THE DHANBAD CENTRAL COOPERATIVE BANK LIMITED , DHANBAD V. DIT (I &CI), PATNA

ITA 41/RAN/2018

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 8540 (ITAT-RANCHI)
• Duration Of Justice: 2 year(s) 5 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-07-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2013-2014
• Appeal Filed On: 07-02-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A K MOHANTI

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL RANCHI E-COURTAT KOLKATA BEFORE SHRI S.S, GODARA, JM & DR. A.L. SAINI, AM ITA NOS.39 TO 44/RAN/2018 ASSESSMENT YEARS:2011-12 TO 2016-17 THE DHANBAD CENTRAL COOPERATIVE BANK LTD. HEAD OFFICE, HIRAPUR, DHANBAD-826001. / V/S . DCIT(I&CI), PATNA [ PAN NO. AADAT4932C ] /APPELLANT .. /RESPONDENT /BY APPELLANT SHRI DEVESH PODDAR, A/R /BY RESPONDENT SHRI A.K. MOHANTI, ADDL. CIT /DATE OF HEARING 14-07-2020 /DATE OF PRONOUNCEMENT 14-07-2020 /O R D E R PER BENCH(ORAL): THESE ASSESSEES SIX APPEALS FOR ASSESSMENT YEARS 2011-12 TO 2016-17 ARISE AGAINST THE DIRECTOR OF INCOME-TAX (INTELLIGENCE & CRIMINAL INVESTIGATION), PATNAS ORDERS ALL DATED 20.11.2017, INVOLVING PROCEEDINGS U/S 271FA OF THE INCOME TAX ACT, 1961 (IN SHORT THE ACT); RESPECTIVELY. HEARD BOTH THE PARTIES. CASE FILES PERUSED. 2. THE ASSESSEES IDENTICAL SOLE SUBSTANTIVE GRIEVANCE RAISED IN ALL THESE SIX CASES SEEKS TO REVERSE THE DITS ACTION IMPOSING SECTION 271FA PENALTY OF RS.22,000/- EACH IN FORMER FOUR AND 1,10,000/- EACH IN THE LATTER TWO ASSESSMENT YEARS; RESPECTIVELY, FOR THE SOLE REASON THAT IT HAD FAILED TO REPORT THE CORRESPONDING BANKING TRANSACTIONS WITHIN THE PRESCRIBED TIME PERIOD. THE ASSESSEES SOLE PLEA IS THAT IT IS A COOPERATIVE BANK HAVING RURAL BRANCHES THROUGHOUT THE DISTRICT OF DHANBAD WHEREIN IT DOES NOT ITA NOS.39 TO 44/RAN/2018 ASSESSMENT YEARS:2011-12 TO 2016-17 THE DHANBAD CENTRAL COOPERATIVE BANK LTD. PAGE 2 HAVE COMPUTER FACILITIES FOR ALL TRANSACTIONS. WE FIND MERIT IN ASSESSEES EXPLANATION SINCE IT IS A COOPERATIVE BANK NOT EQUIPPED WITH MODERN TALLY PURCHASES. BE THAT AS IT MAY, WE MAKE IT CLEAR THAT THE ASSESSEE IS ALREADY REGULATED BY ALL THE RULES AND REGULATIONS APPLICABLE FOR A COOPERATIVE BANK AND IT DID NOT STAND TO GAIN BY DELAYING ANY INFORMATION TO THE AUTHORITIES. THIS TRIBUNALS COORDINATE BENCHS DECISION IN DURGAPUR STEEL PEOPLES COOPERATIVE BANK LTD. VS. DIRECTOR OF INCOME TAX [2016] 74 TAXMANN.COM 97 (KOLKATA-TRIB.) ALSO HOLDS THE SAME VIEW ONLY. WE FOLLOW THE SAME MUTATIS MUTANDIS AND DIRECT THE DIT TO DELETE THE IMPUGNED PENALTY. 3. THESE ASSESSEES SIX APPEALS ARE ALLOWED. ORDER PRONOUNCED IN OPEN COURT ON 14/07/2020. SD/- SD/- (A. L. SAINI) (S.S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER KOLKATA; DATE: 14/07/2020 RS / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT- THE DHANBAD CENTRAL COOPERATIVE BANK LTD. 2. /RESPONDENT- DCIT(I&CI), PATNA 3. / CONCERNED CIT 4. - / CIT (A) 5. , / DR, ITAT, 6. [ / GUARD FILE. // TRUE COPY// BY ORDER ASSISTANT REGISTRAR, I.T.A.T, RANCHI BENCHES, RANCHI