The DCIT, Circle-6, Ahmedabad V. The Naroda Nagrik Co.Op. Bank Ltd., Ahmedabad

ITA 1226/AHD/2015

• Counselvise Citation: [2018] 126 COUNSELVISE.COM (IT) 6302 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 8 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-01-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Assessment Year: 2009-2010
• Appeal Filed On: 07-05-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: V K SINGH

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD D BENCH (BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER & SHRI MAHAVIR PRASAD, JUDICIAL MEMBER) ITA. NO: 1226/AHD/2015 (ASSESSMENT YEAR: 2009-10) DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE- 3(3),AHMEDABAD V/S THE NARODA NAGRIK CO.OP. BANK LTDL, A-1-2, DHARAMSUT SOCIETY, GURUKUL MEMNAGAR ROAD, MEMNAGAR, AHMEDABAD (APPELLANT) (RESPONDENT) PAN: AAAAT9803D APPELLANT BY : SHRI V.K. SINGH, SR. D.R. RESPONDENT BY : SHRI HEM CHHAJED, A.R. ( )/ ORDER DATE OF HEARING : 11 -01-201 8 DATE OF PRONOUNCEMENT : 15 -01-2018 PER N.K. BILLAIYA, ACCOUNTANT MEMBER 1. THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF THE LD. CIT(A)-3, AHMEDABAD DATED 13.02.2015 PERTAINING TO A.Y. 2009- 10. ITA NO. 1226 /AHD/2015 . A.Y. 2009-1 0 2 2. THE ONLY GRIEVANCE OF THE REVENUE IS THAT THE LD. C IT(A) ERRED IN DELETING THE PENALTY LEVIED U/S. 271(1)(C) OF THE ACT AMOUNTING TO RS. 12,60,357/-. 3. THE ROOTS FOR THE LEVY OF PENALTY LIE IN THE ASSESS MENT ORDER DATED 26.12.2011 FRAMED U/S.143(3) OF THE ACT. 4. DURING THE COURSE OF THE SCRUTINY ASSESSMENT PROCEE DINGS, THE A.O. NOTICED THAT THE ASSESSEE HAS CLAIMED A LOSS OF RS. 37,08,0 22/- BY MAKING PROVISION ON THE BASIS OF ACCOUNTING STANDARD IN RESPECT OF CENT RAL GOVERNMENT SECURITIES UNDER INVESTMENT VIS--VIS CURRENT ASSETS. 5. THE DISALLOWANCE OF THE CLAIM OF PROVISION TRAVELLE D UP THE TRIBUNAL AND THE TRIBUNAL IN ITA NO. 2358/AHD/2012 VIDE ORDER DATED 16.05.2017 HELD THAT THE LOSS CLAIMED BY THE ASSESSEE BANK IS REVENUE IN CHA RACTER AND AN ALLOWABLE BUSINESS LOSS. 6. SUBLATO FUNDAMENTO CADIT OPUS MEANING THEREBY WHE N THE FOUNDATION IS REMOVED, THE SUPER STRUCTURAL MUST FALL. 7. APPEAL FILED BY THE REVENUE IS ACCORDINGLY DISMISSE D. ORDER PRONOUNCED IN OPEN COURT ON 15 - 01- 20 18 SD/- SD/- (MAHAVIR PRASAD) (N. K. BILLAIYA) JUDICIAL MEMBER TRUE COPY ACCOUNTANT MEMBER AHMEDABAD: DATED 15/01/2018 RAJESH