UTTARAKHAND RAJYA SAHAKARI BANK LTD., HALDWANI V. ACIT, Circle-1, HALDWANI

ITA 1094/DEL/2018

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 9006 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 5 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-08-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: G
• Assessment Year: 2014-2015
• Appeal Filed On: 13-02-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Principle of natural justice; Earning of tax free income

Judgement Text

ITA NO.-1094/DEL/2018 UTTARAKHAND RAJYA SAHAKARI BANK LTD. PAGE 1 OF 4 IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH: B: NEW DELHI) (THROUGH VIDEO CONFERENCING) BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA NO:- 1094/DEL/2018 ( ASSESSMENT YEAR: 2014-15) UT T ARAKHAND RAJYA SAHAKARI BANK LTD., HALDWANI. VS. ACIT, CIRCLE-1, HALDWANI. APPELLANT RESPONDENT PAN NO: AAATU1957E ASSESSEE BY : NONE REVENUE BY : SHRI MAHESH THAKUR, SR. DR PER ANADEE NATH MISSHRA, AM (A) THIS APPEAL BY ASSESSEE IS FILED AGAINST THE ORDER OF LEARNED COMMISSIONER OF INCOME TAX (APPEALS), HALDWANI, [LD. CIT(A), FOR SHORT], DATED 16.10.2017 FOR ASSESSMENT YEAR 2014-15. GROUNDS TAKEN IN THIS APPEAL OF ASSESSEE ARE AS UNDER: I. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS), ERRED IN CONFIRMING THE ADDITION OF INTEREST ON AGRICULTURE CREDIT STABILIZATION FUND RS. 24,56,484,00, PACS DEPOSIT FUND RS. 7,00,000,00 AND NOT TREATING DIVIDEND INCOME OF RS. 28,00,000.00 AS EXEMPT INCOME. II. THE APPELLANT RESPECTFULLY, SUBMITS AS UNDER:- 1. THE LEARNED COMMISSIONER OF INCOME TAX APPEALS (CIT-A) HAS WITHOUT GOING INTO THE FACTS HAS SUSTAINED ADDITION AGGREGATING TO RS. ITA NO.-1094/DEL/2018 UTTARAKHAND RAJYA SAHAKARI BANK LTD. PAGE 2 OF 4 31,56,484.00. BEING INTEREST ON AGRICULTURE CREDIT STABILIZATION FUND RS. 24,56,484.00, PACS DEPOSIT FUND RS. 7,00,000.00 2. THE LD. CIT-A HAS NOT TREATED DIVIDEND INCOME AS EXEMPT INCOME WHICH IS RESULTING INTO DOUBLE TAXATION. 3. THAT THE ORDER IS BAD IN LAW, NOT IN AGREEMENT WITH FACTS AND IS AGAINST THE PRINCIPLES OF NATURAL JUSTICE. III. THE APPELLANT CRAVES LEAVE TO ADD, ALTER, AMEND, AND/ OR TO MODIFY ANY GROUND OF APPEAL, IF NECESSARY. (B) AT THE TIME OF HEARING, WE TOOK NOTICE OF LETTER FILED BY SRI PRASHANT KACKER, AUTHORIZED REPRESENTATIVE (FROM M/S UTTARAKHAND STATE COOPERATIVE BANK LTD.). IN THIS LETTER IT HAS BEEN INTIMATED THAT THE ASSESSEE HAS OPTED THE VIVAD SE VISHWAS SCHEME, 2020 (VSVS, FOR SHORT). IN VIEW OF THIS, THE LEARNED SENIOR DEPARTMENTAL REPRESENTATIVE (LD. SR. DR, FOR SHORT) SUBMITTED BEFORE US THAT THIS APPEAL MAY BE TREATED AS WITHDRAWN AND MAY BE DISMISSED ON ACCOUNT OF THE AFORESAID VSVS. AFTER DUE CONSIDERATION, IN VIEW OF THE FOREGOING; WE TREAT THIS APPEAL AS WITHDRAWN ON ACCOUNT OF THE AFORESAID VSVS. ACCORDINGLY, THIS APPEAL IS DISMISSED. (B.1) BEFORE WE PART, WE HEREBY CLARIFY, BY WAY OF ABUNDANT CAUTION, THAT IF FOR SOME REASON IT IS FOUND BY ASSESSEE THAT THE DISPUTES UNDER THIS APPEAL BEFORE US ARE NOT FULLY SETTLED UNDER THE AFORESAID VSVS, THEN ASSESSEE WILL BE AT LIBERTY TO APPROACH ITAT FOR RESTORATION OF THIS APPEAL, IN ACCORDANCE WITH LAW. (C) IN THE RESULT, THIS APPEAL IS DISMISSED. ITA NO.-1094/DEL/2018 UTTARAKHAND RAJYA SAHAKARI BANK LTD. PAGE 3 OF 4 THIS ORDER WAS ALREADY PRONOUNCED ON 9 TH AUGUST, 2021 IN OPEN COURT, IN THE ABSENCE OF ANY REPRESENTATIVE FROM ASSESSEES SIDE, BUT IN THE PRESENCE OF LD. SR. DR; AFTER CONCLUSION OF THE HEARING. SD/- SD/- (KUL BHARAT) (ANADEE NATH MISSHRA) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 10/08/21 (POOJA) COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSISTANT REGISTRAR ITAT NEW DELHI ITA NO.-1094/DEL/2018 UTTARAKHAND RAJYA SAHAKARI BANK LTD. PAGE 4 OF 4 DATE OF DICTATION 1 0 / 0 8 / 2 1 DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE DICTATING MEMBER 1 0 / 8 / 2 1 DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE OTHER MEMBER 1 0 / 8 / 2 1 DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR. PS/PS 1 0 / 8 / 2 1 DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE DICTATING MEMBER FOR PRONOUNCEMENT 1 0 / 8 / 2 1 DATE ON WHICH THE FAIR ORDER COMES BACK TO THE SR. PS/PS 1 0 / 8 / 2 1 DATE ON WHICH THE FINAL ORDER IS UPLOADED ON THE WEBSITE OF ITAT 1 0 / 8 / 2 1 DATE ON WHICH THE FILE GOES TO THE BENCH CLERK DATE ON WHICH THE FILE GOES TO THE HEAD CLERK THE DATE ON WHICH THE FILE GOES TO THE ASSISTANT REGISTRAR FOR SIGNATURE ON THE ORDER DATE OF DISPATCH OF THE ORDER