Sree Subramanyeswara Co.operative Bank Ltd, Bangalore V. Additional Commissioner of Income tax, Bangalore

ITA 1267/BANG/2014

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 9425 (ITAT-BANGALORE)
• Duration Of Justice: 1 year(s) 10 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-08-2016
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 04-09-2017
• Assessment Year: 2010-2011
• Appeal Filed On: 14-10-2014
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: A R V SREENIVA SAN J
• Keywords: Business income
• Section: 234B

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH B BEFORE SRI. SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SRI. ARUN KUMAR GARODIA, ACCOUNTANT MEMBER ITA 1267/BANG/14 (A.Y : 2010 11) M/S. SREE SUBRAMANYESWARA CO-OPERATIVE BANK LTD., NO. 106, R. V. ROAD, V. V. PURAM, BANGALORE 560 004. --- APPELLANT PAN NO. AAAAS 4418 F VS. ADDL. COMMISSIONER OF INCOME TAX, RANGE 3, BANGALORE. --- RESPONDENT APPELLANT BY : NONE RESPONDENT BY: SRI. A. R. V. SREENIVA SAN, JCIT(DR) DATE OF HEARING : 23.08.2016 DATE OF PRONOUNCEMENT : 26.08.2016 O R D E R PER SUNIL KUMAR YADAV, J.M THIS APPEAL IS PREFERRED BY THE ASSESSEE, AGAINST T HE ORDER OF THE CIT(A) INTER ALIA ON THE FOLLOWING GROUNDS: ITA 1267/BANG/14 PAGE 2 OF 3 1. THE ORDER OF THE LEARNED COMMISSIONER OF INCOME T AX (APPEALS) II, BANGALORE IN SO FAR AS IT IS AGAINST THE APPELLANT IS OPPOSED TO LAW, WEIGHT OF EVIDENCE, FACTS AND CIRCUMSTANCES OF THE CASE. 2. THE APPELLANT DENIES ITSELF LIABLE TO BE ASSESSED O N A TOTAL INCOME OF RS. 2,73,48,379/- AS AGAINST RETURNED INCOME OF RS. 2,44,87,950/- UNDER THE FACTS AND CIRCUMSTANCES OF THE CASE. 3. THE LD. COMMISSIONER OF INCOME TAX (APPEALS) II I S NOT JUSTIFIED IN CONFIRMING THE ASSESSMENT ORDER INSOFAR AS TREATING THE INVESTMENTS IN GOVERNMENT SECURITIES CLASSIFIED AS HELD TO MATURI TY AS STOCK-IN- TRADE UNDER THE FACTS AND CIRCUMSTANCES OF THE CAS E. 4. THE LD. COMMISSIONER OF INCOME TAX (APPEALS) II, IS NOT JUSTIFIED IN CONFIRMING THE ASSESSMENT INSOFAR AS PROFIT ON SALE OF GOVERNMENT SECURITIES OF RS. 26,45,725/- AS BUSINESS INCOME AS AGAINST THE LONG- TERM CAPITAL LOSS OF RS. 76,84,991/- CLAIMED BY THE APPELLANT UNDER THE FACTS AND CIRCUMSTANCES OF THE CASE. 5. THE APPELLANT DENIES ITSELF LIABLE TO BE CHARGED IN TEREST UNDER SECTION 234B & 234C OF THE ACT UNDER THE FACTS AND CIRCUMST ANCES OF THE CASE. 6. FOR THE ABOVE AND SUCH OTHER GROUNDS THAT MAY BE UR GED DURING THE COURSE OF APPELLATE PROCEEDINGS, THE APPELLANT PRAY S THAT THE APPEAL BE ALLOWED IN THE INTEREST OF EQUITY AND JUSTICE. 2 THIS APPEAL WAS LISTED FOR HEARING ON 23/08/2016 BUT NONE APPEARED ON BEHALF OF THE ASSESSEE. AS PER RECORD IT IS NOT ICED THAT ON EARLIER DATES THE AUTHORISED REPRESENTATIVE FOR THE ASSESSEE USED TO APPEAR BEFORE THE TRIBUNAL AND SOUGHT ADJOURNMENTS. DESPITE HAVING K NOWLEDGE OF DATE FIXED, NONE APPEARED ON BEHALF OF THE ASSESSEE. WE THEREF ORE HAD NO OPTION BUT TO HEAR THE APPEAL EX PARTE QUA ASSESSEE. ITA 1267/BANG/14 PAGE 3 OF 3 3 ACCORDINGLY THE REVENUE WAS HEARD. ON A CAREFUL PERUSAL OF THE ORDERS OF THE AUTHORITIES BELOW WE FIND THAT IMPUGNED ISSU ES WERE THOROUGHLY EXAMINED BY THE CIT(A). SINCE NO DEFECT HAS BEEN P OINTED OUT IN THE ORDER OF CIT(A) WE CONFIRM THE ORDER. ACCORDINGLY THE AP PEAL OF THE ASSESSEE STANDS DISMISSED. 4 IN THE RESULT THE APPEAL OF THE ASSESSEE IS DISMI SSED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 26 TH AUGUST, 2016. SD/- SD/- (ARUN KUMAR GARODIA) (SUNIL KUMAR YADAV) ACCOUNTANT MEMBER JUDICIAL MEMBER PLACE : BANGALORE DATED: 26/08/2016 /MK/ COPY TO: 1. APPELLANT 2. RESPONDENT 3. CIT(A) 4. CIT 5. DR, ITAT, BANGALORE 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME-TAX APPELLATE TRIBUNAL BANGALORE