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2015 (11) TMI 1002 - PUNJAB & HARYANA HIGH COURT

2015 (11) TMI 1002 - PUNJAB & HARYANA HIGH COURT - TMI - Disallowance of claim under Section 80P(2)(a)(iii) - Held that:- The Tribunal had relied upon the decision of this Court in the case of Karnal Cooperative Sugar Mills Ltd's case (2001 (9) TMI 78 - PUNJAB AND HARYANA High Court) to deny the benefit of deduction under Section 80P(2)(a)(iii) of the Act to the assessee. However, Full Bench of this Court in The Budhewal Co-op. Sugar Mills Ltd's case (2009 (5) TMI 63 - PUNJAB AND HARYANA HIGH CO .....

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opportunity of hearing to the parties. The appeals stand disposed of accordingly. - ITA No. 419 of 2009 (O&M) - Dated:- 20-10-2015 - Ajay Kumar Mittal And Ramendra Jain, JJ. For the Appellant : Mr. M.R. Sharma, Adv For the Respondent : Mr. Denesh Goyal, Adv JUDGMENT Ajay Kumar Mittal, J. 1. This order shall dispose of two appeals bearing ITA Nos. 419 and 560 of 2009 as the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar (hereinafter referred to as "the Tribunal") has decided b .....

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tances of the case the orders (Annexure P-1), (Annexure P-2) and (Annexure P-3) are legally sustainable? (ii) Whether in the facts and circumstances of the case the ITAT has grossly erred in upholding the order of the Assessing Officer and CIT(A) holding the amount of ₹ 22,15,00,000/- advanced as loan by the Punjab Rural Development Board during the period from 1991-92 to 2001-02 and converted into grants during the year under consideration is a revenue receipt and can be subjected to tax .....

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87,637/- in respect of distillery unit having common management, premises, employees, electricity supply etc. etc. can be disallowed? (v) Whether in the facts and circumstances of the case the ITAT has grossly erred in denying the deduction to the appellant being a cooperative society from the marketing of agriculture produce being sugarcane of its grower members u/s 80P(2)(a)(iii) of the Income Tax Act? 3. Briefly stated, the facts necessary for adjudication of the instant appeal as narrated th .....

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assessee. Subsequently, the assessee filed a revised return on 31.3.2004 declaring business loss of ₹ 26,22,91,189/- and agricultural income at ₹ 1,94,830/-. The said revised return was processed under Section 143(1) of the Act at the declared loss on 15.7.2004 as is evident from the perusal of the assessment order passed in this case. A notice under Section 148 of the Act was issued on 10.5.2006 to the assessee for reopening the assessment already completed. Respondent No.2 being t .....

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w deduction under Section 80P(2)(a)(iii) of the Act and levied the income tax on the said amount. Feeling aggrieved, the assessee filed an appeal under Section 246 of the Act before the Commissioner of Income Tax (Appeals) [for brevity "the CIT(A)"] who vide order dated 28.3.2008 (Annexure P-3) upheld the order of respondent No.2 with regard to the disallowance of expenditure as well as taxing ₹ 25,15,00,000/- being the amount of loan converted into grants-in-aid under Section 28 .....

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