The Deputy Commissioner of Income Tax, Circle-2(1), Belgaum., Belgaum V. M/s The Jijamata Mahila Urban Co-op. Bank Limited., Belgaum

ITA 123/PAN/2016

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 1236 (ITAT-PANAJI)
• Duration Of Justice: 2 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-09-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2012-2013
• Appeal Filed On: 08-07-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: RAVIRAJ Y V

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. 123 /P A N/201 6 (ASST. YEAR : 20 12 - 1 3 ) D CIT, CIRCLE - 2(1), BELGAUM. VS. M/S. THE JIJAMATA MAHILA URBAN COOPERATIVE BANK LTD., 1477, DESHPANDE GALLI, BELGAUM. PAN NO. AAAAT 0537 G (APPELLANT) (RESPONDENT) ASSESSEE BY : PRAMOD Y. VAIDYA - ADV . DEPARTMENT BY : SHRI RAVIRAJ Y. V. - DR DATE OF HEARING : 2 1 / 0 9 /201 6 . DATE OF PRONOUNCEMENT : 21 / 0 9 /201 6 . O R D E R PER GEORGE MATHAN, JUDICIAL MEMBER THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS) , BELGA VI IN APPEAL NO. 332 /BGM/2014 - 15 , DATED 27 /0 4 /201 6 FOR THE ASSESSMENT YEAR 2012 - 13 . 2. SHRI RAVIRAJ Y.V. , DEPARTMENTAL REPRESENTATIVE REPRESENTED ON BEHALF OF THE REVENUE AND SHRI PRAMOD Y. VAIDYA, ADVOCATE REPRESENTED ON BEHALF OF THE ASSESSEE . 3 . IT WAS SUBMITTED BY THE DEPARTMENTAL REPRESENTATIVE THAT THE ONLY ISSUE IN THIS APPEAL WAS AGAINST THE ACTION OF THE COMMISSIONER OF INCOME TAX (APPEALS) IN DELET I NG THE ADDITION MADE BY THE ASSESSING OFFICER ON ACCOUNT OF ACCRUED INTEREST ON LOANS , WHICH ARE CLASSIFIED AS 2 ITA NO. 123 /P A N/201 6 NON - PERFORMING ASSETS BY RELYING UPON THE DECISION OF THE HONBLE KARNATAKA HIGH COURT IN THE CASE OF CANFIN HOMES LTD . (2011) 5 TAXCORP (DT) 49593 . IT WAS THE SUBMISSION THAT THE ORDER OF THE COMMISSIONER OF I NCOME TAX (APPEALS) WAS LIABLE TO BE REVERSED. 4 . WE HAVE CONSIDERED THE SUBMISSIONS. A PERUSAL OF THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS) CLEARLY SHOWS THAT THE COMMISSIONER OF INCOME TAX (APPEALS) HAS FOLLOWED THE JUDICIAL DISCIPLINE AND HAS FOLLOWED THE DIRECT DECISION OF THE JURISDICTIONAL HIGH COURT WHEN DELETING THE ADDI TION MADE IN RESPECT OF ACCRUED INTEREST ON LOANS, WHICH ARE CLASSIFIED AS NON - PERFORMING ASSETS . FURTHER A PERUSAL OF THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS) SHOWS THAT THE HONBLE JURISDICTIONAL HIGH COURT OF KARNATAKA , DHARWAD BENCH IN THE CASE OF THE BILAGI PATTAN SAHAKARI BANK NIYAMIT, BILAGI IN ITA NO. 100090/2015 VIDE AN ORDER DATED 16/12/2015 , HAS ALSO ANSWERED AN IDENTICAL ISSUE IN FAVOUR OF THE ASSESSEE AND THE COMMISSIONER OF INCOME TAX (APPEALS) HAS FOLLOWED THE SAID DECISION AL SO. THIS BEING SO, WE FIND NO ERROR IN THE ORDER O F THE COMMISSIONER OF INCOME TAX (APPEALS) , WHICH CALLS FOR ANY INTERFERENCE. 5. IN THE RESULT, APPEAL FILED BY THE REVENUE STANDS DISMISSED. ORDER PRONOUNCED IN THE COURT AT THE CLOSE OF THE HEARING ON WEDNESDAY , THE 2 1 ST DAY OF SEPTEMBER , 201 6 AT GOA . S D / - S D / - (N.S.SAINI) (GEORGE MATHAN) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 2 1 TH SEPTEMBER , 201 6 . VR/ - 3 ITA NO. 123 /P A N/201 6 COPY TO: 1 . THE ASSESSEE. M/S. THE JIJAMATA MAHILA URBAN COOPERATIVE BANK LTD., 1477, DESHPANDE GALLI, 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