Income-tax Officer, V. Sanmitra Sahkari Bank Ltd., Pune

ITA 2127/PUN/2014

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 3480 (ITAT-PUNE)
• Duration Of Justice: 3 year(s) 8 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-08-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2007-2008
• Appeal Filed On: 27-11-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SANJEEV GHEI
• Keywords: Bad and doubtful debts; Revised return

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, PUN E . , , ! , ' # BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI VIKAS AW ASTHY, JM . / ITA NOS. 2126 & 2127/PUN/2014 '% & '& / ASSESSMENT YEARS: 2006-07 & 2007-08 THE INCOME TAX OFFICER, WARD 14(2), PUNE. .... / APPELLANT (% / V/S. SANMITRA SAHKARI BANK LTD. 200, DANGMALI ALI, HADAPSAR, PUNE-411 028. PAN : AAAAS0810P / RESPONDENT REVENUE BY : SHRI SANJEEV GHEI ASSESSEE BY : SHRI SUNIL GANOO / DATE OF HEARING : 20.08.2018 / DATE OF PRONOUNCEMENT : 20.08.2018 ) / ORDER PER VIKAS AWASTHY, JM THESE TWO APPEALS BY THE DEPARTMENT IN ITA NO.2126/PU N/2014 FOR THE ASSESSMENT YEAR 2006-07 AND ITA NO.2127/PUN/2014 FOR THE ASSESSMENT YEAR 2007-08 ARE DIRECTED AGAINST THE ORDER OF COMMISSIONER O F INCOME TAX (APPEALS)-III, PUNE DATED 22.09.2014 COMMON FOR BOTH THE AFOREMENTIONED ASSESSMENT YEARS. 2. THE LD. DR HAS FILED A LETTER DATED 01.08.2018 FROM THE PR. COMMISSIONER OF INCOME TAX-6, PUNE TO WITHDRAW BOTH THE ABOVE MENTIO NED APPEALS. A PERUSAL OF THE LETTER DATED 01.08.2018 (SUPRA) SHOWS THAT ON THE REPORT FROM 2 ITA NOS.2126 & 2127/PUN/2014 A.YS.2006-07 & 2007-08 DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-14, PUNE DATED 2 5.05.2018, THE PR. COMMISSIONER OF INCOME TAX-6 HAS PRAYED FOR WITHDRAWA L OF THE APPEALS AS NOT PRESSED. THE RELEVANT EXTRACT OF THE ASSESSING OFFICER S COMMENT CITING REASONS FOR WITHDRAWAL OF THE APPEALS ARE REPRODUCED HEREIN BELOW: 06. AOS COMMENTS: ON PERUSAL OF THE CASE RECORDS FOR THE A.Y.2005-06 TO 2007-08, IT IS SEEN THAT THE PROVISION OF RS.3,77,42,186/- INCLUSIVE OF BDDR PROVISION OF RS.3,65,42,186/- DEBITED TO THE PROFIT AND LOSS ACC OUNT HAS BEEN ADDED BACK TO THE COMPUTATION OF TOTAL INCOME THEREFORE I T IS CLEAR THAT THE CLOSING BALANCE IN BDDR RESERVES AS ON 31.03.2005 WAS RS.5, 49,63,377/-. FURTHER, THE ASSESSEE RECEIVED BACK THE BAD DEBTS W HICH WAS ALREADY ADDED BACK TO THE COMPUTATION OF INCOME IN EARLIER A.Y.2005-06 OF RS.1,15,89,197/- AND 29,49,101/- FOR THE A.YS.2006- 07 & 2007-08 RESPECTIVELY. FOR THE SAKE OF CLARITY, THE DETAILS OF PROVISION MADE ON ACCOUNT OF BDDR AND PROVISION WRITTEN BACK IN THE A CCOUNT ARE PRODUCED AS UNDER: YEAR ENDING ON A.Y OPENING BALANCE DEBITED TO P & L A/C CLOSING BALANCE 31.03.2004 2004-05 13362900 5058290 18421191 31.03.2005 2005-06 18421191 36542186 54963377 31.03.2006 2006-07 54963377 -11589197 43374180 31.03.2007 2007-08 43374180 -2949101 40425079 IN VIEW OF THE ABOVE, THE DEDUCTION OF RS.1,15,89,1 97/- CLAIMED BY THE ASSESSEE UNDER THE HEAD OF PROVISION MADE FOR BAD D EBTS VIDE ITS REVISED RETURN IS FOUND TO BE CORRECT. THUS, IN VIEW OF THE LETTER FROM THE PR. COMMISSIONER OF INCOME TA X, BOTH THE APPEALS OF THE REVENUE ARE DISMISSED AS WITHDRAWN. 3. IN THE RESULT, APPEALS OF THE REVENUE ARE DISMISSED AS WITHDRAW N. ORDER PRONOUNCED IN OPEN COURT ON MONDAY, THE 20 TH DAY OF AUGUST, 2018. SD/- SD/- ( . / D. KARUNAKARA RAO ) ( ! /VIKAS AWASTHY) / ACCOUNTANT MEMBER / JUDICIAL MEMBER / PUNE; !' / DATED : 20 TH AUGUST, 2018 SB 3 ITA NOS.2126 & 2127/PUN/2014 A.YS.2006-07 & 2007-08 ) * +',- . ', / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT. 2. / THE RESPONDENT. 3. THE CIT (APPEALS)-III, PUNE. 4. THE CIT-III, PUNE. 5. %&' () , * () , +,- , / DR, ITAT, A BENCH, PUNE. 6. './ 01 / GUARD FILE. // TRUE COPY // *2 / BY ORDER, 3 (- / PRIVATE SECRETARY * () , / ITAT, PUNE.