Asst. Commissioner of Income tax, Panaji V. M/s Goa Urban Co. Opp. Bank Ltd., Panaji

ITA 24/PAN/2012

• Counselvise Citation: [2015] 121 COUNSELVISE.COM (IT) 1034 (ITAT-PANAJI)
• Duration Of Justice: 3 year(s) 3 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-06-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 09-06-2015
• Assessment Year: 2007-2008
• Appeal Filed On: 22-02-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: BANGARI LD
• Assessee Lawyers: CHINMAY S KAMAT; SHAM J KAMAT
• Keywords: Depreciation

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI BEFORE SHRI GEORGE MATHAN , HONBLE JUDICIAL MEMBER ITA N OS . 24 & 25 /PNJ/20 12 : (A.Y S 2007 - 08 & 2008 - 09) ACIT, CIRCLE - 1(1), PANAJI ( APPELLANT) VS. M/S. GOA URBAN CO - OP. BANK LTD., 2 ND FLOOR, HEAD OFFICE BLDG., DR. A.B. ROAD, PANAJI, GOA. PAN : AAAAT1027F (RESPONDENT) ASSESSEE BY : SHAM J. KAMAT, CA & CHINMAY S. KAMAT, CA REVENUE BY : M.R. BANGARI, LD. DR DATE OF HEARING : 09 / 06 /201 5 DATE OF PRONOUNCEMENT : 09 / 06 /201 5 O R D E R 1. ITA NO. 24/PNJ/2012 IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF LD. CIT(A), PANAJI IN ITA NO. 182/PNJ/2009 - 10 DT. 30.11.2011 FOR THE A.Y 2007 - 08. ITA NO. 25/PNJ/2012 IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF LD. CIT(A), PANAJI IN ITA NO. 231/PNJ/2010 - 11 DT. 30.11.2011 FOR THE A.Y 2008 - 09. AS BOTH THE APPEALS RELATE TO THE SAME ASSESSEE AND CONTAIN IDEN TICAL ISSUES, BOTH ARE DISPOSED OFF BY THIS COMMON ORDER. SHRI M.R. BANGARI, LD. DR REPRESENTED ON BEHALF OF THE REVENUE AND SHRI SHAM J. KAMAT AND SHRI CHINMAY S. KAMAT, CAS REPRESENTED ON BEHALF OF THE ASSESSEE. 2. IT WAS SUBMITTED BY THE LD. DR THAT T HE ISSUE IN GROUND NO. 1 OF THE REVENUES APPEAL IN ITA NO. 24/PNJ/2012 AND GROUND NO. 1 IN ITA NO. 25/PNJ/2012 WAS IDENTICAL AND AGAINST THE ACTION OF LD. CIT(A) IN ALLOWING THE 2 ITA NOS. 24 & 25/PNJ/2012 (A.YS 2007 - 08 & 2008 - 09) LOSS ON ACCOUNT OF RE - CATEGORIZING OF THE SECURITIES HELD AS HELD FOR TRADE / AVAILABLE FOR SALE TO HELD TILL MATURITY . IT WAS FAIRLY AGREED BY BOTH THE SIDES THAT THE ISSUE WAS IDENTICAL TO GROUND NO. 1 OF THE REVENUES APPEAL IN THE ASSESSEES OWN CASE IN ITA NO. 13/ PNJ/2013 FOR A.Y 2009 - 10. 3. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS. AS THE COORDINATE BENCH OF THIS TRIBUNAL HAS ALREADY DECIDED THIS ISSUE IN ITA NO. 13/PNJ/2013 VIDE ORDER DT. 8.6.2015 WHEREIN RESPECTFULLY FOLLOWING THE DECISION OF THE PUNE BENCH OF THE TRIBUNAL IN THE CASE OF KALLAPPANNA AWADE ICHALKARANJI JANATA SAHAKARI BANK LTD. IN ITA NO. 449/PNJ/2012 DT. 5.8.2013 AND THE INSTRUCTIONS ISSUED BY THE CBDT THE FINDING OF THE LD. CIT(A) HAS BEEN CONFIRMED , ON IDENTICAL REASONS, THE FINDING OF THE LD. CIT(A) IN RESPECT OF THE SAID GROUND FOR THE SAID TWO APP EALS ALSO STANDS CONFIRMED. 4. IN RESPECT OF GROUND NO. 2 IN ITA NO. 24/PNJ/2012 IT WAS FAIRLY AGREED BY BOTH THE SIDES THAT THE ISSUE WAS IDENTICAL TO GROUND NO. 4 OF THE REVENUES APPEAL IN THE ASSESSEES OWN CASE FOR THE A.Y 2009 - 10 IN ITA NO. 13/PNJ/2 013. AS WE HAVE ALREADY CONFIRMED THE ORDER OF THE LD. CIT(A) FOR THE A.Y 2009 - 10 IN ITA NO. 13/PNJ/2013 VIDE ORDER DT. 8.6.2015, FOLLOWING THE DECISION OF THE COORDINATE BENCH OF THIS TRIBUNAL IN THE CASE OF KALLAPPANNA AWADE ICHALKARANJI JANATA SAHAKARI BANK LTD. IN ITA NO. 449/PNJ/2012 DT. 5.8.2013 THE FINDING OF THE LD. CIT(A) ON THIS ISSUE FOR THE A.Y 2007 - 08 RAISED IN ITA NO. 24/PNJ/2012 STANDS CONFIRMED. 5. IN RESPECT OF GROUND NO. 3 OF ITA NO. 24/PNJ/2012 AND GROUND NO. 2 OF ITA NO. 25/PNJ/2012 IT WAS FAIRLY AGREED BY BOTH THE SIDES THAT THE ISSUE WAS AGAINST THE ACTION OF LD. CIT(A) IN ALLOWING THE DEPRECIATION ON BATTERIES FOR UPS @ 60% WHICH WAS IDENTICAL TO GROUND NO. 2 IN THE REVENUES APPEAL IN THE 3 ITA NOS. 24 & 25/PNJ/2012 (A.YS 2007 - 08 & 2008 - 09) ASSESSEES OWN CASE IN ITA NO. 13/PNJ/2013. AS WE HAVE CONFIRMED THE ORDER OF THE LD. CIT(A) IN RESPECT OF ALLOWANCE OF DEPRECIATION ON BATTERIES FOR UPS @ 60% BY FOLLOWING THE DECISION OF THE HON'BLE DELHI HIGH COURT IN THE CASE OF ORIENT CERAMICS AND INDUSTRIES LTD. IN THE REVENUES APPEAL IN THE ASSESSEES OWN CASE IN ITA NO. 13/PNJ/2013 VIDE ORDER DT. 8.6.2015, RESPECTFULLY FOLLOWING THE SAME , THE FINDING OF THE LD. CIT(A) IN RESPECT OF APPEAL S IN ITA NO S . 24 & 25/PNJ/2012 STAND CONFIRMED. 6. IN THE RESULT, THE APPEALS FILED BY THE REVENUE IN ITA NOS. 24 & 25/PNJ/2012 STANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 09/06/2015. S D / - (N.K. BILLAIYA) ACCOUNTANT MEMBER S D / - ( GEORGE MATHAN ) JUDICIAL MEMBER PLACE : PANAJI / GOA DATED : 0 9 /06/ 201 5 *SSL* COPY TO : (1) APPELLANT (2) RESPONDENT (3) CIT(A) CONCERNED (4) CIT CONCERNED (5) D.R (6) GUARD FILE TRUE COPY, BY ORDER , 4 ITA NOS. 24 & 25/PNJ/2012 (A.YS 2007 - 08 & 2008 - 09) DATE INITIAL ORIGINAL DICTATION PAD & DRAFT ORDER ARE ENCLOSED IN THE FILE 1. DRAFT DICTATED ON 09/06/2015 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 09/06/2015 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER 0 9 /06/2015 JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER 0 9 /06/2015 JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS 1 0 /06/2015 SR.PS 6. DATE OF PRONOUNCEMENT 09/06/2015 SR.PS 7. FILE SENT TO THE BENCH CLERK 1 0 /06/2015 SR.PS 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK 9. DATE OF DISPATCH OF ORDER