Assistant Commissioner of Income-tax, V. Ratanchand Shah Sahakari Bank Ltd., Solapur

ITA 617/PUN/2015

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 2732 (ITAT-PUNE)
• Duration Of Justice: 9 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-02-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 27-01-2016
• Assessment Year: 2011-2012
• Appeal Filed On: 30-04-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: HEMANTKUMAR C LEUVA
• Section: 143(3); 28; 10

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH A , PUNE , , BEFORE MS. SUSHMA CHOWLA, JM AND SHRI PRADIP KUMAR KEDIA , AM . / ITA NO. 16 41 /PN/201 4 / ASSESSMENT YEAR : 20 11 - 12 THE JT. COMMISSIONER OF INCOME TAX , RANGE 1, AURANGABAD . / APPELLANT VS. M/S. PEOPLES CO - OPERATIVE BANK LTD., HEAD OFFICE, AKOLA ROAD, HINGOLI . / RESPONDENT PAN: A AABP0329B ASSESSEE BY : SHRI M.K. KULKARNI DEPARTMENT BY : SHRI HEMANT KUMAR C. LEUVA . / ITA NO S . 1 792 & 1793 /PN/201 4 / ASSESSMENT YEAR S : 20 1 0 - 1 1 & 2011 - 12 / ASSESSMENT YEAR S : 20 1 0 - 1 1 & 2011 - 12 THE DY . COMMISSIONER OF INCO ME TAX, CIRCLE 3, NANDED . / APPELLANT VS. THE OSMANABAD JANTA SAH. BANK LTD., HEAD OFFICE, 24 - 114, SOLAPUR ROAD, OSMANABAD . / RESPONDENT PAN: A AA AO0079L ASSESSEE BY : SHRI SUNIL GANOO DEPARTMENT BY : SHRI HE MANT KUMAR C. LEUVA . / ITA NO. 1 794 /PN/201 4 / ASSESSMENT YEAR : 20 1 0 - 1 1 THE DY. COMMISSIONER OF INCOME TAX, CIRCLE 3, NANDED . / APPELLANT VS. ITA NO. 1641 /PN/20 1 4 & ORS PEOPLES CO - OP BANK LTD. & ORS 2 THE NANDED MERCHANTS CO - OPERATIVE BANK LTD., OLD MONDHA, NANDED . / RESPONDENT PAN: A AA AT9450G ASSESSEE BY : SHRI ATUL S. DHOOT DEPARTMENT BY : SHRI HEMANT KUMAR C. LEUVA . / ITA NO. 2032 /PN/201 4 / ASSESSMENT YEAR : 20 10 - 11 THE ASST COMMISSIONER OF INCOME TAX, CIR CLE 7 , PUNE . / APPELLANT VS. VIDYA SAHAKARI BANK LTD., S.NO.1355, PLOT NO.72, SHUKRAWAR PETH, NATUBAUG, BAJIRAO ROAD, PUNE . / RESPONDENT PAN: A AAA V0260E ASSESSEE BY : SHRI ATUL S. DHOOT DEPARTMENT BY : SHRI HE MANT KUMAR C. LEUVA . / ITA NO. 20 68 /PN/201 4 / / ASSESSMENT YEAR : 20 1 1 - 1 2 THE ASST COMMISSIONER OF INCOME TAX, CIRCLE 1 , AURANGABAD . / APPELLANT VS. M/S. JALNA PEOPLE CO - OPERATIVE BANK LTD., SHOLA CHOWK, SADAR BAZAR, JALNA . / RESPONDENT PAN: A AAA J0638E ASSESSEE BY : SHRI S.N. DOSHI DEPARTMENT BY : SHRI HEMANT KUMAR C. LEUVA . / ITA NO S . 1 2 & 13 /PN/201 5 / ASSESSMENT YEAR S : 20 10 - 11 & 2011 - 12 THE ASST . CO MMISSIONER OF INCOME TAX, (HQ) (ADMN), AURANGABAD . / APPELLANT VS. ITA NO. 1641 /PN/20 1 4 & ORS PEOPLES CO - OP BANK LTD. & ORS 3 M/S. SUNDERLAL SAWJI URBAN CO - OP. BANK LTD., APMC MARKET YARD, YELDARI ROAD, MONDHA, JINTUR, DIST. PARBHANI 431524 . / RESPONDENT PAN: A A BAS4590H ASSESSEE BY : SHRI M.K. KULKARNI DEPARTMENT BY : SHRI HEMANT KUMAR C. LEUVA . / ITA NO. 603 /PN/201 5 / ASSESSMENT YEAR : 20 1 0 - 1 1 THE ASST . COMMISSIONER OF INCOME TAX, CIRCLE 7 , PUNE . / APPELLANT VS. THE B ARAMATI SAHAKARI BANK LTD., BHIGWAN CHOWK, BARAMATI, DIST. PUNE 41 3102 . / RESPONDENT PAN: A AAA T0743J ASSESSEE BY : SHRI PRAMOD SHINGTE DEPARTMENT BY : SHRI HEMANT KUMAR C. LEUVA . / ITA NO. 617 /PN/201 5 / ASSESSMENT YEAR : 20 11 - 12 THE ASST . COMMISSIONER OF INCOME TAX, CIRCLE 1, SOLAPUR . / APPELLANT VS. RATANCHAND SHAH SAHAKARI BANK LTD., BAZAR PETH, TAL MANGALWEDHA, DIST SOLAPUR . / RESPONDENT PAN: A AAA T3135 A ASSESSEE BY : SHRI S.N. PURANIK DEPARTMENT BY : SHRI HEMANT KUMAR C. LEUVA . / ITA NO. 6 83 /PN/201 5 / ASSESSMENT YEAR : 20 11 - 12 THE ASST. COMMISSIONER OF INCOME TAX, CIRCLE 1, KOLHAP UR . / APPELLANT VS. ITA NO. 1641 /PN/20 1 4 & ORS PEOPLES CO - OP BANK LTD. & ORS 4 T HE KOLHAPUR URBAN CO - OP. BANK LTD., 514, D - WARD, GANGAWESH, KOLHAPUR 416002 . / RESPONDENT PAN: A AAA T0942P ASSESSEE BY : SHRI PRAMOD SHINGTE DEPARTMENT BY : SHRI HEMANT KUMAR C. LEUVA . / ITA NO. 884 /PN/201 5 / ASSESSMENT YEAR : 20 11 - 12 THE INCOME TAX OFFICER , WARD - 1(3), PANDHARPUR . / APPELLANT VS. THE PANDHARPUR U RBAN CO - OP. BANK LTD., NAVI PETH, PANDHARPUR, DIST SOLA PUR 413304 . / RESPONDENT PAN: A AA J T 0155H ASSESSEE BY : SHRI SUNIL PATHAK DEPARTMENT BY : SHRI HEMANT KUMAR C. LEUVA / DATE OF HEARING : 27 . 0 1 .201 6 / DATE OF PRONOUNCEMENT: 05 . 0 2 .201 6 DATE OF HEARING : 27 . 0 1 .201 6 DATE OF PRONOUNCEMENT: 05 . 0 2 .201 6 / ORDER PER SUSHMA CHOWLA, J M : THIS BUNCH OF APPEALS FILED BY THE REVENUE RELATING TO DIFFERENT ASSESSEES ARE AGAINST RESPECTIVE ORDER S OF CIT (A) RELATING TO DIFFERENT ASSESSMENT YEAR S AGAINST RESPECTIVE ORDER S PASSED UNDER SECTION 143(3) OF THE INCOME - TAX ACT , 1961 (I N SHORT THE ACT) . 2. TH I S BUNCH OF PRESENT APPEALS RELATING TO DIFFERENT ASSESSEES WERE HEARD TOGETHER AND ARE BEING DISPOSED OF BY THIS CONSOLIDATED ORDER AS THE ISSUE RAISED IN ALL THESE APPEALS WAS SIMILAR . WE PROCEED TO DECIDE THE PRESENT BUNCH OF APPEALS BY MAKING REFERENCE TO THE FACTS IN IT A NO.1641/PN/2014. ITA NO. 1641 /PN/20 1 4 & ORS PEOPLES CO - OP BANK LTD. & ORS 5 3. THE REVENUE IN ITA NO.1 641 /PN/2014 HAS RAISED THE FOLLOWING GROUNDS OF APPEAL: - 1 ) WHETHER ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE THE CIT(A ) IS CORRECT IN DECIDING THAT ASSESSEE CAN OFFER HIS INTEREST RECEIVED FROM BAD AND D OUBTFUL DEBTS (NPA) ON ACTUAL RECEIPT BASIS AS PER RBI GUIDELINES EVEN THOUGH ASSESSEE IS FOLLOWING MERCANTILE SYSTEM OF ACCOUNTING. IN SPITE OF THAT, PROVISION OF SECTION 43D IS NOT APPLICABLE TO THE ASSESSEE . 2 ) WHETHER ON THE FACTS AND IN THE CIRCUMSTANC ES OF THE CASE, THE CIT(A) IS CORRECT IN HOLDING THAT THE FORFEITED AMOUNT OF THE DIVIDEND IS NOT AN INCOME OF THE ASSESSEE U/S. 28 OF THE ACT. 3 ) THE ORDER OF THE AO BE RESTORED AND THAT OF THE CIT(A) BE VACATED. 4 ) THE APPELLANT CRAVES LEAVE TO ADD , AMEND OR ALTER ANY GROUNDS OF APPEAL . 4. THE FIRST ISSUE RAISED IN THIS BUNCH OF APPEALS IS IN RELATION TO THE TREATMENT OF INTEREST INCOME ARISING ON NON - PERFORMING ASSETS (NPAS). 5. THE CASE OF THE ASSESSEE BEFORE THE REVENUE AUTHORITIES WAS THAT SINCE THE A SSESSEE WAS FOLLOWING MERCANTILE SYSTEM OF ACCOUNTING, ACCRUED INTEREST ON NPAS WAS BEING RECOGNIZED IN THE BOOKS OF ACCOUNT. HOWEVER, IN VIEW OF THE GUIDELINES OF WAS BEING RECOGNIZED IN THE BOOKS OF ACCOUNT. HOWEVER, IN VIEW OF THE GUIDELINES OF RBI, THE SAID INTEREST INCOME THOUGH WAS RECOGNIZED WAS NOT BEING OFFERED TO TAX. THE ASSE SSING OFFICER WAS OF THE VIEW THAT WHERE THE ASSESSEE WAS FOLLOWING MERCANTILE SYSTEM OF ACCOUNTING, THE INTEREST ACCRUED ON NPAS WAS INCLUDABLE IN THE HANDS OF ASSESSEE. 6. THE CIT(A) IN THIS BUNCH OF APPEALS HAVE DECIDED THE ISSUE IN FAVOUR OF THE ASSES SEE, IN TURN, FOLLOWING VARIOUS DECISIONS OF PUNE BENCH OF TRIBUNAL. 7. THE REVENUE IS IN APPEAL AGAINST THE ORDERS OF CIT(A). 8. THE ISSUE ARISING IN THIS BUNCH OF APPEALS IS IDENTICAL. HOWEVER, WE PROCEED TO ADJUDICATE THE ISSUE BY MAKING REFERENCE TO THE FACTS IN ITA NO.1 641 /PN/2014. ITA NO. 1641 /PN/20 1 4 & ORS PEOPLES CO - OP BANK LTD. & ORS 6 9 . BRIEFLY, IN THE FACTS OF THE PRESENT CASE, THE ASSESSEE IS A COOPERATIVE BANK ENGAGED IN THE BUSINESS OF BANKING. THE ASSESSING OFFICER DURING THE COURSE OF ASSESSMENT PROCEEDINGS NOTED THAT THE ASSESSEE HAD NOT CR EDITED THE INTEREST RECEIVABLE OR ACCRUED ON NON - PERFORMING ASSETS (REFERRED TO AS NPAS) TO ITS PROFIT & LOSS ACCOUNT FOR THE CAPTIONED ASSESSMENT YEAR. THE CLAIM OF THE ASSESSEE IN THIS REGARD WAS THAT IN VIEW OF RBI GUIDELINES, THE SAID INTEREST INCOME ON NPAS WAS TO BE RECOGNIZED, BUT NOT TO BE OFFERED TO TAX. HOWEVER, THE ASSESSING OFFICER WAS OF THE VIEW THAT WHERE THE ASSESSEE WAS FOLLOWING MERCANTILE SYSTEM OF ACCOUNTING, THE INTEREST ACCRUED ON NPAS IS TO BE ADDED IN THE HANDS OF ASSESSEE AND ADDI TION TO THAT EXTENT WAS MADE IN THE HANDS OF ASSESSEE. 1 0 . THE CIT(A) DELETED THE ADDITION MADE BY THE ASSESSING OFFICER, AGAINST WHICH THE REVENUE IS IN APPEAL. 1 1 . THE LEARNED AUTHORIZED REPRESENTATIVE FOR THE ASSESSEE AT THE OUTSET POINTED OUT THAT TH E ISSUE RAISED IN THE PRESENT APPEAL IS SQUARELY COVERED IN FAVOUR OF THE OUT THAT TH E ISSUE RAISED IN THE PRESENT APPEAL IS SQUARELY COVERED IN FAVOUR OF THE ASSESSEE IN VIEW OF THE RATIO LAID DOWN BY THE HONBLE BOMBAY HIGH COURT IN CIT VS. (1) DEOGIRI NAGARI SAHAKARI BANK LTD. (INCOME TAX APPEAL NO.53 OF 2014), (2) PEOPLES CO - OPERATIVE BANK LTD. (INCOME TAX APPEAL NO.54 OF 2014), (3) NANDED DISTRICT CENTRAL CO - OP. BANK LTD. (INCOME TAX APPEAL NO.57 AND 58 OF 2014) AND (4) VASANTADADA NAGARI SAHAKARI BANK LTD. (INCOME TAX APPEAL NO.68 OF 2014) REPORTED IN (2015) 379 ITR 24 (BOM). 1 2 . WE FIND THAT SIMILAR ISSUE AS BEFORE US AROSE IN KOLHAPUR MAHILA SAHAKARI BANK LTD. VS. ITO IN ITA NO.01/PN/2013, RELATING TO ASSESSMENT YEAR 2009 - 10, VIDE ORDER DATED 29.01.2014. THE TRIBUNAL IN TURN FOLLOWING THE RATIO LAID DOWN BY THE PUNE BENCH OF TRIBUN AL IN ACIT VS. OSMANABAD JANTA SAHAKARI BANK LTD. IN ITA NO.795/PN/2011, ORDER DATED 31.08.2012, HELD AS UNDER: - 2. THE ASSESSEE IS A CO - OPERATIVE BANK ENGAGED IN THE BUSINESS OF ACCEPTING DEPOSITS FROM MEMBERS AND GIVING LOANS TO MEMBERS. IT HAS FILED I TS RETURN OF INCOME ITA NO. 1641 /PN/20 1 4 & ORS PEOPLES CO - OP BANK LTD. & ORS 7 ON 11.09.2009 FOR THE YEAR UNDER CONSIDERATION DECLARING TOTAL INCOME AT 14,57,840/ - . IN THE SCRUTINY ASSESSMENT, THE ASSESSING OFFICER NOTICED THAT THE ASSESSEE HAD NOT CREDITED INTEREST RECEIVABLE OR ACCRUED ON NON - PERFORMING ASSETS (HEREINAFTER REFERRED TO AS NPA) TO ITS PROFIT AND LOSS ACCOUNT FOR FINANCIAL YEAR 2008 - 09. THE ASSESSING OFFICER AFTER REJECTING THE VARIOUS CONTENTIONS OF THE ASSESSEE HAS HELD THAT THE RBI GUIDELINES ARE NOT INTENDED TO REGULATE THE INCOME TAX LAW AND THE ASSESSEE WAS LIABLE TO BE ASSESSED ON ACCRUAL BASIS U/S.5 OF I.T. ACT FOR THE REASONS (I) BENEFITS EXTENDED TO SCHEDULE BANK, PUBLIC FINANCIAL INSTITUTIONS, PUBLIC COMPANIES FOR THE PURPOSE OF SECTION 43D WERE NOT EXTENDED TO A CO - OPERATIVE BANK AND ( II) THE ASSESSEE WAS FOLLOWING MERCANTILE SYSTEM OF ACCOUNTING AND NOT CASH SYSTEM. ULTIMATELY THE ASSESSING OFFICER TAXED ON ACCRUED INTEREST OF 25,20,022/ - ADVANCE CLAIMED TO BE NPA ACCOUNT. THE MATTER WAS CARRIED BEFORE THE FIRST APPELLATE AUTHORITY WHEREIN, FOLLOWING THE OSMANABAD JANTA SAHAKARI BANK LTD. IN ITA NO.795/PN/2011, THE CIT(A) HAS DECIDED THE ISSUE IN FAVOUR OF THE ASSESSEE AND THE SAME HAS BEEN OPPOSED BEFORE US ON BEHALF OF REVENUE. 2.1 AFTER GOING THROUGH THE RIVAL SUBMISSIONS AND M ATERIAL ON RECORD, WE FIND THAT IN OSMANABAD JANTA SAHAKARI BANK LTD. (SUPRA) THE TRIBUNAL HAS DECIDED THE ISSUE IN FAVOUR OF ASSESSEE BY OBSERVING AS UNDER: 7. IN THE CASE BEFORE US, ADMITTEDLY, ASSESSEE HAS DIRECTLY TAKEN THE INTEREST TO THE BALANCE SH EET AND IT IS NOT ROUTED THROUGH THE PROFIT & LOSS ACCOUNT. MOREOVER, THE ISSUE OF THE TAXABILITY OF THE INTEREST ON THE STICKY LOSSES/ADVANCES, IS COVERED IN FAVOUR OF THE ASSESSEE BY THE DECISION OF THE COORDINATE BENCHES IN THE CASE OF THE DURGA COOPE RATIVE URBAN BANK LTD., VIJAYAWADA (SUPRA) AND KARNAVATI COOPERATIVE BANK LTD. (SUPRA). WE FIND NO REASON TO INTERFERE WITH THE REASONED ORDER OF THE LD. CIT(A) AND ACCORDINGLY THE SAME IS CONFIRMED. IN THE RESULT, THE REVENUES GROUND IS DISMISSED. THE ABOVE DECISION HAS BEEN FOLLOWED IN (I) ACIT, CIRCLE - 3, NANDED V/S BHAGYALAXMI MAHILA SAHAKAR BANK LTD. ITA NO.793/PN/2011, (II) ACIT, CIRCLE - 3 V/S SIDHESHWAR SAHAKARI BANK LTD. ITA NO.794/PN/2011, (III) ACIT (CENTRAL) V/S LATUR URBAN CO - OPERATIVE BANK LTD. ITA NO.792/PN/2011 AND (IV) ASST. CIT, CIRCLE - 1 V/S DEOGIRI OPERATIVE BANK LTD. ITA NO.792/PN/2011 AND (IV) ASST. CIT, CIRCLE - 1 V/S DEOGIRI NAGARI SAHAKARI BANK LTD. ITA NO.817 & 1114/PN/2011. 1 3 . THE HONBLE BOMBAY HIGH COURT IN CIT VS. M/S. DEOGIRI NAGARI SAHAKARI BANK LTD. IN INCOME TAX APPEAL NO.53 OF 2014 & ORS. HAS LAID DOWN THE PROPOSITION THAT THE INTEREST ACCRUED ON NPAS IS NOT TAXABLE IN THE HANDS OF ASSESSEE, IN VIEW OF THE GUIDELINES ISSUED BY THE RBI. 1 4 . FOLLOWING THE SAME PARITY OF REASONING, WE HOLD THAT NO ADDITION IS WARRANTED ON ACCOUNT OF INTEREST ACCRUED ON NPAS. ACCORDINGLY, WE UPHOLD THE ORDER OF CIT(A) IN DELETING THE ADDITION MADE ON ACCOUNT OF INTEREST ACCRUED ON NPAS. THE GROUND OF APPEAL NO.1 RAISED BY THE REVENUE IS DISMISSED. 1 5 . THE ISSUE IN GROUND OF APPEAL NO.2 RAISED IN THE PRESENT APPEAL IS AGAINST THE ORDER OF CIT(A) IN HOLDING THAT THE FORFEITED DIVIDEND AMOUNT WAS NOT INCOME OF THE ASSESSEE UNDER SECTION 28 OF THE ACT. ITA NO. 1641 /PN/20 1 4 & ORS PEOPLES CO - OP BANK LTD. & ORS 8 16 . THE LEARNED AUTHORIZED REPRESENTATIVE FOR THE ASSESSEE POINTED OUT THAT THE SAID ISSUE IS COVERED BY JUDGMENT OF TH E HONBLE BOMBAY HIGH COURT IN CIT VS. (1) DEOGIRI NAGARI SAHAKARI BANK LTD. (INCOME TAX APPEAL NO.53 OF 2014), (2) PEOPLES CO - OPERATIVE BANK LTD. (INCOME TAX APPEAL NO.54 OF 2014), (3) NANDED DISTRICT CENTRAL CO - OP. BANK LTD. (INCOME TAX APPEAL NO.57 AND 58 OF 2014) AND (4) VASANTADADA NAGARI SAHAKARI BANK LTD. (INCOME TAX APPEAL NO.68 OF 2014) REPORTED IN (2015) 379 ITR 24 (BOM) AND WHILE DECIDING THE INCOME TAX APPEAL NOS.53 AND 54 OF 2014 I.E. RELATING TO THE ASSESSEE, THE HONBLE HIGH COURT OBSERVED AS UNDER: - 13. SO FAR AS INCOME TAX APPEALS NOS.53 OF 2014 AND 54 OF 2014 ARE CONCERNED, THE ISSUE WAS ALSO RAISED IN THE APPEALS BEFORE THE TRIBUNAL WITH REGARD TO THE ADDITION MADE BY THE ASSESSING OFFICER REPRESENTING THE FORFEITED DIVIDEND. THE LEARNED TRIBUNAL HAS RIGHTLY DEALT WITH THIS ISSUE AND OBSERVED THAT, UNCLAIMED DIVIDEND IN QUESTION AMOUNTS TO EXCESS PROVISIONS FOR DIVIDEND MADE BY THE ASSESSEE ON AN EARLIER OCCASION WHICH HAS BEEN REVERSED BY THE ASSESSEE IN THE YEAR UNDER CONSIDERATION AND TRANSFERRED TO A RESERVE ACCOUNT. THE PROVISIONS FOR DIVIDEND MADE EARLIER WAS NOT A CHARGE ON THE PROFITS BUT IT WAS APPROPRIATION OF THE PROFITS AVAILABLE POST - TAXATION. WE FIND NO ERROR IN THE AFORESAID OBSERVATIONS. FURTHERMORE, IN THE APPEALS, AS M ENTIONED ABOVE, THE REVENUE HAS ONLY CHALLENGED THE DELETION OF THE ADDITIONS ON ACCOUNT OF THE INTEREST ON STICKY ADVANCES ALONE. IN VIEW OF THIS, WE PROCEED TO PASS THE FOLLOWING ORDER. ORDER 1 . INCOME TAX APPEALS NOS.53 OF 2014, 54 OF 2014, 57 OF 2 014, 58 OF 2014, 68 OF 2014 ARE HEREBY DISMISSED. 17 . FOLLOWING THE SAME PARITY OF REASONING, WE UPHOLD THE ORDER OF CIT(A) AND DISMISS THE GROUND OF APPEAL NO.2 RAISED BY THE REVENUE. 18. THE LEARNED DEPARTMENTAL REPRESENTATIVE FOR THE REVENUE POINTE D OUT THAT THE ISSUE RAISED IN THE BUNCH OF APPEALS IS IDENTICAL I.E. THE INTEREST ON NON PERFORMING ASSETS (NPAS). REFERENCE WAS MADE TO ITA NOS.1792 & 1793/PN/2014, 1794/PN/2014, 2032/PN/2014, 2068/PN/2014, 12 & 13/PN/2015, 603/PN/2015, 617/PN/2015, 683 /PN/2015 AND 884/PN/2015. ITA NO. 1641 /PN/20 1 4 & ORS PEOPLES CO - OP BANK LTD. & ORS 9 1 9. THE LEARNED AUTHORIZED REPRESENTATIVE FOR THE RESPECTIVE ASSESSEES POINTED OUT THAT THE ISSUE STANDS COVERED BY THE ORDERS OF TRIBUNAL IN THEIR INDIVIDUAL HANDS AND ALSO BY THE ORDER OF HONBLE BOMBAY HIGH COURT IN CIT VS. (1 ) DEOGIRI NAGARI SAHAKARI BANK LTD., (2) PEOPLES CO - OPERATIVE BANK LTD., (3) NANDED DISTRICT CENTRAL CO - OP. BANK LTD. AND (4) VASANTADADA NAGARI SAHAKARI BANK LTD. (SUPRA). 2 0. FOLLOWING THE SAME PARITY OF REASONING, WE UPHOLD THE ORDER OF CIT(A) AND DISM ISS THE GROUNDS OF APPEAL RAISED BY THE REVENUE IN THE INDIVIDUAL APPEALS. ALL THE APPEALS FILED BY THE REVENUE ARE THUS, DISMISSED. 2 1. IN THE RESULT, ALL THE APPEALS OF THE REVENUE ARE DISMISSED. ORDER PRONOUNCED ON THIS 5 TH DAY OF FEBRUARY , 201 6 . SD/ - SD/ - (PRADIP KUMAR KEDIA) (SUSHMA CHOWLA) / ACCOUNTANT MEMBER / JUDICIAL MEMBER / PUNE ; TH . / PUNE ; DATED : 5 TH FEBR UARY , 201 6 . GCVSR / COPY OF THE ORDER IS FORWARDED TO : 1. / THE APPELLANT ; 2. / THE RESPONDENT; 3. ( ) / THE CONCERNED CIT (A) ; 4. / THE CONCERNED CIT ; 5. , , / DR A , ITAT, PUNE; 6. / GUARD FILE . / BY ORDER , // TRUE COPY // / SR. PRIVATE SECRETARY , / ITAT, PUNE