The Sardar Gunj Mercantile Co.Op.Bank Ltd., Patan V. The Dy.CIT, Patan Circle, Patan

ITA 2589/AHD/2015

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 7996 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 3 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-12-2017
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: Not Allotted
• Assessment Year: 2012-2013
• Appeal Filed On: 07-09-2015
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD B BENCH (BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER & SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER) ITA. NO: 2589/AHD/2015 (ASSESSMENT YEAR: 2012-13) THE SARDAR GUNJ MERCANTILE CO-OP. BANK LIMITED SARDAR GUNJ, NR. RAILWAY STATION, PATAN- 384265 V/S DY. COMMISSIONER OF INCOME TAX, PATAN CIRCLE, PATAN (APPELLANT) (RESPONDENT) PAN: AAAAP3010C APPELLANT BY : SHRI MANISH SHAH, AR RESPONDENT BY : SHRI MUDIT NAGPAL, SR. D.R. ( )/ ORDER DATE OF HEARING : 06 -12-201 7 DATE OF PRONOUNCEMENT : 18 -12-2017 PER N.K. BILLAIYA, ACCOUNTANT MEMBER: 1. THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF LD. CIT(A), GANDHINAGAR, AHMEDABAD DATED 27.04.2015 PERTAINING TO A.Y. 2012-13. ITA NO. 2589 /AHD/2015 . A.Y. 2012-13 2 2. THE ASSESSEE HAS RAISED FOLLOWING SUBSTANTIVE GROUN DS OF APPEAL. 1. THE C.I.T.(APPEALS) ERRED IN LAW IN CONFIRMING THE DISALLOWANCE OF RS. 1 5,20,000/- MADE BY ASSESSING OFFICER BEING PREMIUM OF SECURITI ES CLASSIFIED UNDER 'HELD TO MATURITY' CATEGORY. 2. THE C.I.T.(APPEALS) ERRED IN LAW AND ON FACTS IN CO NFIRMING THE DISALLOWANCE OF RS. 15,543/- MADE BY THE ASSESSING OFFICER BY ADDING PR OFIT ON SALE OF PLANT AND MACHINERY. 3. THE C.I.T.(APPEALS) ERRED IN LAW AND ON FACTS IN CO NFIRMING THE DISALLOWANCE OF RS.232/- MADE BY THE ASSESSING OFFICER BY ADDING PR OFIT ON SALE OF DEAD STOCK. 3. THE APPEAL IS LATE BY 49 DAYS. THE ASSESSEE HAS REQ UESTED FOR THE CONDONATION OF THE DELAY. WE HAVE CAREFULLY CONSIDERED THE REAS ONS GIVEN BY THE ASSESSEE. WE FIND THAT THE ASSESSEE WAS PREVENTED BY REASONAB LE AND SUFFICIENT CAUSE FOR NOT FILING THE APPEAL WITHIN THE PERIOD OF LIMITATI ON. THE DELAY IS ACCORDINGLY CONDONED. COMING TO THE MERITS OF THE CASE, THE LD. COUNSEL FAIRLY CONCEDED THAT THE GRIEVANCE RAISED BY THE ASSESSEE HAVE BEEN DECIDED BY THE HONBLE JURISDICTIONAL HIGH COURT OF GUJARAT IN FAVOUR OF T HE REVENUE AND AGAINST THE ASSESSEE IN THE CASE OF RAJKOT DIST. CO-OP BANK LT D. 43 TAXMANN.COM 161. 4. ON SUCH CONCESSION AND ON CAREFUL PERUSAL OF THE OR DER OF THE HONBLE JURISDICTIONAL HIGH COURT IN THE CASE OF RAJKOT DI ST. CO-OP BANK LTD (SUPRA). GROUND NO. 1 IS DISMISSED. 5. SINCE GROUND NOS. 2 & 3 WERE NOT CONTESTED BY THE A SSESSEE, THE SAME ARE DISMISSED. ITA NO. 2589 /AHD/2015 . A.Y. 2012-13 3 6. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS DISMISSED. ORDER PRONOUNCED IN OPEN COURT ON 18- 12- 20 17 SD/- SD/- (RAJPAL YADAV) (N. K. BILLAIYA) JUDICIAL MEMBER TRUE COPY ACCOUNTANT MEMBER AHMEDABAD: DATED 18 /12/2017 RAJESH COPY OF THE ORDER FORWARDED TO: - 1. THE APPELLANT. 2. THE RESPONDENT. 3. THE CIT (APPEALS) 4. THE CIT CONCERNED. 5. THE DR., ITAT, AHMEDABAD. 6. GUARD FILE. BY ORDER DEPUTY/ASSTT.REGISTRAR ITAT,AHME DABAD