Jalore Nagrik Sahakari Bank Ltd., JODHPUR V. ACIT, BARMER

ITA 162/JODH/2015

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 5280 (ITAT-JODHPUR)
• Duration Of Justice: 10 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-03-2016
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB
• Assessment Year: 2010-2011
• Appeal Filed On: 24-04-2015
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: S K MADHUK
• Assessee Lawyers: RAJENDER JAIN

Judgement Text

IN THE INCOME TAX APPELALTE TRIBUNAL JODHPUR BENCH, JODHPUR BEFORE: SHRI N. S. SAINI, ACCOUNTANT MEMBER AND SHRI GEORGE MATHAN, JUDICIAL MEMBER I.T.A.NO.162 & 163/JODH/2015 ASSESSMENT YEAR: 2010-11 & 2011-12 JALORE NAGRIK SAHAKARI BANK LTD., C/O. U. C. JAIN, ADVOCATE, SHATRUNJAY HARI SINGH NAGAR, PALI ROAD, JODHPUR PAN :AABCJ0305R VS. THE ASST. COMMISSIONER OF INCOME TAX, CIRCLE, BARMER APPELLANT RESPONDENT APPELLANT BY SHRI RAJENDER JAIN, AR RESPONDENT BY SHRI S. K. MADHUK, DR DATE OF HEARING: 15.03.2016 DATE OF PRONOUNCEMENT: 15.03.16 O R D E R PER: GEORGE MATHAN, J.M. : THESE ARE THE TWO APPEALS FILED BY THE ASSESSEE AG AINST THE ORDERS OF THE LEARNED CIT (A)-2, JODHPUR PASSED IN APPEAL NO. 93/2013-14 AND NO.757/2013-14 BOTH DATED 16-03-2015 FOR ASSESSMENT YEAR 2010-11 AND 2011-12 RESPECTIVELY. 2. SHRI RAJENDRA JAIN, LEARNED AR REPRESENTED ON BE HALF OF THE ASSESSEE AND SHRI S. L. MOURYA, LEARNED DR REPRESENTED ON BE HALF OF THE REVENUE. 2 ITA NO.162 & 163/JODH/2015 3. IT WAS SUBMITTED BY THE LEARNED AR THAT THE ONLY ISSUE IN THE ASSESSEES APPEAL WAS AGAINST THE ACTION OF THE LEA RNED CIT (A) IN CONFIRMING THE ADDITION REPRESENTING AMORTIZATION OF PREMIUM P AID ON INVESTMENT WITHOUT CONSIDERING THE DIRECTION OF THE ITAT IN ASSESSEES OWN CASE. IT WAS SUBMITTED BY THE LEARNED AR THAT THE SAID ISSUE WAS ADJUDICATED UPON BY THE CO-ORDINATE BENCH OF THIS TRIBUNAL IN ASSESSEES OW N CASE IN ITA NO.239/JODH/2011 FOR ASSESSMENT YEAR 2007-08 AND IT A NO.154/JODH.2012 FOR ASSESSMENT YEAR 2008-09 AND C.O. NO.20/JODH/201 2 FOR ASSESSMENT YEAR 2008-09 VIDE ORDER DATED 10-01-2014 WHEREIN TH E CO-ORDINATE BENCH OF THIS TRIBUNAL HAS RESTORED THE ISSUE TO THE FILE OF THE AO FOR RE-ADJUDICATION IN THE LIGHT OF THE RBI GUIDELINES. IT WAS A SUBMISSIO N THAT THE LEARNED AO HAD GIVEN EFFECT TO THE SAID ORDER OF THE TRIBUNAL FOR ASSESSMENT YEAR 2007-08 AND NO ADDITION ON THE SAID COUNT HAD BEEN MADE. AT THIS POINT, IT WAS FAIRLY AGREED BY BOTH THE SIDES THAT THE ISSUE IN THE APPE ALS CAN BE RESTORED TO THE FILE OF THE AO FOR RE-ADJUDICATION IN LINE OF THE D ECISION OF THE CO-ORDINATE BENCH OF THIS TRIBUNAL IN ITA NO.239/JODH/2011 AND ITA NO.154/JODH/2012 AND C.O.NO.20/JODH/2012 DATED 10-01-2014. 4. WE HAVE CONSIDERED THE SUBMISSIONS. AS IT IS NOT ICED THAT THE CO- ORDINATE BENCH OF THIS TRIBUNAL HAS RESTORED THIS I SSUE TO THE FILE OF THE A O FOR RE-ADJUDICATION IN LIGHT OF THE RBI GUIDELINES, RESPECTFULLY FOLLOWING THE DECISION OF THE CO-ORDINATE BENCH OF THIS TRIBUNAL IN THE ASSESSEES OWN CASE 3 ITA NO.162 & 163/JODH/2015 (SUPRA) THE ISSUE IS RESTORED TO THE FILE OF THE AO FOR RE-ADJUDICATION ON IDENTICAL LINE. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS PAR TLY ALLOWED FOR STATISTICAL PURPOSE. ORDER PRONOUNCED IN THE OPEN COURT ON 15.03.2016. SD/- SD/- (N. S. SAINI) (GEORGE MATHAN) ACCOUNTANT MEMBER JUDICIAL MEMBER JODHPUR, DATED: 15 TH MARCH, 2016 LAKSHMIKANTA LAKSHMIKANTA LAKSHMIKANTA LAKSHMIKANTA DEKA/ DEKA/ DEKA/ DEKA/- -- - COPY OF THE ORDER FORWARDED TO: 1. THE APPELLANT 2. THE RESPONDENT 3. CIT CONCERNED 4. CIT (A) CONCERNED 5. DR, ITAT, JODHPUR 6. GUARD FILE BY ORDER, SR. PRIVATE SECRETARY DATE INITIAL ORIGINAL DICTATION PAD & DRAFT ARE ENCLOSED IN THE FILE 1. DRAFT DICTATED ON 15.03.16 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 16.03.16 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER 16.03.16 JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER 16.03. 16 JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS 16.03.16 SR.PS 6. DATE OF PRONOUNCEMENT 15.03.16 SR.PS 7. FILE SENT TO THE BENCH CLERK SR.PS 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK 9. DATE OF DISPATCH OF ORDER