Kolkata Police Co-Operative Bank Ltd., Kolkata V. JCIT, Range-35, Kolkata, Kolkata

MA 7/KOL/2018

• Counselvise Citation: [2018] 124 COUNSELVISE.COM (IT) 6287 (ITAT-KOLKATA)
• Duration Of Justice: 2 month(s) 7 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 23-03-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 15-01-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ARINDAM BHATTACHARJEE CIT RE
• Assessee Lawyers: K M ROY
• Keywords: Bad and doubtful debts

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH, B KOLKATA BEFORE SHRI P.K. JAGTAP, ACCOUNTANT MEMBER AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER M.A. NO. 07/KOL/2018 (A/O ITA NO. 407/KOL/2017) ASSESSMENT YEAR: 2012-13 KOLKATA POLICE CO-OPERATIVE BANK LTD...........APPELLANT 18, LAL BAZAR STREET, KOLKATA 700 001 [PAN: AAAAK 2462 K] J.C.I.T. RANGE 36...............................................................RESPONDENT 110, SHANTIPALLY, KOLKATA 700 107 APPEARANCES BY: SHRI K.M. ROY, FCA APPEARING ON BEHALF OF THE ASSESSEE. SHRI ARINDAM BHATTACHARJEE, ADDL. CIT APPEARING ON BEHALF OF THE REVENUE. DATE OF CONCLUDING THE HEARING : MARCH 16, 2018 DATE OF PRONOUNCING THE ORDER : MARCH 23, 2018 ORDER PER S.S. VISWANETHRA RAVI, JM: BY THIS MISCELLANEOUS APPLICATION, THE ASSESSEE INTENDS TO RECTIFY THE MISTAKE HAS CREPT IN PARA NO 25 OF ORDER DATED 13.09.2017 OF THIS TRIBUNAL. 2. THE LEARNED AR SUBMITS THAT THE PROVISION FOR BAD AND DOUBTFUL DATES IN ACCORDANCE WITH RBI GUIDELINES IN ITS PROFIT AND LOSS APPROPRIATION ACCOUNTS WAS MADE AND BY REFERRING TO PAGE NO 34 OF THE PAPER BOOK, THE LEARNED AR ARGUED THAT THE CLAIM RAISED IN GROUND NO. 4 WAS NEGATED BY THE TRIBUNAL ON THE GROUND THAT NO PROVISION WAS CLAIMED IN THE ACCOUNTS. THE LEARNED AR ARGUED THE NON- CONSIDERATION OF SUCH MATERIAL FACT WHICH IS VERY MUCH ON THE RECORD AND IS A MISTAKE APPARENT FROM THE RECORD AND PRAYED TO RECALL THE 2 M.A. NO. 07/KOL/2018 ASSESSMENT YEAR: 2012-13 KOLKATA POLICE CO-OPERATIVE BANK LTD. ORDER DATED 13.09.2017 AND PRAYED TO REMAND THE ISSUE RAISED IN GROUND NO 4 IN THE MAIN APPEAL FOR THE VERIFICATION OF A.O. 3. THE LEARNED DR DID NOT CONTROVERT THE SAME. HEARD BOTH AND PERUSED THE MATERIAL ON RECORD. WE FIND FROM PAGE NO 34 OF THE PAPER BOOK THAT THE ASSESSEE MADE BAD DEBTS RESERVE FUND AT 15% OF NET PROFIT FOR RS. 14,95,967/- WHICH WAS CREATED IN THE PROFIT AND LOSS APPROPRIATION ACCOUNT AND THE SAME WAS ACKNOWLEDGED BY THIS TRIBUNAL IN ITS ORDER DATED 13.09.2017 AT PARA NO 23. IN VIEW OF THE SAME, SINCE THE LEARNED AR SOUGHT TO REMAND THE MATTER TO THE FILE OF THE A.O. FOR VERIFICATION AND WE DEEM IT PROPER TO RESTORE THE MATTER IN RESPECT OF GROUND NO 4 RAISED IN THE MAIN APPEAL FOR VERIFICATION BY A.O. IN TERMS OF PROFIT AND LOSS ACCOUNT AS REFLECTED IN PAGE NO 34 OF THE PAPER BOOK. THE IMPUGNED ORDER DATED 13.09.2017 ON THIS TRIBUNAL IS RECALLED TO THAT EXTENT. 4. IN THE RESULT, THE MISCELLANEOUS APPLICATION FILED BY THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 23 RD MARCH, 2018. SD/- SD/- P.M. JAGTAP S.S. VISWANETHRA RAVI ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 23/03/2018 BISWAJIT, SR. PS COPY OF ORDER FORWARDED TO: 1. KOLKATA CO-OPERATIVE BANK LTD., 18, LAL BAZAR STREET, KOLKATA 01. 2. JCIT, RANGE 35, 110, SHANTIPALLY, KOLKATA 700 107. 3. THE CIT(A) 3 M.A. NO. 07/KOL/2018 ASSESSMENT YEAR: 2012-13 KOLKATA POLICE CO-OPERATIVE BANK LTD. 4. THE CIT 5. DR TRUE COPY, BY ORDER, SR. P.S. / H.O.O. ITAT, KOLKATA