" Bench, Kolkata, in ITA No.1693/Kol/2012, pertaining to the assessment year 2008- 09, by which the learned Tribunal allowed the appeal preferred by the assessee.
The aggrieved revenue has come up in appeal. The question suggested by the revenue reads as follows:
"Whether on the facts and in the circumstances of the case the learned Tribunal was justified in law in deciding the interest income of Rs.87,25,339/- received from the bank deposit by the assessee as eligible for deduction under section 80P(2)(a)(i) of the Act ignoring the decision 2 of the Hon'ble Supreme Court in the case of Totgar Cooperative Sales Society Ltd., reported in 188 Taxmann 282 (SC) on identical issue."
We have this day disposed of I.T.A. No.484 of 2007, an appeal between the same parties, for the assessment years 2003-04 and 2004-05. In this case, we are concerned with the assessment year 2008-09. We have decided the issue partly in favour of the revenue and have remanded the matter to the Assessing Officer for the purpose of working out certain benefits as indicated therein.
For the same reasons, this appeal is allowed. The question formulated above is answered partly in favour of the revenue and the matter is remanded to the Assessing Officer who shall undertake the same exercise as we directed in our judgment in I.T.A. No.484 of 2007.
The appeal is thus disposed of.
(GIRISH CHANDRA GUPTA, J.) (ARINDAM SINHA, J.) tk