Itta v. M/S Eluru Coop House Mortgage Socy Ltd., W.g.dist
High Court
21 Nov 2017 In favour of: Revenue
Forum / Bench
High Court · taphc
Parties
Itta v. M/S Eluru Coop House Mortgage Socy Ltd., W.g.dist
Date of order
21 Nov 2017
Assessment year(s)
2008-2009
Outcome
Allowed
Case summary
In Itta v. M/S Eluru Coop House Mortgage Socy Ltd., W.g.dist, the High Court (2017) allowed the appeal. The decision went in favour of the Revenue.
Issue: He has further submitted that as the respondent is held entitled to exemption from payment of tax, a further question as to whether the overdue interest is allowable for deduction or not would not arise.
Decision: In the light of the above, this Appeal is dismissed. ______________________ (C.V.Nagarjuna Reddy, J) Date: 21-11-2017 lur ___________________ (T.Amarnath Goud, J) CVNR, J & TA, J ITTA.No.475 of 2017 Dt: 21-11-2017
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
Sections referenced in this judgment
The order — as passed by the High Court
The Hon’ble Sri Justice C.V.Nagarjuna Reddy
and
The Hon’ble Sri Justice T.Amarnath Goud
I.T.T.A. No.475 of 2017
Dt: 21-11-2017
Between: Principal Commissioner of Income Tax, Rajahmundry ….Appellant and M/s.Eluru Co-operative House Mortgage Society Limited, Eluru, West Godavari District ….Respondent Counsel for the Appellant: Mr.B.Narasimha Sarma Sr.Standing Counsel for IT Dept., Counsel for the respondent: Mr.AVA.Siva Karthikeya The Court made the following:
Judgment: (per Hon’ble Sri Justice C.V.Nagarjuna Reddy)
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.
The issue decided by the Tribunal pertains to disallowance of overdue interest.
At the hearing, Mr.Siva Karthikeya, learned Counsel for the respondent-assessee, submitted that by Common Order, dated 13-09-2017, this Court has allowed ITTA.Nos.339, 400 and 401 of 2017 filed by the respondent-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 Tax Act, 1961. He has further submitted that as the respondent is held entitled to exemption from payment of
tax, a further question as to whether the overdue interest is allowable for deduction or not would not arise.
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.
In the light of the above, this Appeal is dismissed.
______________________
(C.V.Nagarjuna Reddy, J)
Date: 21-11-2017 lur
___________________ (T.Amarnath Goud, J)
CVNR, J & TA, J ITTA.No.475 of 2017 Dt: 21-11-2017
This page reproduces a public-domain court order (Section 52(1)(q)(iv), Copyright Act 1957). Explanations are EaseValue's original analysis. Always read the original order.
Disclaimer: General information only — not legal, tax or professional advice, and no advocate/CA–client relationship is created. AI-generated summaries may contain errors and must be verified against the original court order. EaseValue accepts no liability for reliance on this content. Not a solicitation.
Full disclaimer & Terms.
EaseValue