Deputy Commissioner Of Income Tax, Circle- 5(2)(1), Bangalore V. M/s. National Co-operative Bank Limited, Bangalore

ITA 1372/BANG/2019

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 2837 (ITAT-BANGALORE)
• Duration Of Justice: 9 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-03-2020
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2011-2012
• Appeal Filed On: 31-05-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PRIYADARSHI MISRA
• Keywords: Depreciation
• Section: 5(2)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH : BANGALORE BEFORE SHRI. B. R. BASKARAN, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER ITA 1372/BANG/2019 ASSESSMENT YEARS : 2011 12 THE ASST. COMMISSIONER OF INCOME TAX, CIRCLE 5(2) (1), ROOM NO. 316, 3 RD FLOOR, BMTC BUILDING, 6 TH BLOCK, KORAMANGALA, BANGALORE-560 095. VS. M/S NATIONAL CO-OPERATIVE BANK LTD., NO.73/1, GANDHI BAZAR MAIN ROAD, BANGALORE-560 004. PAN AAABT 0126 C APPELLANT RESPONDENT APPELLANT BY : SHRI. PRIYADARSHI MISRA, JCIT DR RESPONDENT BY : NONE DATE OF HEARING : 02-03-2020 DATE OF PRONOUNCEMENT : 13-03-2020 ORDER PER BEENA PILLAI, JUDICIAL MEMBER PRESENT APPEAL HAS BEEN FILED BY REVENUE AGAI NST ORDER DATED 28/03/2019 PASSED BY LD.CIT(A)-5, BANGALORE FOR ASS ESSMENT YEAR 2011-12 ON FOLLOWING GROUNDS OF APPEAL: PAGE 3 OF 4 ITA 1372/BANG/2019 A. YS : 2011 12 DISALLOWANCE OF AMORTISATION OF PREMIUM AMOUNTING T O RS.55,67,100/-. 3. AGGRIEVED BY ADDITIONS MADE, ASSESSEE PREFERRED A PPEAL BEFORE THE LD.CIT(A). 4. LD.CIT(A) OBSERVED THAT IDENTICAL ISSUES WAS DECID ED IN ASSESSEES OWN CASE FOR ASSESSMENT YEAR 2013-14 AND 2014-15, WHEREIN LD.CIT(A) ALLOWED ASSESSEES GROUNDS BY FOL LOWING DECISION OF HONBLE KARNATAKA HIGH COURT IN CASE OF KARNATAKA BANK LTD. VS ACIT REPORTED IN (2013) 356 ITR 549 , AND, DECISION OF COORDINATE BENCH OF THIS TRIBUNAL IN ASSESSEES OWN CASE FOR ASSESSMENT YEAR 2007-08 AND 2008-09. HE THUS RELIED UPON ORDERS IN ASSESSEES OWN CASE FOR PRECEDING ASSESSM ENT YEARS AND ALLOWED CLAIM OF ASSESSEE. 5. AGGRIEVED BY ORDER OF LD. CIT (A), REVENUE IS IN APPEAL BEFORE US NOW. 6. ADMITTEDLY, GROUNDS RAISED BY REVENUE IS ONLY TO KEEP THE ISSUES ALIVE, AS, IT VERY CATEGORICALLY STATES THAT DECISIONS RELIED UPON BY LD.CIT(A) OF HONBLE KARNATAKA HIGH COURT AS WELL AS COORDINATE BENCH OF THIS TRIBUNAL HAS NOT BEEN ACCEPTED BY THE DEPARTMENT. 7. BE THAT AS IT MAY ON PERUSAL OF ORDER PASSED BY L D.CIT(A), IT IS OBSERVED THAT, BOTH ISSUES HAS BEEN ALLOWED I N FAVOUR OF ASSESSEE BY FOLLOWING PLETHORA OF DECISIONS. 8. IT IS OBSERVED THAT, IN ASSESSEES OWN CASE FOR A SSESSMENT YEAR 2007-08 AND 2008-09 THIS TRIBUNAL FOLLOWING VARIOUS DECISIONS HAS ALLOWED THE CLAIM OF ASSESSEE ON AMOR TISATION OF PREMIUM DEBITED TO PROFIT AND LOSS ACCOUNT. INSOFAR AS ISSUE OF DEPRECIATION ON INVESTMENT ALLOWANCE IS CONCERNED, ISSUE STANDS