The Nawadah Central Cooperative Bank Ltd., Nawadah V. ACIT, Circle-2, Patna

SA 03/PAT/2019

• Counselvise Citation: [2015] 117 COUNSELVISE.COM (IT) 9165 (ITAT-PATNA)
• Appeal Type: Income Tax (Transfer Pricing) Appeal
• Pronouncement Date: 19-05-2015
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2013-2014
• Appeal Filed On: 28-02-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PATNA BENCH E COURT AT KOLKATA BEFORE SHRI J.SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SHRI S.S.GODARA, JUDICIAL MEMBER S A NO. 02 - 03 / PAT / 2019 (A/O ITA NO.342-343/PAT/2018) ASSESSMENT YEARS :2012-13 & 2013-14 THE NAWADAH CENTRAL CO- OPERATIVE BANK LTD., C/O NIRMAL & ASSOCIATES, CHARTERED ACCOUNTANTS NEPALI KOTHI, OPP GASOLINE PETROL PUMP, BORING ROAD, PATNA [ PAN NO.AABAT 3639 A ] V/S . COMMISSIONER OF INCOME TAX (APPEALS)-1 /APPLICANT .. / RESPONDENT / /BY APPLICANT SHRI NISHANT MAITIN, CA /BY RESPONDENT SHRI INDRAJIT SINGH CIT(ITAT) DR /DATE OF HEARING 15-03-2019 /DATE OF PRONOUNCEMENT 15-03-2019 / O R D E R PER S.S.GODARA, JUDICIAL MEMBER:- THESE TWO ASSESSEES STAY PETITION(S) FOR ASSESSMEN T YEAR(S) 2012-13 & 2013-14 SEEK TO RESTRAIN THE DEPARTMENT F ROM AFFECTING RECOVERY OF THE DEMAND(S) AMOUNTING TO 6,63,24,543/- AND 2,52,42,886/- (ASSESSMENT YEAR-WISE); RESPECTIVELY ARISING FROM VARIOUS DISALLOWANCE(S)/ADDITION(S) MADE IN THE COURSE OF R EGULAR ASSESSMENTS IN ISSUE AS AFFIRMED IN THE LOWER APPELLATE PROCEED INGS. HEARD BOTH THE PARTIES. CASE FILE(S) PERUSED. SA NO.02-03/PAT/2019 THE N.C.CO-OP BANK VS. CIT(A)-1, PAT PAGE 2 2. LEARNED AUTHORIZED REPRESENTATIVE VEHEMENTLY CON TENDS DURING THE COURSE OF HEARING THAT THE ASSESSEES INSTANT S TAY PETITIONS DESERVE TO BE ACCEPTED SINCE THE LOWER AUTHORITIES ARE BENT UPON AFFECTING RECOVERIES OF THE IMPUGNED DEMAND(S) IN BOTH ASSESS MENT YEARS. HE THEN SUBMITS THAT THE ASSESSEE HAS GOT PRIMA FACIE CASE IN ITS FAVOUR AND THEREFORE, THESE STAY PETITION(S) OUGHT TO BE ALLOW ED IN ORDER TO STAY THE IMPUGNED DEMAND(S) FORMING SUBJECT-MATTER OF THE MA IN APPEALS. 3. THE REVENUES CASE ON THE OTHER HAND IS THAT BOT H THE LOWER AUTHORITIES HAVE RIGHTLY ADJUDICATED VARIOUS ISSUE S RAISED IN THE MAIN APPEALS AGAINST THE ASSESSEE. OUR ATTENTION IS INVI TED TO CIT(A)S IDENTICAL FINDINGS MAKING IT CLEAR THAT THE ASSESSE E HAD NOT PUT IN APPEARANCE DURING THE LOWER APPELLATE PROCEEDINGS. 4. WE HAVE GIVEN OUR THOUGHTFUL CONSIDERATION TO RI VAL CONTENTIONS. IT EMERGES FIRST OF ALL THAT THE ASSESSEES BOTH MAIN APPEALS SUFFER FROM TWENTY THREE DAYS IDENTICAL DELAY IN FILING. THESE MAIN CASES CANNOT BE TREATED AS VALIDLY INSTITUTED/ADMITTED TILL DATE. T HE ASSESSEE HAS PLACED ON RECORD ITS CORRESPONDING CONDONATION PETITIONS A S PER THE MAIN CASE FILES. COUPLED WITH THIS, IT TRANSPIRES FROM A PERU SAL OF THE CASE FILES THAT ASSESSEE HAS ONLY PLEADED THAT THE REVENUE AUTHORIT IES ARE CONTEMPLATING ATTACHMENT OF ITS BANK ACCOUNTS FOLLO WED BY OTHER COERCIVE MODE(S) OF RECOVERY. THERE IS NO REFERENCE TO ANY RECENT SPECIFIC COERCIVE STEP UNDERTAKEN BY THE DEPARTMENT AUTHORITIES AT THIS STAGE AS ON DATE IN OTHER WORDS. WE THEREFORE FIND NO MERIT IN ASSESSEES INSTANT STAY PETITIONS. THE SAME ARE ACC ORDINGLY DECLINED AT THIS STAGE. WE FURTHER KEEP IN MIND THE FACT THAT A SSESSEE IS A CO- OPERATIVE BANK ENGAGED IN DAY-TO-DAY TRANSACTIONS A ND DIRECT THE SA NO.02-03/PAT/2019 THE N.C.CO-OP BANK VS. CIT(A)-1, PAT PAGE 3 REGISTRY TO FIX THE MAIN CASES ITA NO.342-343/PAT/2 018 FOR HEARING IN NEXT TOURING BENCH OR E COURT; WHICHEVER IS EARLI ER. 5. THESE TWO ASSESSEES STAY PETITIONS ARE DISPOSED OF IN ABOVE TERMS. ORDER PRONOUNCED IN THE COURT AT THE CLOSE OF HEARI NG ON 15 TH DAY OF MARCH, 2019 FRIDAY . SD/- SD/- (J.SUDHAKAR REDDY) (S.S.GODARA) (ACCOUNTANT MEMBER) (JUDICIAL MEMBER) KOLKATA, *DKP - 15/03 /201 / / COPY OF ORDER FORWARDED TO:- 1. /APPLICANT-THE NAWADHA CENTRAL COOPERATIVE BANK LTD ., C/O NIRMAL & ASSOCIATES CHARTERED ACCOUN TANTS, NEPALI KOTHI, OPP GASOLIE PETROL PUMP BORING ROAD, PAT NA 2. /RESPONDENT-CIT(A)-1 PATNA 3. * - / CONCERNED CIT GUAHATI 4. -- / CIT (A) GUAHATI 5. 0 33*, *, / DR, ITAT, GUAHATI 6. 7 / GUARD FILE. BY ORDER/ , /TRUE COPY/ *,