Karad Janata Sahakari Bank Ltd., Satara V. Income-tax Officer,

MA 59/PUN/2014

• Counselvise Citation: [2014] 124 COUNSELVISE.COM (IT) 2445 (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: 2009-2010
• Appeal Filed On: 10-04-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P S NAIK

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.59/PN/2014 ARISING OUT OF ITA NO.2194/PN/12 (A.Y: 2009-10) THE KARAD JANATA SAHAKARI BANK LTD., TAL. KARAD, DIST. SATARA PAN: AAAAT7863R APPLICANT VS. ITO, WARD-1, 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.2194/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.2194/PN/2012, DATED 31.01.2014 HAS NOT ADJUDICAT ED GROUND NOS.3 & 7 BY HOLDING THAT THE SAME WAS NOT P RESSED. THE SAID GROUND NOS.3 & 7 READ AS UNDER: 3. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW THE LD. CIT(A) WAS NOT JUSTIFIED IN CONFIRMING THE DISALLOWANCE MADE BY THE A.O. OF RS.2,46,60,303/- S O CLAIMED BY THE APPELLANT U/S 36(1)(VII-A) OF THE AC T. THE DISALLOWANCE IS UNDER MISCONCEPTION OF LAW. THE LD. CIT(A) OUGHT TO HAVE CONSIDERED THE HON'BLE SUPREME COURT JUDGMENT IN THE CASE OF CATHOLIC SYRIAN BANK LTD. MA NO.59/PN/2014 OUT OF ITA NO.2194/PN/2012 V. CIT(2012) 343 ITR 270 (SC) THE COPY OF WHICH WAS ALSO SUBMITTED BEFORE HIM. THE PRINCIPLE ENUNCIATED IS EVEN THE DEDUCTION U/S 36(1)(VII-A) WAS TO BE AL LOWED SIMPLY ON PROVISION MADE ALSO. THE DISALLOWANCE WAS NOT PROPER IT BE DELETED. 7. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND I N LAW THE LD. CIT(A) WAS NOT JUSTIFIED IN CONFIRMING THE DISALLOWANCE OF RS.1,96,69,614/- HOLDING THAT THE PROVISION MADE OF RS. 2,41,69,614/- WAS IN EXCESS B Y RS.45,00,000/-. THE PROVISION OF RS.2,41,69,614/- HAVING CORRECTLY MADE U/S 36(1)(VII-A) WAS ALLOWABL E IN VIEW OF JUDICIAL PRECEDENT PRONOUNCED BY HON'BLE SUPREME COURT IN CATHOLIC SYRIAN BANK CASE (SUPRA). THE DISALLOWANCE BEING AGAINST LAW BE DELETED. 2.1 AGREEING WITH THE SUBMISSION OF THE LEARNED AUT HORIZED REPRESENTATIVE THAT THE GROUNDS WERE NEVER SAID TO BE NOT PRESSED, SO THEY NEED ADJUDICATION WHICH IS APPAREN T MISTAKE ON THE PART OF TRIBUNAL. AS PER THE PROVIS IONS OF SECTION 254(2) OF THE ACT, THE LEARNED AUTHORIZED REPRESENTATIVE HAS REQUESTED TO RECALL THE ORDER TO THAT EXTENT. THE LEARNED DEPARTMENTAL REPRESENTATIVE DI D NOT DISPUTE THE SAME. AGREEING TO THE CONTENTION OF TH E LEARNED AUTHORIZED REPRESENTATIVE, WE RECALL OUR ORDER IN I TA NO.2194/PN/2012, DATED 31.01.2014 FOR ADJUDICATION OF GROUND NOS.3 & 7 AS DISCUSSED ABOVE. ACCORDINGLY, THE REGISTRY IS DIRECTED TO FIX THE CASE FOR ADJUDICATI ON OF GROUND NOS.3 & 7 ON 27.10.2014. 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 MA NO.59/PN/2014 OUT OF ITA NO.2194/PN/2012 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.