The Deputy Commissioner of Income Tax, Circle-2(1), Belgaum., Belgaum V. The Sadalaga Urban Souharda Sahakari Bank Niyamit., Belgaum

ITA 106/PAN/2016

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 1249 (ITAT-PANAJI)
• Duration Of Justice: 2 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-08-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2012-2013
• Appeal Filed On: 14-06-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: JOSEPH L RODRIGUES
• Section: 6; 10

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI BEFORE SHRI N.S. SAINI , HONBLE ACCOUNTANT MEMBER AND SHRI GEORGE MATHAN, HONBLE JUDICIAL MEMBER ITA NO S . 10 6 & 107 /P A N/201 6 (ASST. YEAR : 20 1 2 - 1 3 ) DCIT, CIRCLE - 2(1), BELGAUM. VS. 1) THE SADALAGA URBAN SOUHARDA SAHAKARI BANK NIYAMIT, MAHATMA GANDHI ROAD, SADALAGA, TQ : CHIKKODI, DIST. BELGAUM. PAN NO. AAAAS 1219 C 2) SHREE SHANTAPPANNA MIRAJI URBAN CO - OP BANK LTD., GURUWAR PETH, CHIKKODI, DIST. BELGAUM PAN NO. AAAAT 0995 J (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI CHANNABASAVRAJ BOLMAL CA (ITA NO. 106/PAN/2016) SHRI SANJAY D. SHIRGUPPE - CA (ITA NO. 107/PAN/2016) DEPARTMENT BY : SHRI JOSEPH L. RODRIGUES - DR DATE OF HEARING : 23 / 0 8 /201 6 . DATE OF PRONOUNCEMENT : 23 / 0 8 /201 6 . O R D E R PER GEORGE MATHAN, JUDICIAL MEMBER THESE ARE THE APPEAL S FILED BY THE REVENUE AGAINST THE SEPARATE ORDERS OF THE COMMISSIONER OF INCOME TAX (APPEALS) BELGAVI IN APPEAL NO S . 425 & 454 /BGM/2014 - 15 , EACH DATED 22/03/2016 & 28/03/2016 FOR THE ASSESSMENT YEAR 2012 - 13. 2 ITA NO. 10 6 & 107 /P A N/201 6 2. ITA NO. 106/PAN/2016 RELATES TO T HE SADALAGA URBAN SOUHARDA SAHAKARI BANK NIYAMIT AND ITA NO. 107/PAN/2016 RELATES TO SHREE SHANTAPPANNA MIRAJI URBAN CO - OP BANK LTD. AS THE ISSUES IN BOTH THE APPEALS ARE IDENTICAL, WE DECIDE D TO DISPOSE OF THE SAME IN A CO MMON ORDER. 3 . SHRI JOSEPH L. RODRIGUES , D EPARTMENTAL REPRESENTATIVE REPRESENTED ON BEHALF OF THE REVENUE AND SHRI CHANNABASAVRAJ BOLMAL, CA REPRESENTED IN ITA NO. 106/PAN/2016 AND SHRI SANJAY D. SHIRGUPPE , CA REPRESENTED IN ITA NO. 107/PAN/2016 ON BEHALF OF THE ASSESSEES . 4 . AT THE TIME OF HEARING, IT IS FAI R LY AGREED BY BOTH THE SIDES THAT THE ISSUES IN THESE APPEALS WERE AGAINST THE ACTION OF THE COMMISSIONER OF INCOME TAX (APPEALS) IN DELETING THE ADDITION MADE ON ACCOUNT OF ACCRUED INTEREST ON LOANS WHICH WERE CLASSIFIED AS NON - PERFORMING ASSETS . THE AUTHORIZED REPRESENTATIVE OF THE ASSESSEE REL IED UPON THE DECISION OF THE HONBLE JURISDICTIONAL HIGH COURT OF KARNATAKA IN THE CASE OF CANFIN HOMES LTD. REPORTED IN 347 ITR 382. AT THE TIME OF HEARING, AUTHORIZED REPRESEN TATIVE OF THE ASSESSEE FURTHER DREW OUR ATTENTION TO THE DECISION OF THE HONBLE JURISDICTIONAL HIGH COURT OF KARNATAKA, DHARWAD BENCH IN THE CASE OF THE BELGAUM DISTRICT CENTRAL CO - OP BANK LTD. IN ITA NO. 100027/2015 , DATED 16/12/2015 WHEREIN IN THE CASE OF COOPERATIVES BANKS ALSO , FOLLOWING THE DECISION OF CANFIN HOMES LTD. (SUPRA) THE HONBLE HIGH COURT HAS HELD THE ISSUE IN FAVOUR O F THE ASSESSEE. 5. WE HAVE CONSIDERED THE SUBMISSIONS. AS IT IS NOTICED THAT THE COMMISSIONER OF INCOME TAX (APPEALS) HAS FOLLOWED THE JUDICIAL DISCIPLINE IN FOLLOWING DECISION OF THE HONBLE JURISDICT I ONAL HIGH COURT OF KARNATAKA AND THE REVENUE HAS NOT BEEN ABLE TO DISLODGE THE SAID FINDINGS NOR PLACE BEFORE US ANY CONTRARY DECISION, THE FINDINGS OF THE 3 ITA NO. 10 6 & 107 /P A N/201 6 COMMISSIONER OF INCOME TAX (APPEALS) ON THIS ISSUE STANDS CONFIRMED. CONSEQUENTLY, THE APPEALS FILED BY THE REVENUE STAND DISMISSED. 6 . IN THE RESULT, APPEALS FILED BY THE REVENUE STAND DISMISSED. ORDER PRONOUNCED IN THE COURT AT THE CLOSE OF THE HEARING ON TUESDAY , THE 23 RD DAY OF AUGUST , 201 6 AT GOA . (N.S.SAINI) (GEORGE MATHAN) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 23 RD AUGUST , 201 6 . VR/ - COPY TO: 1 . THE ASSESSEE. A B THE SADALAGA URBAN SOUHARDA SAHAKARI BANK NIYAMIT, MAHATMA GANDHI ROAD, SADALAGA, TQ : CHIKKODI, DIST. BELGAUM. SHREE SHANTAPPANNA MIRAJI URBAN CO - OP BANK LTD., GURUWAR PETH, CHIKKODI, DIST. BELGAUM 2 . THE REVENUE. DCIT, CIRCLE - 2(1), BELGAUM. 3 . THE PR. CIT, BELAGAVI. 4 . THE CIT(A) , BELAGAVI. 5 . THE D.R . 6 . GUARD FILE. BY ORDER ASSISTANT REGISTRAR I.T.A.T., PANAJI