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

ITA 3395/AHD/2015

• Counselvise Citation: [2018] 126 COUNSELVISE.COM (IT) 6315 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 1 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-01-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: Not Allotted
• Assessment Year: 2011-2012
• Appeal Filed On: 07-12-2015
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Section: 143(3)

Judgement Text

ITA NO. 3395/AHD/2015 SARDAR GUNJ MERCANTILE CO-OP BANK LTD VS. DCIT ASSESSMENT YEAR : 2011-12 PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD B BENCH, AHMEDABAD [CORAM: PRAMOD KUMAR AM AND S S GODARA JM] ITA NO. 3395/AHD/2015 ASSESSMENT YEAR: 2011-12 THE SARDAR GUNJ MERCANTILE ............. .......APPELLANT CO-OP. BANK LIMITED SARDAR GUNJ, NR. RAILWAY STATION, PATAN 384 265 [PAN : AAAAP 3010 C] VS. THE DY. COMMISSIONER OF INCOME-TAX . .............................RESPONDENT PATAN CIRCLE, PATAN APPEARANCES BY: MANISH SHAH FOR THE APPELLANT MUDIT NAGPAL FOR THE RESPONDENT DATE OF CONCLUDING THE HEARING : 09.01.2018 DATE OF PRONOUNCING THE ORDER : 10.01.2018 O R D E R PER PRAMOD KUMAR, AM: 1. BY WAY OF THIS APPEAL, THE ASSESSEE-APPELLANT HA S CHALLENGED CORRECTNESS OF THE ORDER DATED 29 TH SEPTEMBER 2015 PASSED BY THE BY THE CIT(A), GANDHI NAGAR, AHMEDABAD, IN THE MATTER OF ASSESSMENT UNDER SECTIO N 143(3) R.W.S. 147 OF THE INCOME-TAX ACT, 1961, FOR THE ASSESSMENT YEAR 2011- 12, ON THE FOLLOWING GROUNDS:- 1. THE CIT(APPEALS0 GROSSLY ERRED IN LAW IN NOT AD JUDICATING THE CONTENTION RAISED BY THE ASSESSEE REGARDING VALIDIT Y OF ASSESSMENT ORDER PASSED U/S 143(3) R.W.S. 147 AS THE SAID ASSE SSMENT ORDER WAS BARRED BY LIMITATION. 2. THE LD. CIT(APPEALS) ERRED IN LAW IN CONFIRMING THE DISALLOWANCE OF RS.5,83,292/- MADE BY THE ASSESSING OFFICER BEING P REMIUM OF SECURITIES CLASSIFIED UNDER HEAD TO MATURITY CATEGORY. 2. WHEN THIS APPEAL WAS CALLED OUT FOR HEARING, LE ARNED COUNSEL FOR THE ASSESSEE WAS FAIR ENOUGH TO POINT OUT THAT THE ISSU E IN APPEAL IS NOW COVERED, ITA NO. 3395/AHD/2015 SARDAR GUNJ MERCANTILE CO-OP BANK LTD VS. DCIT ASSESSMENT YEAR : 2011-12 PAGE 2 OF 2 AGAINST HIM, BY HONBLE JURISDICTIONAL HIGH COURT J UDGMENT IN THE CASE OF CIT VS. RAJKOT DIST. CO-OP BANK LTD., [2014] 43 TAXMANN.COM 161 (GUJ.). 3. LEARNED DEPARTMENTAL REPRESENTATIVE SUBMITTED TH AT, AS THE ISSUE IS NOW COVERED AGAINST THE ASSESSEE BY THE HONBLE JURISDI CTIONAL HIGH COURT JUDGMENT IN THE CASE OF RAJKOT DIST. CO-OP. BANK LTD. (SUPRA), THE GRIEVANCES OF THE ASSESSEE ARE TO BE DISMISSED. 4. IN VIEW OF ABOVE DISCUSSION, AND RESPECTFULLY FO LLOWING THE ESTEEMED VIEWS OF THE HONBLE JURISDICTIONAL HIGH COURT IN THE CASE O F RAJKOT DIST. CO-OP. BANK LTD. (SUPRA), WE REJECT THE GRIEVANCES OF THE ASSESSEE. 5. IN THE RESULT, THE APPEAL IS DISMISSED. PRONOUN CED IN THE OPEN COURT TODAY ON THE 10 TH DAY OF JANUARY, 2018. SD/- SD/- S S GODARA PRAMOD K UMAR (JUDICIAL MEMBER) (ACCOUNTANT MEMBER) AHMEDABAD, THE 10 TH DAY OF JANUARY, 2018 *BT COPIES TO: (1) THE APPELLANT (2) THE RESPONDENT (3) COMMISSIONER (4) CIT(A) (5) DEPARTMENTAL REPRESENTATIVE (6) GUARD FILE BY ORDER TRUE COPY ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCHES, AHMEDABAD 1. DATE OF DICTATION: ... 09.01.2018... ONE PAGE DICTATION PAD, AS DICTATED BY HONBLE AM, IS ATTACHED .. 2. DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE T HE DICTATING MEMBER: 09.01.2018...... 3. DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR . P.S./P.S.: ..10.01.2018...... 4. DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE TH E DICTATING MEMBER FOR PRONOUNCEMENT: . 0.01.2018... 5. DATE ON WHICH THE FILE GOES TO THE BENCH CLERK : ... 0.01.2018................... 6. DATE ON WHICH THE FILE GOES TO THE HEAD CLERK : . 7. THE DATE ON WHICH THE FILE GOES TO THE ASSISTANT REGISTRAR FOR SIGNATURE ON THE ORDER: 8. DATE OF DESPATCH OF THE ORDER: ......