ACIT, Circle-1, Anantapur, Anantapur V. The Tadpatri Co Operative Town Bank Limited, Tadipatri, Anantapur

ITA 1388/HYD/2016

• Counselvise Citation: [2019] 112 COUNSELVISE.COM (IT) 8679 (ITAT-HYDERABAD)
• Duration Of Justice: 3 year(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-11-2019
• Appeal Filed By: Department
• Order Result: Partly Allowed
• Bench Allotted: DB-B
• Next Hearing Date: 06-11-2019
• Assessment Year: 2013-2014
• Appeal Filed On: 17-10-2016
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: A S SANT
• Assessee Lawyers: K A SAI PRASAD CA
• Keywords: Tax effect
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH B, HYDERABAD BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER ITA NO.1388/HYD/2016 ASSESSMENT YEAR: 2013 - 14 ASST. COMMISSIONER OF INCOME TAX, CIRCLE - 1, ANANTAPUR. VS. M/S. TADPATRI COOPERATIVE TOWN BANK LIMITED, TADIPATRI. PAN: AAEFT 2413 J (APPELLANT) (RESPONDENT) ASSESSEE BY: SRI K.A. SAI PRASAD, CA - AR REVENUE BY: SRI A.S. SANT, DR DATE OF HEARING: 06/11/2019 DATE OF PRONOUNCEMENT: 06 /11/2019 ORDER PER A. MOHAN ALANKAMONY, AM.: THIS APPEAL IS FILED BY THE REVENUE AGAINST THE ORDER OF THE LD. CIT(A), KURNOOL IN ITA NO.0197/CIT(A), KNL/2015 - 16, DATED 22/07/2016 PASSED U/S. 143(3) R.W.S 250(6) OF THE ACT FOR THE A.Y. 2013 - 14. 2. THE REVENUE HAS RAISED THE FOLLOWING GROUNDS IN ITS APPEAL: - 1. THAT ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE, THE LD. CIT(A) ERRED IN DELETING THE ADDITION OF RS. 1,40,08,765/ - AND RS. 6,70,924/ - BEING INTEREST ACCRUED. 2. ANY OTHER GROUND THAT MAY BE URGED AT THE TIME OF HEARING. 2 3. AT THE TIME OF HEARING IT HAS BEEN BROUGHT TO OUR NOTICE THAT AS PER THE CBDT CIRCULARS NO.03/2018 DATED 11.07.2018 AND CIRCULAR NO.17 OF 2019 DATED 9 TH AUGUST, 2019, THE TAX LIMIT FOR FILING APPEAL BY THE REVENUE BEFORE THE TRIBUNAL HAS BEEN FIXED AT RS.50.00 LAKHS AND ABOVE. THEREFORE, SINCE THE TAX EFFECT IN THE PRESENT APPEAL BEFORE US IS LESS THAN RS.50.00 LAKH, WE HEREBY DISMISS THE SAME WITH LIBER TY TO THE REVENUE TO SEEK RECALL OF THE ORDER, IF THE APPEAL FALLS WITHIN THE EXCEPTIONS MENTIONED IN THE CIRCULARS OF THE CBDT. 4. IN THE RESULT, THE APPEAL FILED BY THE REVENUE IS DISMISSED. PRONOUNCED IN THE OPEN COURT ON 06 TH NOVEMBER, 2019. SD/ - SD/ - (P. MADHAVI DEVI) ( A. MOHAN ALANKAMONY ) JUDICIAL MEMBER ACCOUNTANT MEMBER HYDERABAD, DATED: 06 TH NOVEMBER, 2019 OKK COPY TO: - 1) M/S. TADPATRI COOPERATIVE TOWN BANK LIMITED, D.NO. 455, MUNICIPAL COMPLEX, C.B. ROAD, TADIPATRI, ANANTAPUR DIST - AP. 2) ACIT, CIRCLE - 1, AAYAKAR BHAVAN, 3 RD FLOOR, NEW TOWN, ANANTAPUR. 3) THE CIT(A) , KURNOOL. 4) THE PR. CIT, KURNOOL. 5) THE DR, ITAT, HYDERABAD 6) GUARD FILE