Karad Urban Co.op. Bank Ltd., Satara V. Additional Commissioner of Income-tax,

MA 56/PUN/2014

• Counselvise Citation: [2014] 124 COUNSELVISE.COM (IT) 2448 (ITAT-PUNE)
• Duration Of Justice: 4 month(s) 29 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 09-09-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2008-2009
• Appeal Filed On: 10-04-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P S NAIK
• Keywords: Cost of acquisition

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B, PUNE BEFORE SHRI SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER AND SHRI R.K. PANDA, ACCOUNTANT MEMBER M.A. NO.56/PN/2014 ARISING OUT OF ITA NO.1454/PN/12 (A.Y: 2008-09) THE KARAD URBAN CO-OP. BANK LTD., 516/2, SHANIWAR PETH, KARAD, DIST. SATARA PAN: AAAAT3981A APPLICANT VS. DY.CIT, SATARA CIRCLE, SATARA RESPONDENT APPLICANT BY : SHRI M.K. KULKARNI RESPONDENT BY : SHRI P.S. NAIK DATE OF HEARING : 05.09.2014 DATE OF PRONOUNCEMENT : 09.09.2014 ORDER PER SHAILENDRA KUMAR YADAV, J.M: THIS MISCELLANEOUS APPLICATION HAS BEEN MOVED BY T HE ASSESSEE ARISING OUT OF ORDER OF THE TRIBUNAL IN IT A NO.1454/PN/2012 DATED 31.01.2014. 2. THE LEARNED AUTHORIZED REPRESENTATIVE, INTER ALI A, HAS SUBMITTED THAT THE TRIBUNAL IN ITS ORDER IN ITA NO.1454/PN/2012, DATED 31.01.2014 HAS NOT ADJUDICAT ED GROUND NO.8 BY HOLDING THAT THE SAME WAS NOT PRESSE D. THE SAID GROUND NO.8 READS AS UNDER: 8. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW THE LD. CIT(A) WAS NOT JUSTIFIED IN CONFIRMING THE DISALLOWANCE MADE BY A.O. OF RS.75,00,000/- BEING CLAIM OF AMORTIZATION OF COST OF ACQUISITION. THE SAME BE ALLOWED IN FULL MA NO.56/PN/2014 OUT OF ITA NO.1454/PN/2012 2.1 AGREEING WITH THE SUBMISSION OF THE LEARNED AUT HORIZED REPRESENTATIVE THAT THE GROUND WAS NEVER SAID TO BE NOT PRESSED, SO IT NEEDS ADJUDICATION WHICH IS APPARENT MISTAKE ON THE PART OF TRIBUNAL. AS PER THE PROVISIONS OF SECTION 254(2) OF THE ACT, THE LEARNED AUTHORIZED REPRESENT ATIVE HAS REQUESTED TO RECALL THE ORDER TO THAT EXTENT. THE LEARNED DEPARTMENTAL REPRESENTATIVE DID NOT DISPUTE THE SAM E. AGREEING TO THE CONTENTION OF THE LEARNED AUTHORIZE D REPRESENTATIVE, WE RECALL OUR ORDER IN ITA NO.1454/ PN/2012, DATED 31.01.2014 FOR ADJUDICATION OF GROUND NO.8 AS DISCUSSED ABOVE. ACCORDINGLY, THE REGISTRY IS DIRE CTED TO FIX THE CASE FOR ADJUDICATION OF GROUND NO.8 ON 27.10.2 014. 3. IN THE RESULT, THE MISCELLANEOUS APPLICATION FIL ED BY THE ASSESSEE IS ALLOWED. PRONOUNCED IN THE OPEN COURT ON THIS THE 9 TH DAY OF SEPTEMBER, 2014. SD/- SD/- (R.K. PANDA) (SHAILENDRA KUMAR YA DAV) ACCOUNTANT MEMBER JUDICIAL MEMBER PUNE, DATED 9 TH SEPTEMBER, 2014 GCVSR COPY TO:- 1) ASSESSEE 2) DEPARTMENT 3) THE CIT(A)-III, PUNE 4) THE CIT-III, PUNE 5) THE DR, B BENCH, I.T.A.T., PUNE. 6) GUARD FILE BY ORDER //TRUE COPY// ASSISTANT REGISTRAR ITAT, PUNE.