Sindhudurg Dist Central Co-Op Bank Ltd., Kolhapur V. ACIT, Kolhapur

ITA 143/PUN/2013

• Counselvise Citation: [2014] 120 COUNSELVISE.COM (IT) 5891 (ITAT-PUNE)
• Duration Of Justice: 1 year(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-02-2014
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2009-2010
• Appeal Filed On: 15-01-2013
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: S P WALIMBE
• Assessee Lawyers: SUS HANT PHADNIS
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B , PUNE BEFORE: SHRI R.S. PADVEKAR, JUDICIAL MEMBER AND SHRI R.K. PANDA, ACCOUNTANT MEMBER ITA NO. 1 43 /PN/20 1 3 ASSESSMENT YEAR : 200 9 - 10 THE SINDHUDURG DIST. CENTRAL CO - OP. BANK LTD., SINDHUDURG NAGARI, TAL. - KUDAL, DISTT. - SINDHUDURG VS. THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE - 2, DISTT. - KOLHAPUR (APPELLANT) (RESPONDENT) PAN NO. AABAT4262F APPELLANT BY: SHRI SUSHANT PHADNIS RESPONDENT BY: SHRI S.P. WALIMBE DATE OF HEARING : 0 5 - 02 - 2014 DATE OF PRONOUNCEMENT : 14 - 0 2 - 2014 ORDER P ER R.S. PADVEKAR , JM : - IN THIS APPEAL , THE ASSESSEE HAS CHALLENGED T HE IMPUGNED ORDER OF THE LD. CIT(A) , KOLHAPUR DATED 27 - 11 - 2012 FOR THE A.Y. 200 9 - 10. THE ASSESSEE HAS TAKE N THE FOLLOWING GROUND IN THE APPEAL: ON THE FACTS AND IN CIRCUMSTANCES OF THE CASE THE LEARNED CIT(APPEALS) ERRED IN LAW ON MERIT IN UPHOLDING THE ADDITIONS OF RS.3,95,000/ - TO THE TOTAL INCOME FOR THE PROVISIONS MADE FOR STANDARD ASSETS . 2. THE BRIEFLY STATED FACTS ARE AS UNDER. THE ASSESSEE BANK IS ENGAGED IN THE BUSINESS OF BANKING . RETURN FILED BY THE ASSESSEE WAS SELECTED FOR SCRUTINY AND ASSESSMENT WAS COMPLETED U/S. 143(3) OF THE INCOME - TAX ACT. SO FAR AS THE ISSUE IS IN RESPECT OF PROVISION MA DE FOR STANDARD ASSETS. THE ASSESSING OFFICER MADE THE ADDITION TO THE TOTAL INCOME OF THE ASSESSEE. THE SAID ADDITION WAS CONFIRMED BY THE LD. CIT(A). 3. WE HAVE HEARD THE PARTIES. THE LD. COUNSEL SUBMITS THAT THIS ISSUE HAS COME BEFORE THE HON'BLE TRI BUNAL IN THE ASSESSEES OWN CASE 2 ITA NO. 1 43 /PN/2013, THE SINDHUDURG DIST. C ENTRAL CO - OP BANK LTD., SINDHUDURG FOR THE A.Y. 2007 - 08 IN ITA NO. 617/PN/2011 AND THE SAME HAS BEEN DECIDED AGAINST THE ASSESSEE. THE LD. COUNSEL HAS ALSO FILED THE COPY OF THE ORDER WHICH IS PLACED ON RECORD. THE OPERATIVE PART OF THE FINDINGS OF THE TRI BUNAL IN THE A.Y. 2007 - 08 IS AS UNDER: WE HAVE CAREFULLY CONSIDERED THE RIVAL SUBMISSIONS. IN OUR VIEW, THE COMMISSIONER OF INCOME - TAX (APPEALS) HAS CORRECTLY APPRECIATED THE POSITION AND SUSTAINED THE DISALLOWANCE FOLLOWING THE JUDGMENT OF THE HON'BLE SU PREME COURT THE CASE OF SOUTHERN TECHNOLOGIES LTD. (SUPRA). THE HON'BLE SUPREME COURT HAS CLEARLY POINTED OUT THAT CLAIM FOR DEDUCTION OF AN EXPENDITURE IS LIABLE TO BE GOVERNED BY THE PROVISIONS OF THE ACT AND NOT MERELY ON ACCOUNT OF THE RBI GUIDELINES. IN OUR VIEW, THE RATIO OF THE JUDGMENT OF THE HON'BLE SUPREME COURT THE CASE OF SOUTHERN TECHNOLOGIES LTD. (SUPRA) CLEARLY APPLIES TO THE PRESENT CASE AND THE CLAIM OF THE ASSESSEE HAS BEEN RIGHTLY REJECTED BY THE LOWER AUTHORITIES. THUS, ON THIS GROUND, ASSESSEE HAS TO FAIL. 4. WE, THEREFORE, FOLLOWING THE DECISION OF THE TRIBUNAL IN THE ASSESSEES OWN CASE IN THE A.Y. 2007 - 08, THE GROUND TAKEN BY THE ASSESSEE IS DISMISS. 5. IN THE RESULT, THE ASSESSEES APPEAL IS DISMISSED. PRONOUNCED IN THE OPEN COU RT ON 14 - 0 2 - 201 4 SD/ - SD/ - ( R.K. PANDA ) ( R.S. PADVEKAR ) ACCOUNTANT MEMBER JUDICIAL MEMBER RK /PS PUNE , DATED : 14 TH FEBRUARY, 2014 COPY TO 1 ASSESSEE 2 DEPARTMENT 3 THE CIT(A) , KOLHAPUR 4 THE CIT, K OLHAPUR 5 THE DR, ITAT, B BENCH, PUNE . 6 GUARD FILE. //TRUE COPY// BY ORDER PRIVATE SECRETARY INCOME TAX APPELLATE TRIBUNAL PUNE