ACIT Circle-sawai Madhopur, Sawai Madhopur V. M/s. Hindaun Sahakari Bhoomi Vikas Bank Ltd. Station Road, Hindaun City, Karauli, Karauli

ITA 589/JPR/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 8940 (ITAT-JAIPUR)
• Duration Of Justice: 1 year(s) 3 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-07-2020
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2010-2011
• Appeal Filed On: 26-04-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: BK GUPTA
• Assessee Lawyers: M L BORAD DHK
• Keywords: Bad and doubtful debts; Set aside
• Section: 143(1); 22; 148

Judgement Text

VK;DJ VIHYH; VF/KDJ.K] T;IQJ U;K;IHB] T;IQJ IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCH VC B , JAIPUR JH JES'K LH- 'KEKZ] YS[KK LNL; ,O A H JH FOT; IKY JKWO] U;KF;D LNL; DS LE{K BEFORE: SHRI RAMESH C. SHARMA, AM & SHRI VIJAY PAL RAO, JM VK;DJ VIHY LA-@ ITA NO. 589/JP/2019 FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2010-11. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE SAWAI MADHOPUR. CUKE VS. M/S. HINDAUN SAHAKARI BHOOMI VIKAS BANK LTD., STATION ROAD, HINDANUN CITY, KARAULI. LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN NO. AAABH 0071 Q VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT JKTLO DH VKSJ LS@ REVENUE BY : SHRI B.K. GUPTA (CIT) FU/KZKFJRH DH VKSJ LS@ ASSESSEE BY : SHRI M.L. BORAD (ADVOCATE) LQUOKBZ DH RKJH[K@ DATE OF HEARING : 22.07.2020. ?KKS'K .KK DH RKJH[K@ DATE OF PRONOUNCEMENT : 31/07/2020. VKNS'K@ ORDER PER VIJAY PAL RAO, JM : THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER DATED 5 TH FEBRUARY, 2019 OF LD. CIT (A), KOTA FOR THE ASSESSMENT YEAR 2010-1 1. THE REVENUE HAS RAISED THE FOLLOWING GROUNDS :- 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE C ASE THE LD. LD. CIT (A) HAS ERRED IN DELETING THE DISALLOWANCE MADE BY THE AO ON ACCOUNT OF PRINCIPAL NPA OF RS. 32,42,000/-. 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CAS E THE LD. LD. CIT (A) HAS ERRED IN DELETING THE DISALLOWANCE MADE BY THE AO ON ACCOUNT OF TIME BARRED INTEREST RES OF RS. 3,58,96,3 29/-. 2 ITA NO. 589/JP/2019 HINDAUN SAHAKARI BHOOMI VIKAS BANK LTD., HINDAUN CI TY. 3. THE APPELLANT CRAVES LIBERTY TO RAISE ADDITIONAL GROUND/S AND TO MODIFY/AMEND THE GROUND OF APPEAL AT THE TIME OF HE ARING. THE HEARING OF THE APPEAL IS CONCLUDED THROUGH VIDE O CONFERENCE DUE TO PREVAILING CONDITION OF COVID 19 PANDEMIC. 2. THE ASSESSEE IS A COOPERATIVE LAND DEVELOPMENT B ANK FILED ITS RETURN OF INCOME FOR THE YEAR UNDER CONSIDERATION ON 13.10.2010 DECL ARING LOSS OF RS. 16,89,180/- WHICH WAS PROCESSED UNDER SECTION 143(1) ON 18.08.2011. T HEREAFTER THE AO REOPENED THE ASSESSMENT BY ISSUING NOTICE UNDER SECTION 148 WHIC H WAS SERVED ON THE ASSESSEE ON 31 ST MARCH, 2017. IN RESPONSE TO THE NOTICE UNDER SECT ION 148, THE ASSESSEE STATED THAT THE RETURN OF INCOME FILED ON 13.10.2010 MAY BE TRE ATED AS RETURN FILED IN RESPONSE TO THE NOTICE UNDER SECTION 148. THE AO NOTED THAT THE ASSESSEE HAS MADE PROVISION OF RS. 3,91,38,329/- ON ACCOUNT OF PRINCIPAL NPA OF RS . 32,42,000/- AND TIME BARRED INTEREST OF RS. 3,58,96,329/- ON OVER-DUE NPA LOAN ACCOUNT. THE AO WAS OF THE VIEW THAT THE ASSESSEE BANK FALLS UNDER THE CATEGORY OF PRIMARY COOPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK AND, THEREFORE, IS NOT COVER ED UNDER SECTION 36(1)(VIIA) OF THE IT ACT AND HENCE THE AO HAS MADE THE ADDITION OF TH E SAID AMOUNT OF RS.3,91,38,329/-. ON APPEAL, THE LD. CIT (A) HAS DELETED THE ADDITION MADE BY THE AO BY HOLDING THAT THE ASSESSEE FALLS IN THE PROVISION OF SECTION 36(1)(VI IA) OF THE ACT SO FAR AS THE PROVISION WAS MADE BY THE ASSESSEE IN RESPECT OF NPA OF RS. 3 2,42,000/-. AS REGARDS THE TIME BARRED INTEREST OF RS. 3,58,96,329/-, THE LD. CIT ( A) HAS HELD THAT THOUGH THE ASSESSEE 3 ITA NO. 589/JP/2019 HINDAUN SAHAKARI BHOOMI VIKAS BANK LTD., HINDAUN CI TY. HAS SHOWN THIS CLAIM UNDER PROVISION FOR TIME BARRE D INTEREST, HOWEVER, IT IS IN FACT WRITTEN OFF IN THE BOOKS OF ACCOUNT OF THE ASSESSEE . AGGRIEVED BY THE ORDER OF LD. CIT (A), THE REVENUE HAS FILED THE PRESENT APPEAL. GROUND NO. 1 IS REGARDING DISALLOWANCE MADE ON ACC OUNT OF PRINCIPAL NPA OF RS. 32,42,000/-. 3. THE LD. D/R HAS CONTENDED THAT SINCE PROVISIONS OF SECTION 36(1)(VIIA) ARE NOT APPLICABLE IN ASSESSEES CASE BEING A PRIMARY COOPE RATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK, THEN THE ORDER OF THE LD. CIT (A) IS CONTRARY TO SECTION 36(1)(VIIA) OF THE ACT. HE HAS REFERRED TO THE ASSESSMENT ORDE R AND SUBMITTED THAT THE AO HAS GIVEN A CLEAR FINDING THAT THE ASSESSEE IS NOT COVE RED UNDER SECTION 36(1)(VIIA) OF THE ACT. THUS THE LD. D/R HAS CONTENDED THAT THE ADDIT ION DELETED BY THE LD. CIT (A) BASED ON MISUNDERSTANDING OF THE PROVISION IS NOT SUSTAIN ABLE IN LAW. HE HAS RELIED UPON THE JUDGMENT OF THE HON'BLE KERALA HIGH COURT IN CASE O F ART LEASING LTD. VS. CIT, 187 TAXMAN 29 (KER.). HE HAS RELIED UPON THE ORDER OF THE AO. 4. ON THE OTHER HAND, THE LD. A/R OF THE ASSESSEE H AS SUBMITTED THAT THE ACCOUNT OF NPA IS RECOGNIZED AS PER GUIDELINES OF RBI AS WELL AS CHIEF BANK RAJASTHAN RAJYA SAHKARI BHUMI VIKAS BANK LTD. FROM WHICH THE ASSESS EE TAKES LOAN. HE HAS REFERRED TO THE CIRCULAR DATED 31 ST MARCH, 2010 OF RAJASTHAN RAJYA SAHKARI BHUMI VIKAS BANK LTD. AND SUBMITTED THAT AS PER THE DIRECTIONS OF THE NAT IONAL BANK ALL THE LAND DEVELOPMENT 4 ITA NO. 589/JP/2019 HINDAUN SAHAKARI BHOOMI VIKAS BANK LTD., HINDAUN CI TY. BANKS HAS TO FOLLOW THE PRUDENTIAL STANDARD FOR REC OGNIZING THE TIME BARRED INTEREST AS WELL AS NPAS. THEREFORE, THE ASSESSEE HAS MADE THI S PROVISION IN COMPLIANCE OF THE DIRECTIONS OF THE RAJASTHAN RAJYA SAHKARI BHUMI VIK AS BANK LTD. AS WELL AS THE DIRECTIONS OF THE RBI FOR FOLLOWING THE PRUDENT ACC OUNTING STANDARD FOR RECOGNIZING THE NPAS AND OVER-DUE INTEREST. HE HAS SUPPORTED THE O RDER OF LD. CIT (A). 5. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AS WELL AS THE RELEVANT MATERIAL ON RECORD. THE AO HAS MADE THIS ADDITION ON THE GROUN D THAT THE PROVISIONS OF 36(1)(VIIA) ARE NOT APPLICABLE TO THE ASSESSEE AS THE ASSESSEE IS A PRIMARY COOPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK WHICH IS EXCLUDED FROM T HE COOPERATIVE BANK. FOR READY REFERENCE, WE REPRODUCE CLAUSE (VIIA) OF SECTION 36 (1) OF THE ACT AS UNDER :- SECTION 36(1) XXXX XXXX [( VIIA ) 17 18 [ 19 IN RESPECT OF ANY PROVISION FOR BAD AND DOUBTFUL D EBTS MADE BY ( A ) A SCHEDULED BANK [NOT BEING 20 [***] A BANK INCORPORATED BY OR UNDER THE LAWS OF A COUNTRY OUTSIDE INDIA] OR A NON-SCHEDULED BANK 21 [OR A CO- OPERATIVE BANK OTHER THAN A PRIMARY AGRICULTURAL CR EDIT SOCIETY OR A PRIMARY CO- OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK], AN AMOUNT 22 [NOT EXCEEDING 23 [EIGHT AND ONE- HALF PER CENT]] OF THE TOTAL INCOME (COMPUTED BEFORE MAKING ANY DEDUCTION UNDER THIS CLAUS E AND CHAPTER VIA) AND AN AMOUNT NOT EXCEEDING 24 [TEN] PER CENT OF THE AGGREGATE AVERAGE ADVANCES MADE BY THE RURAL BRANCH ES OF SUCH BANK COMPUTED IN THE PRESCRIBED MANNER : 25 [ PROVIDED THAT A SCHEDULED BANK OR A NON- SCHEDULED BANK REFERRED TO IN THIS SUB- CLAUSE SHALL, AT ITS OPTION, BE ALLOWED IN ANY OF T HE RELEVANT ASSESSMENT YEARS, DEDUCTION IN RESPECT OF ANY PROVI SION MADE BY IT FOR ANY ASSETS CLASSIFIED BY THE RESERVE BANK OF INDIA AS DOUBTFUL ASSETS OR LOSS ASSETS IN ACCORDANCE WITH THE GUIDELINES ISSUE D BY IT IN THIS BEHALF, FOR AN AMOUNT NOT EXCEEDING FIVE PER CENT OF THE AM OUNT OF SUCH ASSETS SHOWN IN THE BOOKS OF ACCOUNT OF THE BANK ON THE LA ST DAY OF THE PREVIOUS YEAR:] 5 ITA NO. 589/JP/2019 HINDAUN SAHAKARI BHOOMI VIKAS BANK LTD., HINDAUN CI TY. THE ASSESSEE HAS NOT DISPUTED THAT IT IS A PRIMARY COOPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK. THE DEDUCTION UNDER SECTION 36(1 )(VIIA) IS AVAILABLE TO 3 CATEGORIES OF BANK, NAMELY, - (I) SCHEDULED BANK SUBJECT TO EXCEPTION THEREIN (II) A NON SCHEDULED BANK, AND (III) A COOPERATIVE BANK. THE COOPERATIVE BANK WHICH IS ELIGIBLE FOR DEDUCTIO N UNDER SECTION 36(1)(VII) DOES NOT INCLUDE A PRIMARY AGRICULTURAL CREDIT SOCIETY OR A PRIMARY COOPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK. THEREFORE, THERE ARE TWO E XCLUSIONS FROM THE BROAD CATEGORY OF COOPERATIVE BANKS WHICH ARE (I) A PRIMARY AGRICU LTURAL CREDIT SOCIETY AND (II) A PRIMARY COOPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK . ASSESSEE BEING A PRIMARY COOPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK FALLS IN THE EXCEPTION PROVIDED IN CLAUSE (VIIA) OF SECTION 36(1) OF THE ACT. THEREFO RE, THE ASSESSEE IS NOT ENTITLED FOR DEDUCTION UNDER SECTION 36(1)(VIIA) OF THE ACT. TH E LD. CIT (A) GIVEN A FINDING ON THIS ISSUE AS UNDER :- AS REGARDS GROUND NO. 2, THE ADDITION MADE BY THE AO OF AMOUNTS DEBITED IN THE P & L ACCOUNT NAMELY, 6 ITA NO. 589/JP/2019 HINDAUN SAHAKARI BHOOMI VIKAS BANK LTD., HINDAUN CI TY. 1) PRINCIPAL NPA OF RS. 32,42,000/- AND 2) TIME BARRED INTEREST RES RS. 3,58,96,329/- IS UNDER CONTENTION. AS PER THE AO, SINCE THESE AMOUNTS COULD NOT BE DED UCTED UNLESS SUCH AMOUNTS HAD BEEN WRITTEN OFF IN THE BOOKS & DEDUCTI ON CLAIMED U/S 36(1)(VII), IT WAS A CASE OF PROVISIONS FOR BAD & D OUBTFUL DEBTS WHICH WERE NOT ALLOWABLE. ACCORDINGLY SHE HAS MADE AN ADDITION OF TOTAL AMOUN T OF RS. 3,91,38,329/- IN THE CASE. FROM A PERUSAL OF THE DETAILS AVAILABLE AND FILED I N THE COURSE OF THE APPELLATE PROCEEDINGS, IT IS OBSERVED THAT THE APPE LLANT IS A PRIMARY COOPERATIVE AGRICULTURAL & RURAL DEVELOPMENT BANK W HICH IS COVERED UNDER PROVISIONS OF SECTION 36(1)(VIIA) OF THE I.T. ACT, 1961. THE BANK FOLLOWS A DOUBLE ENTRY SYSTEM WHERE WHILE ON THE ONE HAND THE PROVISION FOR NPA ACCOUNTS & TIME BARRED LOANS ON N PA ACCOUNT IS DEBITED, AT THE SAME TIME ON THE CREDIT SIDE, INTER EST DONE ON NPA LOAN ACCOUNT IS ALSO APPEARING. THESE AMOUNTS ARE MUCH H IGHER THAN THE EXPENDITURE FOR PROVISIONS DURING THE YEAR. THE SAM E IS FOUND TO BE DONE YEAR WISE & FOR THIS YEAR THE ACCOUNTS HAVE BEEN TA LLIED IN REFERENCE TO THE BALANCE SHEET AS WELL WHEN SEEN FROM THE CERTIF ICATE ISSUED BY THE ACCOUNTANT OF THE BANK. THE TOTAL OUTSTANDING LOAN INTEREST & CURRENT YEAR S INTEREST TOTAL UPTO 13,79,80,511/- OUT OF WHICH RS. 3,58,96,329/- IS DE BITED IN THE CURRENT YEAR. FURTHER, SINCE AS PER SECTION 36(1)(VIIA) A PROVISI ON FOR BAD & DOUBTFUL DEBTS @ 10% OF THE AGGREGATE AVERAGE ADVANCES CAN B E MADE IN THE 7 ITA NO. 589/JP/2019 HINDAUN SAHAKARI BHOOMI VIKAS BANK LTD., HINDAUN CI TY. APPELLANTS CASE SUCH LIMIT IS NOT FOUND TO BE EXCE EDED WHERE PROVISION OF ONLY RS. 32,42,000/- IS MADE ADVANCE TO MEMBERS WHI CH STANDS AT RS. 33,58,76,356/-. AFTER AMENDMENT OF SECTION 36(1)(VIIA), FROM THE AS SESSMENT YEAR 2007- 08, THE ASSESSEE BANK IS NOW ENTITLED TO DEDUCTION OF PROVISION FOR BAD DEBT AND DOUBTFUL DEBT AS UNDER :- (I) 7.5% OF THE TOTAL INCOME COMPUTED BEFORE MAKING A D EDUCTION UNDER THIS CLAUSE AND CHAPTER VI-A OF THE INCOME TA X ACT AND (II) 10% OF AGGREGATE MONTHLY AVERAGE ADVANCES MADE BY T HE RURAL BRANCHES OF SUCH BANK COMPUTED IN THE PRESCRIBED MA NNER. THE PLAIN READING OF THE PROVISION OF SECTION 36(1) (VIIA)(A) MADE IT CLEAR THAT THE AGGREGATE AVERAGE BALANCE OF ADVANCES MADE BY THE RURAL BRANCHES HAS TO BE CALCULATED CONSIDERING THE LOANS AND ADVANCES MADE DURING THE YEAR ONLY BY THE RURAL BRANCHES OF THE B ANK IN THE PRESCRIBED MANNER AS ENVISAGED UNDER CLAUSE (VIIA)(A) OF SECTI ON 36(1), NOT ON THE CUMULATIVE BALANCE OF LOANS AND ADVANCE OF THE BANK OVER THE YEARS. BAD DEBT, IF ANY, ARISES OUT OF ADVANCES MADE IN THE EA RLIER YEARS WOULD BE COVERED UNDER CLAUSE (VIIA) OF SECTION 36(1) OF THE I.T. ACT. THUS THE LD. CIT (A) HAS HELD THAT THE ASSESSEE A P RIMARY COOPERATIVE AGRICULTURAL & RURAL DEVELOPMENT BANK IS COVERED UNDER THE PROVISI ONS OF SECTION 36(1)(VIIA) OF THE ACT. AFTER GIVING A FINDING, THE LD. CIT (A) HELD THAT THE ASSESSEE IS ENTITLED FOR DEDUCTION. THE LD. CIT (A) HAS DISCUSSED THE QUANTU M OF DEDUCTION. THUS THE FINDING OF THE LD. CIT (A) IS BASED ON MISUNDERSTANDING OF THE PROVISIONS WHICH IS IN FACT NOT 8 ITA NO. 589/JP/2019 HINDAUN SAHAKARI BHOOMI VIKAS BANK LTD., HINDAUN CI TY. APPLICABLE IN THE FACTS OF THE ASSESSEES CASE. A CCORDINGLY, THE ORDER OF THE LD. CIT QUA THIS ISSUE IS SET ASIDE. GROUND NO. 2 IS REGARDING ADDITION MADE ON ACCOUNT OF TIME BARRED INTEREST ON OVER-DUE NPA LOAN ACCOUNTS. 6. THE AO HAS DISALLOWED THIS AMOUNT AND MADE THE A DDITION ON THE GROUND THAT THIS IS A PROVISION AND, THEREFORE, WHEN THE ASSESS EE IS NOT COVERED UNDER THE PROVISIONS OF SECTION 36(1)(VIIA), IT IS NOT AN ALL OWABLE DEDUCTION. 7. WE HAVE HEARD THE LD. D/R AS WELL AS THE LD. A/R AND CONSIDERED THE RELEVANT MATERIAL ON RECORD. AT THE OUTSET, WE NOTE THAT TH E ASSESSEE HAS NOT SPECIFIED UNDER WHICH PROVISION THIS DEDUCTION IS CLAIMED, WHETHER UNDER SECTION 36(1)(VII) OR UNDER SECTION 36(1)(VIIA) OF THE ACT. THE LD. CIT (A) HAS DELETED THE ADDITION ON THE GROUND THAT THE ASSESSEE HAS ALREADY WRITTEN OFF THIS AMOU NT BY TAKING IT TO THE DEBIT SIDE AS WELL AS ON THE CREDIT SIDE OF THE P & L ACCOUNT. W E FIND THAT THIS FINDING OF THE LD. CIT (A) IS BASED ON THE DETAILS FILED BY THE ASSESSEE. HOWEVER, THOSE DETAILS ARE NOT PART OF THE AUDITED BOOKS OF ACCOUNT. THE ASSESSEE HAS SHOW N THE INTEREST INCOME IN THE PROFIT & LOSS ACCOUNT AT RS. 7,99,36,791/- AND ALSO DEBITE D AN AMOUNT OF RS. 3,58,96,329/- UNDER THE HEAD TIME BARRED INTEREST. THE LD. CIT ( A) HAS DELETED THE ADDITION MADE BY THE AO ON THE ASSUMPTION OF FACT THAT THE AMOUNT OF RS. 3,58,96,329/- IS PART OF THE INTEREST INCOME SHOWN IN THE PROFIT & LOSS ACCOUNT AND HENCE THE SAID AMOUNT WAS 9 ITA NO. 589/JP/2019 HINDAUN SAHAKARI BHOOMI VIKAS BANK LTD., HINDAUN CI TY. TREATED AS ACTUALLY WRITTEN OFF IN THE BOOKS OF ACC OUNT. WE NOTE THAT EVEN FROM THE DETAILS FILED BY THE ASSESSEE, IT IS NOT CLEAR WHET HER THIS WHOLE AMOUNT WAS PART OF THE INTEREST INCOME SHOWN IN THE PROFIT & LOSS ACCOUNT. FURTHER, THE DETAILS FILED BY THE ASSESSEE ARE NOT PART OF THE AUDITED BOOKS OF ACCOU NT BEING SCHEDULE TO THE BALANCE SHEET BUT IT IS PREPARED SUBSEQUENTLY WITHOUT CERTI FIED BY THE AUDITORS. EVEN OTHERWISE, THE POSSIBILITY OF OVER-LAPPING BETWEEN THE DEDUCTI ON UNDER SECTION 36(1)(VII) AND 36(1)(VIIA) IS NOT RULED OUT WHEN IT COMES TO THE C ASES OF BANK. IT IS SETTLED PROPOSITION OF LAW THAT DEDUCTION UNDER SECTION 36(1)(VII) IS ALLOWABLE IN RESPECT OF ANY BAD DEBTS WRITTEN OFF AS IRRECOVERABLE IN THE BOOKS OF ACCOUN T FOR THE RELEVANT ACCOUNTING YEAR BUT ONLY TO THE EXTENT SUCH BAD DEBT EXCEEDS THE CREDIT BALANCE IN THE PROVISIONS FOR BAD AND DOUBTFUL DEBT ACCOUNT MADE UNDER CLAUSE 36(1)(V IIA). THEREFORE, TO AVOID THE DOUBLE DEDUCTION, THE PROVISO TO SECTION 36(1)(VII ) WAS INSERTED AND THE ASSESSEE HAS CHOICE TO CHOOSE BETWEEN 36(1)(VII) AND 36(1)(VIIA) WHICHEVER IS BENEFICIAL. THE FINDING OF THE LD. CIT (A) ARE NOT BASED ON THE COMPLETE DE TAILS AS TO WHETHER THIS AMOUNT ON ACCOUNT OF TIME BARRED INTEREST ON NPA LOANS IS FUL LY SATISFIED THE CONDITION OF SECTION 36(2) OF THE ACT. ACCORDINGLY IN THE FACTS AND CIRC UMSTANCES OF THE CASE AND IN THE INTEREST OF JUSTICE, WE SET ASIDE THIS ISSUE TO THE RECORD OF AO TO RE-EXAMINE THE SAME ON THE POINT WHETHER THE ASSESSEE HAS ACTUALLY WRIT TEN OFF THIS AMOUNT IN THE LIGHT OF VARIOUS DECISIONS OF THE HON'BLE SUPREME COURT ON T HIS POINT. NEEDLESS TO SAY, THE ASSESSEE MAY BE GIVEN AN APPROPRIATE OPPORTUNITY OF HEARING. 10 ITA NO. 589/JP/2019 HINDAUN SAHAKARI BHOOMI VIKAS BANK LTD., HINDAUN CI TY. 8. IN THE RESULT, APPEAL OF THE ASSESSEE IS PARTLY ALLOWED FOR STATISTICAL PURPOSES. ORDER IS PRONOUNCED IN THE OPEN COURT ON 31/07/2 020. SD/- SD/- ( JES'K LH- 'KEKZ ) ( FOT; IKY JKWO (RAMESH C. SHARMA ) (VIJAY PAL RAO) YS[KK LNL;@ ACCOUNTANT MEMBER U;KF;D LNL;@ JUDICIAL MEMBER JAIPUR DATED:- 31/07/2020. DAS/ VKNS'K DH IZFRFYFI VXZSF'KR@ COPY OF THE ORDER FORWARDED TO: 1. THE APPELLANT- THE ACIT, CIRCLE SAWAI MADHOPUR. 2. THE RESPONDENT M/S. HINDAUN SAHAKARI BHOOMI VI KAS BANK LTD., HINDAUN CITY. 3. THE CIT(A). 4. THE CIT, 5. THE DR, ITAT, JAIPUR 6. GUARD FILE (ITA NO. 589/JP/2019) VKNS'KKUQLKJ@ BY ORDER, LGK;D IATHDKJ@ ASSISTANT. REGISTRAR