M/S. CENTRAL BK OF INDIA, Mumbai V. THE DY CIT RG 2(1), Mumbai

ITA 3639/MUM/2004

• Counselvise Citation: [2018] 121 COUNSELVISE.COM (IT) 7338 (ITAT-MUMBAI)
• Duration Of Justice: 14 year(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-05-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2000-2001
• Appeal Filed On: 10-05-2004
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: H N SINGH
• Assessee Lawyers: RAJNIKANT V CHANIYARI
• Keywords: Bad and doubtful debts
• Section: 14A

Judgement Text

, , , , INCOME-TAX APPELLATE TRIBUNAL CBENCH MUMBAI , , BEFORE S/SH. RAJENDRA,ACCOUNTANT MEMBER & RAVISH S OOD, JUDICIAL MEMBER ./I.T.A./3639/MUM/2004, /ASSESSMENT YEAR: 2000-01 ./I.T.A./3640/MUM/2004, /ASSESSMENT YEAR: 2001-02 ./I.T.A./2557/MUM/2011, /ASSESSMENT YEAR: 2002-03 ./I.T.A./2558/MUM/2011, /ASSESSMENT YEAR: 2003-04 ./I.T.A./1432/MUM/2011, /ASSESSMENT YEAR: 2005-06 ./I.T.A./1528/MUM/2011, /ASSESSMENT YEAR: 2006-07 ./I.T.A./7652/MUM/2011, /ASSESSMENT YEAR: 2007-08 CENTRAL BANK OF INDIA ATTN: CENTRAL ACCOUNTS DEPARTMENT (B/S) CHANDER MUKHI, 4 TH FLOOR, NARIMAN POINT MUMBAI-400 021. PAN:AAACC 2498 P VS. DCIT-RANGE-2 (1) MUMBAI. ( /APPELLANT ) ( / RESPONDENT ) REVENUE BY: SHRI H.N. SINGH-CIT-DR ASSESSEE BY: SHRI RAJNIKANT V. CHANIYARI / DATE OF HEARING: 08/05/2018 / DATE OF PRONOUNCEMENT: 11/05/2018 ,1961 254(1) ORDER U/S.254(1)OF THE INCOME-TAX ACT,1961(ACT) , -/ PER RAJENDRA, AM - CHALLENGING THE ORDERS OF COMMISSIONERS OF INCOME T AX (APPEALS),MUMBAI THE ASSESSEE HAS FILED THE APPEALS FOR THE ABOVE MENTIONED ASSESSMEN T YEARS.(AY.S)RAISING VARIOUS GROUNDS OF APPEALS.AS MOST OF THE ISSUES IN THE APPEALS ARE CO MMON,SO,WE ARE ADJUDICATING THEM TOGETHER.THE ASSESSEE IS A NATIONALIZED BANK, ENGAG ED IN THE BUSINESS OF BANKING. 2. DETAILS OF DATES OF FILING OF RETURN OF INCOME, RET URNED INCOME, DATE OF ASSESSMENT, ASSESSED INCOME AND DATE OF ORDERS OF CIT(A) CAN BE TABULATE D AS UNDER :- A.Y. ROI FILED ON RETURNED INCOME ASST. DATE ASSESS ED INCOME CIT(A)ORDER DTD. 2000-01 29/11/2000 NIL 24/03/2003 RS.283.66 CRORES 27/02/2004 2001-02 31/10/2001 (-)RS.277.91 CRORES 28/03/2003 R S.165.00 CRORES 26/03/2004 2002-03 31/10/2002 RS.37.60 LAKHS 24/02/2005 RS.399 .67 CRORES 13/01/2011 2003-04 25/11/2003 RS.2.48 CRORES 14/03/2005 RS.786 .39 CRORES 19/01/2011 2005-06 29/10/2005 RS.580.66 CRORES 31.12.2007 RS.8 05.77 CRORES 30/12/2010 2006-07 28/11/2006 RS.73.95 CRORES 22/12/2008 RS.58 3.20 CRORES 30/12/2010 2007-08 28/10/2007 RS.265.20 CRORES 13/03/2009 RS.8 88.69 CRORES 16/08/2011 3639/M/04 +6 CENTRAL BANK OF INDIA 2 3. DURING THE COURSE OF HEARING BEFORE US, THE REPRESE NTATIVES OF BOTH THE SIDES AGREED THAT ALL THE ISSUES STAND COVERED BY THE ORDERS OF THE TRIBU NAL DELIVERED FOR THE EARLIER AY.S. WE ARE ARRANGING THE ISSUES,GROUNDS AND ITA NO. FOR THE AB OVE MENTIONED AY.S IN THE TABLE GIVEN BELOW:- SN. ISSUE GS.OA NO. TRIBUNAL ORDER/CASE LAWS PARA OF TRIBUNAL ORDER 1. DISALLOWANCE OF NON- RURAL DEBTS WRITTEN OFF U/S. 36(1)(VII) II(1)FOR AY.S.2000-01 AND 2001-02, 1(A)FOR AYS.2002-03, 2005-06 AND 2006-07 6(A)FOR AY.2003-04 GOA 1 FOR AY. 2007-08 ITA/1525&3649/MUM/ 2013 FOR AY 2008-09 AND ITA/1561 &3438/MUM /2013DTD.03/10/2017 AY. 2009-10) ; II)CATHOLIC SYRIAN BANK(343ITR270) PARA-10 TO 13 2. DISALLOWANCE OF PAYMENT OF MASTER CARD/VISA ON THE GROUND THAT TDS HAD NOT BEEN DEDUCTED U/S. 195 GOA.II(2) FOR AY.S. 2000-01 & 2001-02 I) ITA NO.4157/M/2003 FOR AY 1999-00 DTD.24/09/2010 II) CITIBANK N.A. (377 ITR 69) PARA-3 TO 3.4(OF ITAT ORDER) PARA-6-9 ( HIGH COURT ORDER) 3. DISALLOWANCE OF EXPENSES U/S. 14A GR.NO.II(3) FOR AY.S. 2000-01 & 2001-02; GR.NO.2 (NOT PRESSED) (2002-03); GR.NO.1(B )(NOT PRESSED) ;(2003-04); GROUND NO.2 FOR A.Y.S 2005-06 & 2006-07; GROUND NO.2(A) FOR A.Y. 2007-08 I) ITA NO.4449/M/2003 FOR AY 1998-99 & ITA NO.4450/M/2003 FOR AY 1999-2000 DATED 23/09/2015 PARA-5, 7, 10 (OF ITAT ORDER) 4. I) BOOK PROFIT NON-APPLICABILITY OF MAT PROVISIONS U/S. 115JA/115 JB ADDL. GROUND FOR A.Y.S 2000-01, 2001-02, 2001- 02, 2002-03 GROUND NO.5 FOR A.Y.2003-04 DECIDED BY ITAT , MUMBAI VIDE ITS ORDER DTD. 12/08/2016(PARA 3-5 ON PAGE-5-7) IN 3639/M/04 +6 CENTRAL BANK OF INDIA 3 4.(II) DISALLOWANCE OF BAD DEBTS WRITTEN OFF WHILE COMPUTING BOOK PROFITS U/S. 115JA GROUND NO.1(A) FOR A.Y. 2000-01 & 2001-02 ITA NO.3639/M/2004 (00-01); 3640/M/2004 (01-02); 2557/M/11 (02-03); 2364/M/11 (02-03); 2558/M/11 (03-04); 2363/M/11(03-04); 1432/M/11 (05-06); 1528/M/11 (06-07) &7652/M/11 (07-08) 4.(III) DISALLOWANCE OF EXPENSES U/S. 14A GROUND NO.1(B) FOR A.Y. 2001-02, 2001-02 GROUND NO.2(B) (2002- 03); GROUND NO.1(A) (2003- 04) 4.(IV) ADJUSTMENT OF PROVISION FOR NON PERFORMING ASSETS/BAD DEBTS WHILE COMPUTING BOOK PROFITS GROUND NO.2(A) FOR A.Y 2003-04 4.(V) DISALLOWANCE OF PROVISION OF STANDARD ASSETS WHILE COMPUTING BOOK PROFITS GROUND NO.3 FOR A.Y 2003-04 4.(VI) DISALLOWANCE OF PROVISION FOR RESTRUCTURED ACCOUNTS AND FRAUD WHILE COMPUTING BOOK PROFITS GROUND NO.4 FOR A.Y 2003-04 3639/M/04 +6 CENTRAL BANK OF INDIA 4 RESPECTFULLY,FOLLOWING THE ABOVE ORDERS OF THE TRIB UNAL,WE ALLOW ALL THE AFORESAID GROUNDS OF APPEAL RAISED BY THE ASSESSEE. 3.1. LEVY OF INTEREST U/S.234B AND 234 D IS THE SUBJECT MATTER OF REMAINING TWO GROUNDS.AS THE ISSUES ARE CONSEQUENTIAL IN NATURE,SO,WE ARE NO T ADJUDICATING THEM. AS A RESULT, APPEALS FILED BY THE ASSESSEE STAND AL LOWED. . ORDER PRONOUNCED I N THE OPEN COURT ON 11 TH MAY, 2018. 11 , 2018 SD/- SD/- ( (( ( RAVISH SOOD ) ( ! / RAJENDRA) '# / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI; /DATED : 11.5.2018. JV.SR.PS. / COPY OF THE ORDER FORWARDED TO : 1. APPELLANT / 2. RESPONDENT / 3. THE CONCERNED CIT(A)/ , 4. THE CONCERNED CIT / 5. DR C BENCH, ITAT, MUMBAI / , , . . 6. GUARD FILE/ //TRUE COPY// / BY ORDER, / DY./ASST. REGISTRAR , /ITAT, MUMBAI.