ACIT, Varanasi V. M/s Zila Sahkari Bank,Ltd., Varanasi

ITA 17/ALLD/2011

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 63366 (ITAT-ALLAHABAD)
• Duration Of Justice: 2 year(s) 9 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-11-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2007-2008
• Appeal Filed On: 12-01-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: Y P SRIVASTA VA
• Assessee Lawyers: ARVIND SHUKLA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL ALLAHABAD BENCH, ALLAHABAD BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI A.L. GEHLOT, ACCOUNTANT MEMBER ITA NO.17/ALLD/2011 ASSESSMENT YEAR: 2007-08 ASSTT. COMMISSIONER OF INCOME TAX, VS. M/S. Z ILA SAHKARI BANK LTD., RANGE-III, VARANASI. HEAD OFFICE, TELIABAGH, VARANASI. (PAN: AAAJZ 0021 C) (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI Y.P. SRIVASTAVA, D.R. RESPONDENT BY : SHRI ARVIND SHUKLA, ADVOCATE DATE OF HEARING : 31.10.2012 DATE OF PRONOUNCEMENT : 08.11.2012 ORDER PER A.L. GEHLOT, ACCOUNTANT MEMBER: THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER DATED 02.11.2010 PASSED BY THE LD. CIT(A), VARANASI FOR THE ASSESSME NT YEAR 2007-08. 2. THE SOLE EFFECTIVE GROUND RAISED BY THE REVENUE IS IN RESPECT OF DISALLOWANCE OF CARRY FORWARD LOSS OF RS.7,59,46,06 4/-. THE A.O. DISALLOWED CARRY FORWARD LOSS OF RS.7,59,46,064/- RELATING TO A.Y. 2 007-08 ON THE GROUND THAT THE ASSESSEE DID NOT FILE THE VALID RETURN WITHIN THE D UE DATE. THE RETURN FILED BY THE ITA NO.17/ALLD/2011 A.Y. 2007-08 2 ASSESSEE IS NOT A VALID RETURN AS PER BOARD CIRCULA R. THE CIT(A) ALLOWED ASSESSEES CLAIM AS UNDER :- (PARAGRAPH NO.6) 6. I HAVE GONE THROUGH THE RIVAL CONTENTION OF BOT H PARTIES. SO FAR AS THE LEGAL VALIDITY OF RETURN FILED BY THE ASSESS EE IN FORM NO.2D, IN THE LIGHT OF DECISION OF VARIOUS HIGH COURTS AND P ROVISIONS OF SECTION 292B OF THE IT ACT, I FEEL THAT ASSESSING OFFICER H AS ERRED IN TREATING THE SAID RETURN AS NONEST. THEREFORE, ASSESSING OF FICER IS DIRECTED TO ALLOW THE CURRENT YEARS LOSS OF RS.7,59,46,064/-. 3. THE SUBMISSION OF THE ASSESSEE WAS THAT THE RETU RN FOR THE YEAR WAS FIELD IN FORM NO.2D ON 31.10.2007 WHICH IS THE DUE DATE. AL THOUGH THE DEPARTMENT HAD PRESCRIBED NEW FORMS FOR THE YEAR UNDER CONSIDERATI ON BUT LARGE NUMBER OF ASSESSEES HAD OPTED TO FILE THE RETURN IN OLD FORMS DUE TO COMPLICATED NATURE OF THE NEW FORMS. SUCH FILING OF RETURN IN OLD FORMS WAS TREATED AS CORRECT BY THE HON'BLE HIGH COURTS OF ALLAHABAD, RAJASTHAN AND GUWAHATI. IT HAS ALSO BEEN SUBMITTED THAT THE C.B.D.T. CAME OUT WITH AN ORDER UNDER SECT ION 119 OF THE INCOME TAX ACT WHEREBY IT WAS DIRECTED THAT ALL THE ASSESSEES WHO HAD FILED RETURN IN FORMS OTHER THAN THE NEWLY PRESCRIBED FORMS SHOULD FILE THE RET URN IN THE CORRECT FORMS BY 28 TH FEBRUARY, 2008. THE RETURN IN THE PRESCRIBED FORM WAS FILED BY THE ASSESSEE ON 23.12.2008. IT WAS ALSO SUBMITTED BY THE ASSESSEE THAT AS PER SECTION 80 OF THE ACT, THE LOSS WHICH IS NOT DETERMINED IN PURSUANCE OF A RETURN FILED IN ACCORDANCE WITH THE PROVISIONS OF SECTION 139(3). IN THE CASE UNDE R CONSIDERATION, THERE IS NO DISPUTE OF FACTS AS THE ASSESSEE FILED RETURN IN PR OPER TIME AND THIS FACT WAS NOT IN DISPUTE. THE ONLY DISPUTE IS IN RESPECT OF OLD OR NEW FORM. THE CIT(A), AFTER ITA NO.17/ALLD/2011 A.Y. 2007-08 3 CONSIDERING THE ASSESSEES SUBMISSION, FOUND THAT T HE RETURN FILED BY THE ASSESSEE IN OLD FORM NO.2D WAS PROPER COMPLIANCE OF LAW. THE D ISPUTE IS ONLY IN RESPECT OF OLD FORM OR NEW FORM OF RETURN. AS REGARDS THE FIL ING OF RETURN, THERE IS NO DISPUTE. IN THE CASE UNDER CONSIDERATION, THE RETURN FOR A.Y . 2007-08 HAS BEEN FILED BY THE ASSESSEE ON 31.10.2007 WHICH IS THE DUE DATE OF FIL ING OF RETURN, THOUGH IT WAS IN OLD FORM. HOWEVER, A RETURN IN NEW FORM WAS FILED ON 23.12.2008. ONCE THE ASSESSEE HAS FILED THE RETURN OF INCOME, THOUGH IT IN OLD FORM, WITHIN THE DUE DATE, WHICH AMOUNTS TO SUFFICIENT COMPLIANCE OF THE PROVI SION. WE, THEREFORE, FIND THAT THE CIT(A) HAS RIGHTLY ALLOWED THE CLAIM OF THE ASS ESSEE. ORDER OF THE CIT(A) IS CONFIRMED. 4. IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSE D. (ORDER PRONOUNCED IN THE OPEN COURT) SD/- SD/- (BHAVNESH SAINI) (A.L. GEHLOT) JUDICIAL MEMBER ACCOUNTANT MEMBER PBN/* COPY OF THE ORDER FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT (APPEALS) CONCERNED 4. CIT CONCERNED 5. D.R., ITAT, ALLAHABAD BENCH, ALLAHABAD 6. GUARD FILE. BY ORDER ASSISTANT REGISTRAR INCOME-TAX APPELLATE T RIBUNAL, ALLAHABAD TRUE COPY