RAJASTHAN RAJYA SAHAKARI BHOOMI VIKAS BANK LTD., Jaipur V. ITO, Jaipur

ITA 996/JPR/2015

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 5117 (ITAT-JAIPUR)
• Duration Of Justice: 7 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-07-2016
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: Not Allotted
• Assessment Year: 2012-2013
• Appeal Filed On: 22-12-2015
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: RAGHUVIR SINGH DAGUR CIT DHK
• Assessee Lawyers: SANJAY GHIYA

Judgement Text

VK;DJ VIHYH; VF/KDJ.K] T;IQJ U;K;IHB] T;IQJ IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHE S, JAIPUR JH DQY HKKJR] U;KF;D LNL; ,OA JH FOE FLAG ;KNO] YS [KK LNL; DS LE{K BEFORE: SHRI KUL BHARAT, JM & SHRI VIKRAM SINGH YAD AV, AM VK;DJ VIHY LA-@ ITA NO. 996/JP/2015 FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2012-13. RAJASTHAN RAJYA SAHAKARI BHOOMI VIKAS BANK LTD., NEHRU SAHKAR BHAWAN, BAIS GODOWN, JAIPUR. CUKE VS. THE INCOME-TAX OFFICER, WARD 6(2), JAIPUR. LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN NO. AAAAR 5761 J VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT FU/KZKFJRH DH VKSJ LS@ ASSESSEE BY : SHRI SANJAY GHIYA, CA JKTLO DH VKSJ LS@ REVENUE BY : SHRI RAGHUVIR SINGH DAGUR (ADDL. CIT) LQUOKBZ DH RKJH[K@ DATE OF HEARING : 25.07.2016. ?KKS'K .KK DH RKJH[K @ DATE OF PRONOUNCEMENT : 28/07/2016. VKNS'K@ ORDER PER SHRI KUL BHARAT, J.M. THE APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF LD. CIT (A)-2, JAIPUR DATED 16.10.2015 PERTAINING TO ASSESSMENT YE AR 2012-13. THE ASSESSEE HAS RAISED THE FOLLOWING GROUNDS OF APPEAL :- 1. THAT THE LD. CIT (APPEALS) WAS WRONG, ARBITRARY, IL LEGAL AND UNJUSTIFIED IN NOT ALLOWING DEDUCTION U/S 80P OF THE FOLLOWING INC OME AND MAKING THE FOLLOWING ADDITIONS IN THE TOTAL INCOME :- (A) INTEREST ON ADVANCES TO STAFF RS. 24,93,867/- (B) MISCELLANEOUS INCOME RS. 52,897/- (C) INTEREST ON IT REFUND RS. 3,44,527/- 2. THAT THE LD. CIT (APPEAL) HAS NOT DECIDED THE ISSUE SPECIFICALLY RAISED BEFORE HIM REGARDING DEDUCTABILITY OF INCOME U/S 80P(2)(D) OF INCOME TAX ACT, 1961. 2 ITA NO. 996/JP/2015 RAJASTHAN RAJYA SAHAKARI BHOOMI VIKAS BANK LTD. 3. THE LD. CIT (APPEALS) WAS WRONG ARBITRARY, ILLEGAL AND UNJUSTIFIED IN DISALLOWING THE ASCERTAINED LIABILITY, MAKING IT AN ADDITION TO THE GROSS TOTAL INCOME : A) PROVISION FOR OD INTEREST RS. 1,11,000/- 4. THAT THE ASSESSEE CRAVES INDULGENCE TO ADD, AMEND, ALTER OR DELETE ALL OR ANY GROUNDS OF APPEAL. 2. AT THE OUTSET, THE LD. COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE CASE OF THE ASSESSEE IS COVERED BY THE DECISION OF COORD INATE BENCH OF THE TRIBUNAL IN THE ASSESSEES OWN CASE IN ITA NOS. 29 & 142/JP/ 2015 DATED 29.04.2016. IN RESPECT OF GROUND NO. 1(A), THE COORDINATE BENCH HAS UPHELD THE ORDER OF LD. CIT (A) ON THE ISSUE OF INTEREST ON ADVANCE TO STAFF, AGAINST THE ASSESSEE. RESPECTFULLY FOLLOWING THE DECISION OF THE COORDINA TE BENCH, WE REJECT GROUND NO. 1(A) IN RESPECT OF INTEREST ON ADVANCES TO STAF F. 2.1. REGARDING GROUND NO. 1(B) AND 1(C) RELATING TO MISCELLANEOUS INCOME AND INTEREST ON IT REFUND, THE LD. COUNSEL SUBMITTE D THAT THE ISSUES ARE SQUARELY COVERED BY THE DECISION RENDERED ASSESSEE S APPEAL IN ITA NO. 142/JP/2015 WHEREIN THE COORDINATE BENCH HAS ALLOWE D DEDUCTIONS ON ACCOUNT OF MISC. INCOME AND INTEREST ON IT REFUND. ON GOING THROUGH THE RECORDS, WE FIND THAT BOTH THESE GROUNDS HAVE BEEN DECIDED BY THE TRIBUNAL FOR THE ASSESSMENT YEARS 2010-11 AND 2004-05 & 05-0 6 IN FAVOUR OF THE ASSESSEE. THEREFORE, RESPECTFULLY FOLLOWING THE DE CISION OF THE COORDINATE BENCH, SUPRA, WE ALLOW BOTH THESE GROUNDS OF THE AS SESSEE. 3 ITA NO. 996/JP/2015 RAJASTHAN RAJYA SAHAKARI BHOOMI VIKAS BANK LTD. 3. REGARDING GROUND NO. 2, THE LD. COUNSEL FOR THE ASSESSEE HAS NOT ADVANCED ANY ARGUMENT. THEREFORE, THE SAME IS REJEC TED. MOREOVER, THE LD. CIT (A) HAS REJECTED THIS GROUND TREATING IT AS INF RUCTUOUS. 4. GROUND NO. 3 IS NOT PRESSED, THEREFORE, THE SAME IS DISMISSED AS NOT PRESSED. 5. GROUND NO. 4 IS GENERAL IN NATURE, NEEDS NO ADJU DICATION. 6. IN THE RESULT, APPEAL OF THE ASSESSEE IS PARTLY ALLOWED. ORDER IS PRONOUNCED IN THE OPEN COURT ON 28/07/20 16. SD/- SD/- FOE FLAG ;KNO ( DQY HKKJR ) (VIKRAM SINGH YADAV) ( KUL BHARAT ) YS[KK LNL;@ ACCOUNTANT MEMBER U;KF;D LNL;@ JUDICIAL MEMBER JAIPUR DATED:- 28/07/2016. DAS/ VKNS'K DH IZFRFYFI VXZSF'KR@ COPY OF THE ORDER FORWARDED TO: 1. THE APPELLANT- RAJASTHAN RAJYA SAHAKARI BHOOMI VIKAS BANK LTD., JAIPUR. 2. THE RESPONDENT- THE ITO WARD 6(2), JAIPUR. 3. THE CIT(A). 4. THE CIT, 5. THE DR, ITAT, JAIPUR 6. GUARD FILE (ITA NO. 996/JP/2015) VKNS'KKUQLKJ@ BY ORDER, LGK;D IATHDKJ@ ASSISTANT. REGISTRAR 4 ITA NO. 996/JP/2015 RAJASTHAN RAJYA SAHAKARI BHOOMI VIKAS BANK LTD.