The Assistant Commissioner of Income Tax, Circle-2 (1), Belgaum., Belgaum V. M/s Maratha Co-op. Bank Ltd.,

ITA 89/PAN/2016

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 2026 (ITAT-PANAJI)
• Duration Of Justice: 2 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-07-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2012-2013
• Appeal Filed On: 16-05-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI BEFORE SHRI N.S. SAINI , HONBLE ACCOUNTANT MEMBER AND SHRI GEORGE MATHAN, HONBLE JUDICIAL MEMBER ITA NO. 89 /P A N/201 6 (ASST. YEAR : 20 12 - 1 3 ) AC IT , CIRCLE - 2(1), BELGA UM . VS. M/S. MARATHA COOPERATIVE BANK LTD., # 1477, BASAVAN GALLI, BELGAUM. PAN NO. AABAM 0730 B (APPELLANT) (RESPONDENT) ASSESSEE BY : NONE . DEPARTMENT BY : SHRI R.N. SIDDAPPAJI - DR DATE OF HEARING : 26 / 0 7 /201 6 . DATE OF PRONOUNCEMENT : 26 / 0 7 /201 6 . O R D E R PER GEORGE MATHAN, JUDICIAL MEMBER THIS IS AN APPEAL FILED BY THE R E VENUE AGAINST THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS) , BELGA VI IN APPEAL NO. 453/BGM/2014 - 15 , DATED 0 4 /0 4 /201 6 FOR THE ASSESSMENT YEAR 2012 - 13 . 2. SHRI R.N. SIDDAPPAJI, DEPARTMENTAL REPRESENTATIVE REPRESENTED ON BEHALF OF THE R E VENUE. NONE REPRESENTED ON BEHALF OF THE ASSESSEE . 3 . IT WAS SUBMITTED BY THE D EPARTMENTAL REPRESENTATIVE THAT THE ONLY ISSUE IN THIS APPEAL WAS AGAINST THE ACTION OF THE COMMISSIONER OF INCOME TAX (APPEALS) IN DELE T I NG THE ADDITION MADE BY THE ASSESSING OFFICER ON ACCOUNT OF ACCRUED INTEREST ON LOANS , WHICH ARE CLASSIFIED AS NON - PERFORMING ASSETS BY RELYING UPON THE DECISION OF THE HONBLE 2 ITA NO. 8 9 /P A N/201 6 KARNA T A K A HIGH COURT I N T H E C A S E O F C A N F I N H O M E S LTD . ( 2 0 1 1 ) 5 T A X C O R P ( D T ) 4 9 5 9 3 . IT WAS THE SUBMISSION THAT T H E O R D E R O F T H E COMMISSIONER OF INCOME TAX (APPEALS) W A S L I A B L E T O B E R E V E R S E D . 4 . W E H A V E C O N S I D E R E D T H E S U B M I S S I O N S . A P E R U S A L O F T H E O R D E R O F T H E COMMISSIONER OF INCOME TAX (APPEALS) C L E A R L Y S H O W S T H A T T H E COMMISSIONER OF INCOME TAX (APPEALS) H A S F O L L O W E D T H E J U D I C I A L D I S C I P L I N E A N D H A S F O L L O W E D T H E D I R E C T D E C I S I O N O F T H E J U R I S D I C T I O N A L HIGH COURT W H E N D E L E T I N G T H E ADDITION M A D E IN RESPECT OF ACCRUED INTEREST O N L O A N S , W H I C H A R E CLASSIFIED A S N O N - P E R F O R M I N G A S S E T S . F U R T H E R A P E R U S A L O F T H E O R D E R O F T H E COMMISSIONER OF INCOME TAX (APPEALS) S H O W S T H A T T H E HONBLE JURISDICTIONAL HIGH COURT O F K A R N A T A K A , D H A R W A D B E N C H I N T H E C A S E O F T H E B I L A G I P A T T A N S A H A K A R I B A N K N I Y A M I T , B I L A G I I N I T A N O . 1 0 0 0 9 0 / 2 0 1 5 V I D E A N O R D E R D A T E D 1 6 / 1 2 / 2 0 1 5 , H A S A L S O ANSWERED A N I D E N T I C A L I S S U E I N F A V O U R O F T H E ASSESSEE A N D T H E COMMISSIONER OF INCOME TAX (APPEALS) H A S F O L L O W E D T H E S A I D D E C I S I O N A L S O . T H I S B E I N G S O , W E F I N D N O E R R O R I N T H E O R D E R O F T H E COMMISSIONER OF INCOME TAX (APPEALS) , W H I C H C A L L S F O R A N Y I N T E R F E R E N C E . 5. I N T H E R E S U L T , A P P E A L F I L E D B Y T H E R E V E N U E S T A N D S D I S M I S S E D . ORDER PRONOUNCED IN THE COURT AT THE CLOSE OF THE HEARING ON T U E S D A Y , THE 2 6 T H DAY OF JULY , 201 6 AT GOA . S D / - S D / - (N.S.SAINI) (GEORGE MATHAN) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 2 6 T H JU LY , 201 6 . VR/ - 3 ITA NO. 8 9 /P A N/201 6 COPY TO: 1 . THE ASSESSEE. 2 . THE REVENUE. 3 . THE CIT 4 . THE CIT(A) 5 . THE D.R . 6 . GUARD FILE. BY ORDER ASSISTANT REGISTRAR I.T.A.T., PANAJI