NATIONAL AGRICULTURAL CO OPERATIVE FEDERATION OF INDIA LTD Vs. J C I T S R AND ACIT
INCOME TAX APPELLATE TRIBUNAL
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N.V. Vasudevan, Judicial Member -
(1.) ALL these three appeals are by the assessee. ITA 1915/Del/2002 is an appeal by the assessee against the Order dt. 28.3.2002 of CIT(A)-XXVI, New Delhi relating to the A.Y. 1996-97. ITA 1916/Del/2002 is an appeal by the assessee against the order dt. 28.3.2002 of CIT(A)-26, New Delhi relating to A.Y. 1997-98. ITA 2876/Del/03 is an appeal by the assessee against the order dt. 31.3.2003 of CIT(A)-26, New Delhi relating to the A.Y. 1998-99.
(2.) Ground Nos. 1 to 5 in all the three appeals relate to the claim of deduction Under Section 80 P(2)(a)(iii) of the Act. These grounds were not pressed by the ld. counsel for the assessee and consequently the same are dismissed as not pressed.
Ground Nos. 6 and 7 in ITA 1915/Del/02 and 1916/Del/02 and ground Nos. 6 to 9 in ITA 2876/Del/03 is with regard to the claim for deduction Under Section 80 HHC of the Act. At the time of hearing these grounds were not pressed by the ld. counsel by the assessee and consequently these grounds are dismissed as not pressed.
(3.) GROUND No. 8 to 18 in ITA 1915 & 1916/Del/02 and ground No. 10 and 11 in ITA 2876/Del/03 relate to the denial of claim for deduction of interest liability claimed by the assessee. The facts and circumstances under which the aforesaid grounds of appeal arise for consideration in all the three A.Ys are identical. The assessee is a registered Cooperative Society under the Multi State Cooperative Societies Act, 1984. It is an Apex level Cooperative Organisation and has several cooperatives as its members. The object of the assessee is to organize, promote and develop marketing, processing and storage of agricultural and forest produce, distribution of agricultural machinery, inter state and intra state import and export, whole sale trading and rendering technical advise to is members. In the course of its business the assessee agreed to sell to M/s Alimenta SA Switzerland 5 M.T. Indian HPS groundnut Kernels Javas 75/80 Count per Ounce of current crop 1979-80 (hereinafter referred to as 'ground nut"). The price per metric ton was agreed at a sum of $ 765 FOB stowed Saurasthra ports. As per the terms of the agreement dated 12.1.1980 it was specifically agreed that other terms and conditions as per FOSFA 20 contract terms will apply. As per the FOSFA 20 Contract terms in the event of any dispute between the authorities the matter will be referred to arbitration.;
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