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TMI Blog2013 (12) TMI 719X X X X Extracts X X X X X X X X Extracts X X X X ..... elate to an Association of Persons (AOP) constituted of 19 Directors of one Agresan Sahakari Pat Sanstha Ltd., Agra Road, Dhule. All the appeals raise a common point and therefore they have been clubbed and heard together and a consolidated order is being passed for the sake of convenience and brevity. 2. The aforesaid appeals are directed against the order of the CIT(A) dated 21.02.2012 which has been passed in consequence to an order of the Tribunal in ITA Nos. 90 and 91/PN/2006 vide order dated 31.03.2011. Initially separate assessment orders u/s 143(3) r.w.s. 147 of the Income Tax Act, 1961 (in short "the Act") dated 24.03.2005 were passed by the Assessing Officer for the two captioned assessment years, which were carried in appeal bef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ried the matter in appeal before the CIT(A) who, while sustaining the income assessed u/s 68 of the Act allowed the benefit of exemption u/s 80P(2) of the Act with respect to such income considering that the assessee was a co-operative society and thus income assessable u/s 68 of the Act would constitute 'business income' eligible for deduction u/s 80P(2) of the Act. The aforesaid decision of the CIT(A) has since been affirmed by the Tribunal vide ITA Nos. 1459 - 1460/PN/2005 dated 30.06.2011 following an earlier decision of the Tribunal in the case of Shree Mahaveer Nagri Pat Sanshtha Ltd. vs. DCIT, 74 TTJ 324 (Pune). 4. It transpires that the cases of individual Directors of the Pat Sanshtha for assessment years 1999-2000 and 2000-01 wer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment years 1999-2000 and 2000-01. Consequently, on 24.03.2005 the Assessing Officer assessed the income of the AOP u/s 69 of the Act treating the aforesaid amount of FDRs as unexplained investments of the AOP u/s 69 of the Act, thereby determining total income for assessment years 1999-2000 and 2000-01 at Rs.2,01,60,000/- and Rs.1,06,02,000/- respectively on a protective basis. In appeal, the CIT(A) vide order dated 11.11.2005 deleted the addition by concluding that the FDRs being question did not belong to the AOP. However, the aforesaid order of the CIT(A) was set-aside by the Tribunal vide order dated 31.03.2011 (supra) and the CIT(A) was directed to pass a fresh order after obtaining comments of the Assessing officer. In the impugned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Act on account of fictitious FDRs has been found to be eligible for deduction u/s 80P(2)(a)(i) of the Act, so however the same does distract from the fact that the income in question before us in the captioned proceedings, is already assessed in the hands of Agresan Sahakari Pat Sanstha Ltd. for the assessment years 1999-2000 and 2000-01 amounting to Rs.2,01,60,000/- and Rs.1,06,02,000/- respectively. 8. Therefore, on the basis of the aforesaid, we are inclined to uphold the ultimate conclusion of the CIT(A) in deleting the impugned additions. We hold so. 9. Resultantly, all the captioned appeals of the Revenue are dismissed. Above decision was pronounced in the open Court in the presence of both the parties at the conclusion of the he ..... X X X X Extracts X X X X X X X X Extracts X X X X
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