DISTRICT CO OPERATIVE BANK LIMITED,KANPUR NAGAR V. CIT(A) NFAC, INCOME TAX DEPARTMENT, NFAC, DELHI

ITA 466/LKW/2024

AI Insights

The case involves the District Co-operative Bank Ltd., which appealed against the appellate order of the Commissioner of Income Tax (Appeals) concerning the assessment year 2014-15. The primary contention was the alleged lack of a reasonable opportunity during the assessment proceedings and the appellate proceedings. The Assessing Officer had initially assessed the bank's income and made additions for disallowed depreciation and unexplained credit entries. The Tribunal, after considering the written submissions and the absence of any representative for the assessee, decided to remit the matter back to the Assessing Officer for a fresh assessment.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 792657 (ITAT-LUCKNOW)
• Duration Of Justice: 1 year(s) 4 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-12-2025
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2014-2015
• Appeal Filed On: 12-07-2024
• Laws Referred To: Income Tax Act
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S. H. USMANI
• Assessee Lawyers: WRITTEN SUBMISSIONS FILED BY SUDHIR
• Keywords: Unexplained cash credit; Depreciation
• Section: 143(3)

Judgement Text

"I.T.A. No.466/Lkw/2024 Assessment Year:2014-15 1 IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH ‘A’, LUCKNOW BEFORE SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER AND SHRI SUBHASH MALGURIA, JUDICIAL MEMBER I.T.A. No.466/Lkw/2024 Assessment year:2014-15 District Co-operative Bank Ltd., 32 O Block, Kidwai Nagar, Kanpur S.O. (Kanpur Nagar) PAN:AAAAD2431M Vs. A.C.I.T.-1, Kanpur. (Appellant) (Respondent) O R D E R PER ANADEE NATH MISSHRA, A.M. (A) This appeal vide I.T.A. No.466/Lkw/2024 has been filed by the assessee for assessment year 2014-15 against impugned appellate order dated 14/05/2024 (DIN & Order No.ITBA/NFAC/S/250/2024- 25/1064856514(1) of Commissioner of Income Tax (Appeals) [“CIT(A)” for short]. (B) The facts of the case, in brief, are that the assessee filed its return of income on 30/09/2014 declaring total income at Rs.nil. The Assessing Officer completed the assessment and passed assessment order under section 143(3) of the I.T. Act on 27/12/2016 and determined the total income of the assessee at Rs.1,45,88,299/- (rounded off to Rs.1,45,88,300) and made addition of Rs.1,69,422/- on account of disallowance of Appellant by Written submissions filed by Shri Sudhir Tiwari, Advocate Respondent by Shri S. H. Usmani, CIT (D.R.) Printed from counselvise.com I.T.A. No.466/Lkw/2024 Assessment Year:2014-15 2 depreciation and further addition of Rs.90,36,234/- on account of unexplained credit entries. Being aggrieved, the assessee carried the matter in appeal before the learned CIT(A). Vide impugned appellate order dated 14/05/2024. Now the assessee is in appeal before the Income Tax Appellate Tribunal. (C) During the course of hearing none was present on behalf of assessee. However, written submissions were filed from the assessee’s side. In absence of any representation from assessee’s side, learned Departmental Representative was heard and written submissions of the assessee and other materials available on record were perused. The assessee has stated that the assessee did not get reasonable opportunity during assessment proceedings before the Assessing Officer and during appellate proceedings before the learned CIT(A). It has been requested that the disputed additions be restored back to the file of the Assessing Officer for passing fresh order. Learned Departmental Representative did not express any objection to this and left the matter to the discretion of the Bench. In view of the foregoing, the issue in disputes are remitted back to the file of the Assessing Officer with the direction to pass fresh assessment order in accordance with law after providing reasonable opportunity to the assessee. (D) In the result, the appeal of the assessee stands allowed for statistical purposes. (Order pronounced in the open court on 04/12/2025) Sd/. Sd/. (SUBHASH MALGURIA) (ANADEE NATH MISSHRA) Judicial Member Accountant Member Dated:04/12/2025 *Singh Printed from counselvise.com I.T.A. No.466/Lkw/2024 Assessment Year:2014-15 3 Copy of the order forwarded to : 1. The Appellant 2. The Respondent. 3. Concerned CIT 4. D.R., I.T.A.T., Lucknow Printed from counselvise.com "