Shriram Cooperative Bank Limited, Nashik V. Income-tax Officer, Ward - 1(3), Nashik

ITA 2026/PUN/2017

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 0665 (ITAT-PUNE)
• Duration Of Justice: 1 year(s) 3 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-12-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Next Hearing Date: 04-12-2018
• Assessment Year: 2014-2015
• Appeal Filed On: 28-08-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: ARISES OUT OF PASSED

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH SMC, PUNE BEFORE SHRI R.S. SYAL, VICE PRESIDENT . / ITA NO.2026/PUN/2017 / ASSESSMENT YEAR : 2014-15 SHRIRAM COOPERATIVE BANK LIMITED, SHRIRAM BANK, MARKET YARD SHOPPING CENTRE, DINDORI ROAD, PANCHAVATI, NASHIK 422 003 PAN : AAAAS3118A VS. ITO, WARD-1(3), NASHIK (APPELLANT) (RESPONDENT) / ORDER PER R.S.SYAL, VP : THIS APPEAL BY THE ASSESSEE ARISES OUT OF THE ORDER PASSE D BY THE CIT(A)-1, NASHIK ON 03-04-2017 IN RELATION TO THE ASSESSMENT YEAR 2014-15. 2. BRIEFLY STATED, THE FACTS OF THE CASE, ARE THAT THE ASSESS EE IS A COOPERATIVE SOCIETY WHICH WAS FUNCTIONING AS A COOPERATIVE BANK. BANKING LICENSE OF THE ASSESSEE WAS CANCELLED BY THE RESERVE BANK OF INDIA IN JUNE 2006. SIN CE THE LICENSE WAS CANCELLED, THE AO HELD THAT THE ASSESSEE WAS APPELLANT BY NONE RESPONDENT BY SHRI RAJESH GAWALI DATE OF HEARING 04-12-2018 DATE OF PRONOUNCEMENT 04-12-2018 ITA NO.2026/PUN/2017 SHRIRAM COOPERATIVE BANK LIMITED 2 NO MORE A BANK AND HENCE, THE DEDUCTION U/S. 80P WAS NO T AVAILABLE IN RESPECT OF INTEREST INCOME. THE LD. CIT(A) UPH ELD THE ASSESSMENT ORDER ON THIS POINT. 3. I HAVE HEARD THE LD. DR AND PERUSED THE RELEVANT MATE RIAL ON RECORD. THERE IS NO APPEARANCE FROM THE SIDE OF THE ASSESSEE. THE CASE CAME UP FOR HEARING BEFORE THE BEN CH ON 03-10-2018. THE APPEAL WAS ADJOURNED AT THE REQUEST OF THE LD. AR FOR 04-12-2018. TODAY, NEITHER ANY APPEARANCE HAS BEEN PUT IN FOR AND ON BEHALF OF THE ASSESSEE NOR ANY ADJOURNMENT APPLICATION HAS BEEN RECEIVED. 4. COMING TO THE FACTS OF THE CASE, IT IS SEEN THAT THE DEDUCTION U/S. 80P OF THE ACT WAS DENIED FOR THE REASON SE T OUT IN THE ASSESSMENT ORDER. THE ASSESSEE HAS NOT BROUGHT A NY MATERIAL ON RECORD TO JUSTIFY THE DEPARTURE THEREFROM. CONCURRING WITH THE SAME, I UPHOLD THE IMPUGNED ORDER. 5. IN THE RESULT, THE APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 04 TH DECEMBER, 2018. SD/- (R.S.SYAL) / VICE PRESIDENT PUNE; DATED : 04 TH DECEMBER , 2018 ITA NO.2026/PUN/2017 SHRIRAM COOPERATIVE BANK LIMITED 3 / COPY OF THE ORDER IS FORWARDED TO : 1. / THE APPELLANT; 2. / THE RESPONDENT; 3. ( ) / THE CIT (APPEALS)-1, NASHIK 4. / THE PR. CIT-1, NASHIK 5. , , SMC / DR SMC, ITAT, PUNE; 6. / GUARD FILE. // TRUE COPY // / BY ORDER, // TRUE COPY // SENIOR PRIVATE SECRETARY , / ITAT, PUNE ITA NO.2026/PUN/2017 SHRIRAM COOPERATIVE BANK LIMITED 4 DATE 1. DRAFT DICTATED ON 04-12-18 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 04-12-18 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER. JM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS 6. KEPT FOR PRONOUNCEMENT ON SR.PS 7. DATE OF UPLOADING ORDER SR.PS 8. FILE SENT TO THE BENCH CLERK SR.PS 9. DATE ON WHICH FILE GOES TO THE HEAD CLERK 10. DATE ON WHICH FILE GOES TO THE A.R. 11. DATE OF DISPATCH OF ORDER. *