Co. Op. Bank of Mehsana Ltd., Mehsana V. The Deputy Commissioner of Income Tax, Mehsana Circle, Mehsana

ITA 1261/AHD/2017

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 4999 (ITAT-AHMEDABAD)
• Duration Of Justice: 1 year(s) 8 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-01-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2014-2015
• Appeal Filed On: 24-05-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD B BENCH BEFORE: SHR I MAHAVIR PRASAD , JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER CO - OP. BANK OF MEHSANA LTD. 1 ST FLOOR, MEHSANA DIST. BANK BUILDING, RAJMAHEL ROAD, MEHSANA PAN: AAAJT0160A (APPELLANT) VS THE D CIT, MEHSANA CIRCLE APOLLO ENCLAVE RAJMAHEL ROAD, MEHSANA (RESPONDENT) REVENUE BY : S H RI MUDIT NAGPAL , SR. D . R. ASSESSEE BY: SHRI MEHUL TALERA, A.R. DATE OF HEARING : 11 - 01 - 2 019 DATE OF PRONOUNCEMENT : 31 - 01 - 2 019 / ORDER P ER : AMARJIT SIN GH, ACCOUNTANT MEMBER : - THIS ASSESSEE S APPEAL FOR A.Y. 2014 - 15 , ARI SES FROM ORDER OF THE CIT(A) , GANDHINAGAR, AHMEDABAD DATED 20 - 04 - 2 017 , IN PROCEEDINGS UNDER SECTION 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT . 2. THE SOLITARY GROUND O F APPEAL OF THE ASSESSEE IS AGAINST THE DECISION OF LD. CIT(A) IN CONFIRMING THE ADDITION TO THE EXTENT OF RS. 1 , 31 , 150/ - AS LOCKER RENT FROM THE DEPOSITORS. I T A NO . 1261 / A HD/20 17 A SSESSMENT YEAR 2014 - 15 I.T.A NO. 1261 /AHD/20 17 A.Y. 2014 - 15 PAGE NO CO - OP. BANK OF MEHSANA LTD. VS. D CIT 3 MEHSAN A DISTRICT CENTRAL CO - OPERATIVE BANK LTD. VS. ITO (2001) 119 TAXMAN 785 (SC) WHEREIN IT IS HELD THAT LOCKER RENT DERIVED BY ASSESSEE WAS INCOME FROM BUSINESS OF BANKING. IN THE LIGHT OF THE AFORESAID FACT AND FINDINGS, WE DO NOT FIND ANY MERIT IN LEVYING LOCKER RENT ON NOTIONAL BASIS THEREFORE, WE ARE NOT IN CLINED WITH THE DECISION OF THE LD. CIT(A) . ACCORDINGLY , THE APPEAL OF THE ASSESSEE IS ALLOWED. 6. IN THE RESULT, T HE APPEAL OF THE ASSESSEE IS ALLOWED. ORDER PR ONOUNCED IN THE OPEN C OURT ON 31 - 01 - 201 9 SD/ - SD/ - ( MAHAVIR PRASAD ) ( AMARJIT SINGH ) JUDICIAL MEMBER ACCOUNTANT MEMBER AHMEDABAD : DATED 31 /01/2019 / COPY OF ORDER FORWARDED TO: - 1. ASSESSEE 2. REVENUE 3. CONCERNED CIT 4. CIT (A) 5. DR, ITAT, AHMEDABAD 6. GUARD FILE. BY ORDER/ , / ,