Dismissed

Prl Commissioner of Income Tax, Rjy, E.G.Dist v. M/S Eluru Coop House Mortgage Socy Ltd., W.G.Dist

Telangana HC21 Nov 2017ITTA/475/2017

Case brief

AI extract

What is this about?

This revenue appeal against the Tribunal's order disallowing overdue interest is dismissed. The Court held that in light of a subsequent Common Order granting tax exemption under Section 80P(2) to the assessee, the issue of interest deduction did not arise and the appeal was rejected.

What did the court decide?

The appeal filed by the Revenue is dismissed.

Prl Commissioner of Income Tax, Rjy, E.G.Dist Vs M/S Eluru Coop… — Income Tax | Telangana HC (2017)

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The Hon’ble Sri Justice C.V.Nagarjuna Reddy

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and

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The Hon’ble Sri Justice T.Amarnath Goud

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I.T.T.A. No.475 of 2017

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Dt: 21-11-2017

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Between:

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Principal Commissioner of Income Tax, Rajahmundry

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….Appellant

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and

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M/s.Eluru Co-operative House Mortgage Society Limited, Eluru, West Godavari District

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….Respondent Counsel for the Appellant: Mr.B.Narasimha Sarma Sr.Standing Counsel for IT Dept., Counsel for the respondent: Mr.AVA.Siva Karthikeya

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The Court made the following:

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CVNR, J & TA, J ITTA.No.475 of 2017 Dt: 21-11-2017

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Judgment: (per Hon’ble Sri Justice C.V.Nagarjuna Reddy)

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This Appeal is filed by the Revenue against Order, dated 23.12.2016, in ITA.No.473/Vizag/2012, on the file of the Income Tax Appellate Tribunal, Visakhapatnam Bench, Visakhapatnam (for short ‘the Tribunal’), whereby it has set aside Order, dated 25.01.2012, of the Commissioner of Income Tax (Appeals), Visakhapatnam, for the assessment year 2008-2009.

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The issue decided by the Tribunal pertains to

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disallowance of overdue interest.

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At the hearing, Mr.Siva Karthikeya, learned Counsel

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for the respondent-assessee, submitted that by Common Order, dated 13-09-2017, this Court has allowed

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ITTA.Nos.339, 400 and 401 of 2017 filed by the respondent-

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assessee and held that the hierarchical orders including that of the Tribunal were erroneous and that the respondent is entitled to exemption under Section 80P(2) of the Income

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Tax Act, 1961. He has further submitted that as the respondent is held entitled to exemption from payment of

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3 CVNR, J & TA, J ITTA.No.475 of 2017 Dt: 21-11-2017

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tax, a further question as to whether the overdue interest is allowable for deduction or not would not arise.

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Mr.B.Narasimha Sarma, learned Senior Standing Counsel for Income Tax Department, fairly conceded that in the wake of the afore-mentioned Common Order of this Court in ITTA.Nos.399, 400 and 401 of 2017, this Appeal is liable to be dismissed.

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In the light of the above, this Appeal is dismissed.

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______________________ (C.V.Nagarjuna Reddy, J) ___________________ (T.Amarnath Goud, J) Date: 21-11-2017 lur

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CVNR, J & TA, J ITTA.No.475 of 2017 Dt: 21-11-2017

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Prl Commissioner of Income Tax, Rjy, E.G.Dist v. M/S Eluru Coop House Mortgage Socy Ltd., W.G.Dist

Case brief

What is this about?

What did the court decide?

Prl Commissioner of Income Tax, Rjy, E.G.Dist v. M/S Eluru Coop House Mortgage Socy Ltd., W.G.Dist

Case brief

What is this about?

What did the court decide?

What the court decided

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