IN INCOME TAX APPELLATE TRIBUNAL, BENCH KOLKATA [Before Hon ble Shri S.S.Viswanethra Ravi, JM & Dr.Arjun Lal Saini, AM ] ITA No.621/Kol/2016 Assessment Year : 2011-12 S.E. S.E.C., E.Co. Railway Employees -versus- P.C.I.T.- 10, Co-operative Credit Society Ltd. Kolkata Kolkata [PAN: AABAS 9181 Q] (Appellant) (Respondent) For Appellant : Shri Subash Agarwal, Advocate For Respondent : Shri Rajat Subhra Biswas, CIT Date of Hearing : 05.09.2016 Date of Pronouncement : 28.09.2016. ORDER Per Dr.Arjun Lal Saini, AM captioned appeal filed by assessee pertaining to A.Y. 2011-12, is directed against order passed by Principal Commissioner of Income Tax -10, Kolkata u/s 263 of Income tax Act, 1961 (in short Act) dated 02.03.2016 , which in turn arises out of order passed by Ld. Assessing Officer u/s 143(3) of Income Tax Act, 1961, dated 24.01.2014. 2. facts of case are stated in brief. Assessee is Cooperative credit society. It filed its return of income on 13.09.2011 disclosing total income at NIL. AO after making certain additions completed assessment u/s 143(3) on dated 24/01/2014. Later on assessment order made by ld. AO u/s 143(3) of Act has been reviewed and supervised by C.I.T. u/s 263 of Act. ld. CIT while invoking provisions of section 263 of Act found that order made by ld. AO was erroneous and prejudicial to interest of revenue on following grounds :- 2 ITA No.621/Kol/2016 S.E.S.E.C.,E.Co.Railway Employees Co-op.Credit Society Ltd. A..Y.2011-12 i) During course of assessment u/s 143(3) of Act dated 24/01/2014, it was held that assessee had earned bank interest income of Rs.40,87,926/- which was not from activity of providing credit facilities to its members, and this income is not eligible for deduction under section 80P(2)(a)(i) of Act. In said assessment order, assessing officer assessed this income as income from other sources, and allowed proportionate interest expenses against this income, by way of interest on deposits from your members; (ii) On perusal of balance sheet it is revealed that assessee had enough interest free funds in form of share capital and free reserves which can be considered to have been invested in bank deposits fetching interest income to assessee; & (iii) interest on house building advance to staff of assessee and miscellaneous receipts are not income from providing credit facilities to its members and is not eligible for deduction under section 80P(2)(a)(i) and needed to be assessed as income from business/other sources. 3. ld. CIT directed ld. AO to pass fresh assessment order in accordance with provisions of law by observing following :- 4. I have carefully considered submission of Chief Manager of assessee Society and all relevant facts and materials available on record. issues involved are allowability u/s 80P of interest income, allowability u/s 80P of interest income from house building loan to staff and allowability u/s 80P of Miscellaneous Receipts. 5. It is imperative on part of Assessing Officer to examine each and every transaction and finally to assess correct income of assessee. In this case, assessment order was passed without giving proper consideration to materials / facts available in record. While doing assessment u/s 143(3), A.O. is not expected to be passive in face of return but to actively examine case from all perspective and conduct further enquiry. 6. power of revision by CIT u/s 263 of Act is very wide and it is in nature of supervisory jurisdiction. power u/s 263 can be exercised even in cases where issue is debatable and such power is not comparable with power of rectification of mistake u/s 154 of Income Tax Act. It is well settled that incorrect assumption of facts or application of law satisfies requirement of law i.e. order being erroneous & prejudicial to interest of revenue. order passed by A.O. without application of mind or order showing apparent error of reasoning or order where A.O. simply accepts where assessee stated in his return of income and fails to make enquiries which are called for in facts and circumstances of case will also call for intervention u/s 263 of Act by CIT/Pr. CIT. It is trite law that disclosure of facts by assessee in return of income and / or in course of assessment proceedings cannot give immunity from revisional jurisdiction of CIT/Pr. CIT u/s 263. above position of law has been reiterated by Hon'ble Supreme Court in various decisions including that of Rampyari Devi Saraogi Vs. CIT (1968) 67 ITR 84 (SC), Tara Devi Agarwal vs. CIT( 1973) 88 ITR 323 (SC), Malabar Industries Co. Ltd vs. CIT (1991) 198 ITR 611 (Kerala) which was affirmed by Supreme Court in 243 ITR 83. 7. Now we move on to each issue to see whether A.O. has diligently enquired and examined them. 3 ITA No.621/Kol/2016 S.E.S.E.C.,E.Co.Railway Employees Co-op.Credit Society Ltd. A..Y.2011-12 7.1 first issue involved is whether interest income on bank interest to tune of Rs.40,87,926/- is deductible u/s 80P of Act. A.O. has attributed this interest to income arising out of bank interest under head income from other sources. 7.l.1 assessee has highlighted word "attributable to" in said section, citing case of Cambay Electric Supply Industrial Co Ltd Vs Commissioner of Income Tax, Gujrat-Il [ITR 113 (1978) 842]. contention being that whole of amount of profits and gains of business, whatever source, is deductible u/s 80P. However, said judgment was related with general business of assessee, and has not dealt with co-operative societies. In said section, word "attributable to" has been used in respect of carrying on business of banking or providing credit facilities to its members. 7.l.2 In case of assessee, carrying on business of banking or / providing facilities to its members include giving loan/credit to its members, receiving interest thereon, taking deposit from its members and giving .interest thereon to members. In other words, income generated by assessee is to be from its members and any expenditure made by way of interest should also be attributable to its members. As long as banking business / providing credit facility is limited to its members, assessee is eligible for deduction u/s 80P. However, making deposit to Bank, which is not its member, does not constitute 'business of banking or providing facilities to its members" by assessee, and assessee is not at all eligible for deduction u/s 80P in respect of such income. 7.2 second issue involves allowance of deduction u/s 80P of Act in respect of income from house building loan to staff of assessee society. assessee has contended that staffs are members of society and therefore interest earned from providing loan facility is eligible u/s 80P of Act. However, members of co-operative are autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through jointly-owned and democratically-controlled enterprise. Whereas, staff of co-operative are paid employee, having employer-employee relationship with co-operative. Hence, it can never be said that staff is member of society, and hence any income generated from them, by way of interest or otherwise, becomes ineligible for deduction u/s 80P. 7.3. third issue is regarding income under head Miscellaneous Receipts. assessee has contended that assessee recovered from members printing and stationery cost and instead of adjusting same with cost of Printing & Stationary of assessee, such amount was separately shown in income side as Miscellaneous Receipts. This should have been looked into by A.O. during course of assessment proceedings. It has already been stated that failure on part of Assessing Officer to make enquiry on relevant issue/point would render assessment erroneous and prejudicial to interest of revenue. Hence, not having enquired into above issue has resulted in erroneous order which is prejudicial to interest of revenue. 8. In totality of position of law and facts & circumstances of case, assessment order passed by Assessing Officer on 24/01/2014 is hereby set aside in respect of points stated in show-cause notice. A.O. is directed to initiate 4 ITA No.621/Kol/2016 S.E.S.E.C.,E.Co.Railway Employees Co-op.Credit Society Ltd. A..Y.2011-12 fresh assessment proceedings & carry out necessary enquiries /verification & provide reasonable opportunity to assessee firm to produce documents & evidences which it may chose to rely upon for substantiating its own claim. Thereafter fresh assessment order may be passed in accordance with relevant provisions of law. 4. Not being satisfied with order of ld. CIT u/s 263 of Act assessee is in further appeal before us. Although in this appeal, assessee has raised multiple grounds of appeal but at time of assessment proceedings, grievance of assessee has been confined to ground Nos. 2,3,4 and 5 and other grounds have not been pressed. Ground Nos. 2 to 5 are solitary grievances of assessee which read as under :- 2. For that Ld. CIT erred in exercising power of revision for purpose of directing A.O. to hold another investigation when order of A.O. was neither erroneous nor prejudicial to interest of revenue. 3. (a) For that Ld. CIT was not justified in holding that bank interest income earned by assessee co-operative credit society amounting to Rs.40,87,926/- does not qualify for deduction u/s. 80P. (b) For that issue whether bank interest income earned by assessee qualifies for deduction u/s 80P has already been considered and inquired into by A.O. and issue is also subject-matter of adjudication before CIT(A). As such, Ld. CIT has no jurisdiction to invoke revisionary power in regard thereto. 4. For that Ld. CIT was not justified in holding that income earned from house building loan to staff does not qualify for deduction u/s 80P. 5. (a) For that Ld. CIT was not justified in holding that receipt from members towards printing & stationery cost, which was credited to Miscellaneous Receipts account, does not qualify for deduction u/s 80P. (b) For that Ld. CIT ought to have considered fact that receipts on account of printing & stationery from members were required to be netted against printing & stationery expenses. As such, same had no income element. 5. Ground No.2:The ld. AR for assessee submitted that ld. CIT was wrong in exercising powers to hold another investigation that order of AO was neither erroneous nor prejudicial to interest of revenue. ld. AR submitted that everything was available on record of AO and nothing was hidden by assessee. Hence order passed by AO cannot be erroneous and prejudicial to interest of revenue. 5 ITA No.621/Kol/2016 S.E.S.E.C.,E.Co.Railway Employees Co-op.Credit Society Ltd. A..Y.2011-12 6. On other hand, ld. DR for revenue has primarily reiterated stand taken by ld. CIT and stated that order was erroneous and prejudicial to interest of revenue because interest income are from cooperative society at Rs.40,87,926/- does not qualify for deduction u/s 80P of Act and income earned from house building loan does not qualify for deduction u/s 80P of Act and printing and stationery which are credited does not qualify for deduction u/s 80P of Act. Therefore order was erroneous and prejudicial to interest of revenue and CIT has rightly exercised his jurisdiction u/s 263 of Act. 7. We have heard rival submissions. We noticed that there is merit in submissions of ld. DR for revenue, as proposition canvassed by ld. DR have been supported by facts cited by him above. order passed by AO was erroneous and prejudicial to interest of revenue because interest income from cooperative society at Rs.40,87,926/- does not qualify for deduction u/s 80P of Act and income earned from house building loan does not qualify for deduction u/s 80P of Act and printing and stationery which are credited does not qualify for deduction u/s 80P of Act. Therefore we do not hesitate to confirm order of CIT. 8. Hence, appeal filed by assessee on this ground is dismissed. 9. next ground No. 3 relates to whether bank interest income earned by assessee cooperative society amounting to Rs.40,87,926/- qualified for deduction u/s 80P of Act? said subject matter was for adjudication before ld CIT(A), whether ld.CIT may exercise revisionary power U/s 263 of Act? 10. ld. AR for assessee has submitted that assessee- cooperative society received advance amount form its members and utilized part amount of it and balance amount which cannot be utilized, assessee has deposited in fixed deposit with bank account. Hence funds of cooperative society which was kept in bank in fixed deposit ensured that amounts would not remain idle. Hence interest income on this deposit is eligible for deduction u/s 80P of Act. 6 ITA No.621/Kol/2016 S.E.S.E.C.,E.Co.Railway Employees Co-op.Credit Society Ltd. A..Y.2011-12 ld. AR has further submitted that section 80P(1) of Act states that amount of profits and gains of business attributable to any one or more activity would be eligible for deduction u/s 80P(1) of Act. relevant portion of section 80P(1) reads as follows :- 80P(1) Where, in case of asessee being co-operative society, gross total income includes any income referred to in sub-section (2), there shall be deducted, in accordance with and subject to provisions of this section, sums specified in sub- section (2), in computing total income of assessee. (2) sums referred to in sub-section (1) shall be following, namely:- (a) in case of co-operative society engaged in (i) carrying on business of banking or providing credit facilities to its members or .. whole of amount of profits and gains of business attributable to any or more of such activities. above cited section clearly shows that income attributable out of investment of funds credited u/.s 63 of Cooperative Society is income attributable to business. 11. On other hand, ld. DR for revenue has reiterated stand taken by AO and has strongly defended order of AO saying that interest income arising out of such investment should be assessable u/s 56 of Act and not under head income from other sources. ld DR also stated that assessee received advance money from its members, utilized part of it, and balance deposited in F.D with bank is against liability, therefore deduction should not be allowed. 12. We have heard both parties, perused materials available on record. We noticed that there is small merit in submissions of assessee as propositions canvassed by ld AR for assesseee are supported by facts narrated above. amount of interest arising out of investment of funds credited u/s 63 of Cooperative Society is income attributable to business. section itself shows clearly that income attributable to business would be assessable and eligible for deduction u/s 80P of Act. But in this case it is to be examined further by Assessing Officer whether amount which was invested in bank fixed deposit/securities, to earn interest should not be any 7 ITA No.621/Kol/2016 S.E.S.E.C.,E.Co.Railway Employees Co-op.Credit Society Ltd. A..Y.2011-12 amount due to any member. amount invested should not be liability. amount should not shown as liability in their members account. In fact, this amount, which is in nature of profits and gains should not immedialtely required by assessee for lending money to members, that is there should be no takers. All these aspects are to be examined by AO. assessee has also stated in his ground that said subject matter was before ld CIT(A) for adjudication, therefore CIT had no power to invoke revisionary power U/s 263 of Act. We do not find any force in statement of ld AR because he does not show us relevant proof that said matter was pending before ld CIT(A) for adjudication. We also noticed that following judicial precedents are available on issue under consideration: (i). BIHAR STATE HOUSING CO-OPERATIVE FEDERATION LTD. vs. COMMISSIONER OF INCOME TAX-HIGH COURT OF PATNA (2009) 315 ITR 286 interest earned on deposits made does not arise out of one or more of activities specified in s. 80P(2)(a)(i) but interest received by assessee on bank deposit is ancillary and incidental to carrying on business of providing credit facility to its members and, as such, exempt under aforesaid provisions. It may be stated herein that assessee deposits surplus funds available with it in banks and earns interest thereon. nature of activity in which assessee is involved clearly creates situation when surplus fund is available to it which it deposits in bank and earns interest thereon. placement of such fund being incidental and ancillary to carrying on of business of providing credit facility to its members by reason of s. 80P(2)(a)(i), same is exempt under aforesaid provisions. CIT vs. Karnataka State Cooperative Apex Bank (2001) 169 CTR (SC) 486 : (2001) 251 ITR 194 (SC) relied on (ii). GUTTIGEDARARA CREDIT CO-OPERATIVE SOCIETY LTD. vs. INCOME TAX OFFICER-HIGH COURT OF KARNATAKA (2015) : 377 ITR 464: Certain sums of interest were earned from short-term deposits and from savings bank account. assessee is Co-operative Society providing credit facilities to its members. It is not carrying on any other business. interest income earned by assessee by providing credit facilities to its members is deposited in banks for short duration which has earned interest.(para 7) Co-operative Society which is carrying on business of providing credit facilities to its members, earns profits and gains of business by providing credit facilities to its members. interest income so derived or capital, if not immediately required to be lent to members, society cannot keep said amount idle. If they deposit this amount in bank so as to earn interest, said interest income is attributable to 8 ITA No.621/Kol/2016 S.E.S.E.C.,E.Co.Railway Employees Co-op.Credit Society Ltd. A..Y.2011-12 profits and gains of business of providing credit facilities to its members only. society is not carrying on any separate business for earning such interest income. income so derived is amount of profits and gains of business attributable to activity of carrying on business of banking or providing credit facilities to its members by co-operative society and is liable to be deducted from gross total income under Section 80P of Act.(para 10) Amount which was invested in banks to earn interest was not amount due to any members. It was not liability. It was not shown as liability in their account. In fact this amount which is in nature of profits and gains, was not immediately required by assessee for lending money to its members, as there were no takers. Therefore they had deposited money in bank so as to earn interest. said interest income is attributable to carrying on business of banking and therefore it is liable to be deducted in terms of Section 80P(1) of Act. In fact similar view is taken by Andhra Pradesh High Court in case of Commissioner of Income Tax-III, Hyderabad Vs. Andhra Pradesh State Cooperative Bank Ltd., reported in (2011) 200 Taxman 220/12. Order passed by appellate authorities denying benefit of deduction of aforesaid amount is unsustainable in law. (iii). TOTGARS CO-OPERATIVE SALE SOCIETY LTD. vs. INCOME TAX OFFICER- SUPREME COURT OF INDIA (2010): 322 ITR 283 Assessee markets produce of its members whose sale proceeds at times were retained by it. Since fund created by such retention was not required immediately for business purposes, it was invested in specified securities. Such interest income would come in category of "income from other sources", hence, such interest income would be taxable under s. 56 as rightly held by AO. income, which is attributable to any of specified activities in s. 80P(2) would be eligible for deduction. Assessee-society regularly invests funds not immediately required for business purposes. Interest on such investments, therefore, cannot fall within meaning of expression "profits and gains of business". Such interest income cannot be said also to be attributable to activities of society, namely, carrying on business of providing credit facilities to its members or marketing of agricultural produce of its members. When assessee-society provides credit facilities to its members, it earns interest income. Interest held as ineligible for deduction under s. 80P(2)(a)(i) is not in respect of interest received from members. Assessee markets agricultural produce of its members. It retains sale proceeds in many cases. It is this "retained amount" which was payable to its members, from whom produce was bought, which was invested in short-term deposits/securities. Such amount, which was retained by assessee-society, was liability and it was shown in balance sheet on liability side. Therefore, to that extent, such interest income cannot be said to be attributable either to activity mentioned in s. 80P(2)(a)(i) or in s. 80P(2)(a)(iii). Therefore, looking to facts and circumstances of this case, AO was right in taxing interest income, indicated above under s. 56.(Para 10) alternative submission advanced by assessee stating that, if interest income in question is held to be covered by s. 56, even then, assessee-society is entitled to benefit of s. 80P(2)(a)(i) in respect of such interest income has no merit. Sec. 80P(2)(a)(i) cannot be placed at par with Expln. (baa) to s. 80HHC, s. 80HHD(3) and s. 80HHE(5). Each of said sections has to be interpreted in context of its subject- 9 ITA No.621/Kol/2016 S.E.S.E.C.,E.Co.Railway Employees Co-op.Credit Society Ltd. A..Y.2011-12 matter. scope of s. 80HHC is different from scope of s. 80P, which deals with deduction in respect of income of co-operative societies. Even Expln. (baa) to s. 80HHC was added to restrict deduction in respect of profits retained for export business. words used in Expln. (baa) to s. 80HHC, therefore, cannot be compared with words used in s. 80P which grants deduction in respect of "the whole of amount of profits and gains of business".(Para 11) (iv). COMMISSIONER OF INCOME TAX vs. KARNATAKA STATE COOPERATIVE APEX BANK-SUPREME COURT OF INDIA (2001):251 ITR 194: assessee co-operative bank is required to place part of its funds with SBI or RBI to enable it to carry on its banking business. This being so, any income derived from funds so placed arises from business carried on by it and assessee has not, by reason of s. 80P(2)(a)(i), to pay income-tax thereon. placement of such funds being imperative for purposes of carrying on banking business, income derived therefrom would be income from assessee s business. There is nothing in phraseology of that provision which makes it applicable only to income derived from working or circulating capital. Karnataka State Co-operative Apex Bank (Judgment dt. 12th Jan., 2000, of Karnataka High Court in IT Ref. No. 876-878 of 1998) affirmed; M.P. Cooperative Bank Ltd. vs. Addl. CIT (1996) 134 CTR (SC) 92 : 1996 (2) SCC 541 : TC S26.2715 overruled; CIT vs. Bangalore District Cooperative Central Bank Ltd. (1998) 148 CTR (SC) 226 : 1998 (6) SCC 129 : TC S26.2714 approved sans reasoning. (Para 6) (v) COMMISSIONER OF INCOME TAX vs. NAWANSHAHAR CENTRAL CO-OP. BANK LTD.SUPREME COURT OF INDIA (2012): 349 ITR 689 income earned by Assessee which was derived from underwriting issue of bonds and investments in PSEB Bonds is in nature of income from banking business and hence qualified for deduction u/s 80P(2)(a)(i) of Income Tax Act, 1961. assessee under consideration is not co-operative bank therefore decision in NAWANSHAHAR CENTRAL CO-OP. BANK LTD and KARNATAKA STATE COOPERATIVE APEX BANK ( supra) are not applicable, as facts and nature of business is different and these judgments can be distinguished on facts. Besides, facts narrated in judgment of Hon`ble S.C. in TOTGARS CO-OPERATIVE SALE SOCIETY LTD. vs. INCOME TAX OFFICER- (2010): 322 ITR 283, are distinguishable, in this case assessee was carrying on business of providing credit facilities to its members and marketing of agricultural produce of its members U/s 80P(2)(a)(iii), hence does not applicable squarely to facts of assessee under consideration. ld. AR for assessee has cited judgment, which is held by Hon ble Calcutta High Court in assessee`s own case in CIT vs South Eastern Railway Employees Co-op Credit Society Ltd. In ITA No.484 of 2007 wherein court has taken following view: In that view of matter, question raised for decision is answered in affirmative and in favour of revenue to extent as indicated above. appeal is allowed. matter is , however, remanded to Assessing Officer (a) to work out 10 ITA No.621/Kol/2016 S.E.S.E.C.,E.Co.Railway Employees Co-op.Credit Society Ltd. A..Y.2011-12 interest earned u/s 63 and 64 of Multi State Cooperative Societies Act, 2002 and to allow benefit u/s 80-P and (b). to ascertain interest paid to members for purpose of earning sums of Rs. 99 lakhs and 1.2 crores on account of interest from investments. Such interest shall be deducted from expenses of eligible business. Consequent increased amount of profits of eligible business as discussed above, shall be amount of deduction available to assessee u/s 80P of Act. Respectfully, following judgment of Hon`ble High Court of Calcutta, in assessee`s own case, we are of view that this issue requires fresh examination at end of AO. Accordingly we set aside order of ld. CIT and restore this issue to file of AO with direction to ascertain deduction u/s 80P of Act, in light of discussion in assessee`s own case, supra. 13. In result, appeal of assessee on this issue is allowed for statistical purposes. 14. Ground No.4, relates to whether income earned from house building loan to staff, qualify for deduction u/s 80P of Act or not. 15.The ld. AR for assessee has stated that staff of cooperative society who are working for society and their object is to enhance business activities of society. Therefore house building loan provided to staff should be available as deduction u/s 80P of act in hands of assessee. 16. On other hand ld. DR for revenue has stated that this loan to staff i.e. building loan to staff does not fall in business income attributable to business u/s 80P of Act and therefore assessee is not eligible to claim deduction on account of housing loan to staff. 17. We have heard both parties, perused materials available on record and we noticed that there is merit in submissions of ld. DR who has rightly stated that building loan to staff does not include under definition of income 11 ITA No.621/Kol/2016 S.E.S.E.C.,E.Co.Railway Employees Co-op.Credit Society Ltd. A..Y.2011-12 attributable to business and is not eligible for deduction u/s 80P. We have also consulted section 80P of Act, where nothing is mentioned about building loan to staff ,claimed u/s 80P of Act. Therefore in view of above cited facts, we confirm order of CIT. 18. In result, appeal of assessee on this ground is dismissed. 19. next ground No. 5 relates whether receipt from members in respect of printing and stationery cost qualify for deduction u/s 80P of Act or not. 20. ld. AR for assessee has submitted that during year assessee society has received from its members cost of printing and stationery which was credited by assessee society to miscellaneous account. Since this is transaction with members of society and hence it should be available for deduction u/.s 80P of Act. 21. On other hand, ld. DR for revenue has strongly defended order of CIT on this issue and he has relied on assessment order. ld. DR further mentioned that amount received from members on account of printing and stationery cost, is not income of assessee cooperative society. Therefore it does not qualify for deduction u/s 80P of Act. Further, section 80P does not talk about such type of deduction and there is no satisfactory cost which is being recovered from its members cannot be attributable to assessee society. Hence deduction u/s 80P of Act should not be allowed. 22. We have heard both parties, perused materials available on record. We noticed that there is merit in submissions of ld. DR for revenue as he has rightly pointed out that cost recovered from members and there is no satisfying expenditure and it cannot be income in hands of assessee cooperative society. Section 80P of Act does not talk about such type of income which can be 12 ITA No.621/Kol/2016 S.E.S.E.C.,E.Co.Railway Employees Co-op.Credit Society Ltd. A..Y.2011-12 attributable to business of assessee, cooperative society. Hence we do not hesitate to confirm order of CIT. 23. In result, appeal filed by assessee on this ground, is dismissed. Order pronounced in court on 28.09.2016. Sd/- Sd/- [S.S.Viswanethra Ravi] [Dr.Arjun Lal Saini] Judicial Member Accountant Member Date: 28.09.2016. R.G.(.P.S.) Copy of order forwarded to: 1. S.E., S.E.C., E.Co.,Railway Employees Co-operative Credit Society Ltd., 93, Circular Garden Reach Road, Kolkata-700043. 2 Pr.C.I.T.-10, Kolkata. 3. CIT(DR), Kolkata Benches, Kolkata. True Copy, By order, Deputy /Asst. Registrar, ITAT, Kolkata Benches S.E. S.E.C., E.Co. Railway Employees Co-operative Credit Society Ltd. v. P.C.I.T.- 10, Kolkata