M/s. Hutatma Sahakari Bank Ltd., Sangli V. Assistant Commissioner of Income-tax,

ITA 2018/PUN/2013

• Counselvise Citation: [2014] 120 COUNSELVISE.COM (IT) 8503 (ITAT-PUNE)
• Duration Of Justice: 10 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-09-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2010-2011
• Appeal Filed On: 21-11-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P S NAIK
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B, PUNE BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND MS. SUSHMA CHOWLA, JUDICIAL MEMBER ITA NO.2018/PN/2013 (ASSESSMENT YEAR : 2010-11) HUTATMA SAHKARI BANK LTD, GAT/PLOT-B.T. ROAD, KARKHANA ROAD, WALWA, 416313 TAL- WALWA DIST.-WALWA. PAN: AAAAH 0140 B . APPELLANT VS. ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE- 2, SANGLI. . RESPONDENT ASSESSEE BY : MR. M.K.KULKARNI DEPARTMENT BY : MR. P.S.NAIK DATE OF HEARING : 30-09-2014 DATE OF PRONOUNCEMENT : 30-09-2014 ORDER PER G. S. PANNU, AM THE CAPTIONED APPEAL BY THE ASSESSEE IS DIRECTED AG AINST AN ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS), KOLHAPUR DATED 31.10.2013 WHICH, IN TURN, HAS ARISEN FROM AN ORDER DATED 29.1 1.2012 PASSED BY THE ASSESSING OFFICER U/S 143(3) OF THE INCOME-TAX ACT, 1961 (IN SHORT THE ACT), PERTAINING TO THE ASSESSMENT YEAR 2010-11. 2. IN THIS APPEAL, ALTHOUGH THE ASSESSEE HAS RAIS ED MULTIPLE GROUNDS OF APPEAL, BUT THE ONLY ISSUE IS WITH REGARD TO A DISA LLOWANCE OF RS.21,47,607/- MADE BY THE INCOME TAX AUTHORITIES ON ACCOUNT OF AM ORTIZATION OF THE PREMIUM PAID ON GOVERNMENT SECURITIES WHICH ARE HELD TO MAT URITY BY THE ASSESSEE. 3. IT WAS A COMMON POINT BETWEEN THE PARTIES THA T IN ASSESSEES OWN CASE FOR THE ASSESSMENT YEAR 2009-10 SIMILAR ISSUE WAS D ECIDED BY THE TRIBUNAL VIDE ITA NO.389/PN/13 DATED 29/10/13 IN FAVOUR OF T HE ASSESSEE. THE LD. REPRESENTATIVE OF THE ASSESSEE FURTHER SUBMITTED TH AT THE JUDGEMENT OF THE ITA NO.2018/PN/2013 A.Y.2010-11 HONBLE BOMBAY HIGH COURT IN THE CASE OF CIT VS HDF C BANK LTD 366 ITR 505 (BOM) ALSO COVERS THE CONTROVERSY IN FAVOUR OF THE ASSESSEE. 4. THE HONBLE BOMBAY HIGH COURT IN THE CASE OF HDFC BANK LTD. (SUPRA) WAS CONSIDERING A CLAIM OF THE ASSESSEE FOR DEDUCTI ON ON ACCOUNT OF AMORTIZATION OF PREMIUM ON INVESTMENT HELD TO MATUR ITY ON THE GROUND OF MANDATE BY THE RBI GUIDELINES. THE HONBLE HIGH CO URT HAS ANSWERED THE CONTROVERSY IN FAVOR OF THE ASSESSEE BY FOLLOWING I TS EARLIER JUDGEMENT DATED 04.07.2014 IN INCOME TAX APPEAL NO. 1079 OF 2012 IN THE CASE OF CIT VS. LORD KRISHNA BANK LTD. (NOW MERGED WITH HDFC BANK L TD.). 5. IN VIEW OF THE AFORESAID DISCUSSION, WE UPHO LD THE CLAIM OF THE ASSESSEE. ACCORDINGLY, THE ORDER OF THE CIT (A) IS SET-ASIDE AND THE ASSESSING OFFICER IS DIRECTED TO DELETE THE ADDITION OF RS.21,47,607/-. THUS, ASSESSEE SUCCEEDS IN ITS APPEAL. 6. ABOVE DECISION WAS PRONOUNCED IN THE OPEN COURT IN THE PRESENCE OF BOTH THE PARTIES AT THE CONCLUSION OF THE HEARING O N 30 TH SEPTEMBER, 2014. SD/- SD/- (MS. SUSHMA CHOWLA) (G . S. PANNU) JUDICIAL MEMBER ACCOUNT ANT MEMBER PUNE, DATED: 30 TH SEPTEMBER, 2014. SUJEET COPY OF THE ORDER IS FORWARDED TO : - 1) THE ASSESSEE; 2) THE DEPARTMENT; 3) THE CIT(A)-KOLHAPUR 4) THE CIT, KOLHAPUR 5) THE DR B BENCH, I.T.A.T., PUNE; 6) GUARD FILE. BY ORDER //TRUE COPY// ASSISTANT REGISTRAR I.T.A.T., PUNE