Nagpur Nagrik Sahakari Bank Ltd, Nagpur V. Asstt. Commissioner of Income tax, Cir. 4, Nagpur

SA 1/NAG/2013

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 3212 (ITAT-NAGPUR)
• Duration Of Justice: 6 year(s) 3 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-04-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2009-2010
• Appeal Filed On: 04-01-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DR MILLIAND BHUSARI
• Assessee Lawyers: R V LOYA
• Keywords: Depreciation; Application of stay
• Section: 154

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR E-BENCH, NAGPUR (THROUGH VIDEO CONFERENCE AT MUMBAI) . . , . / , . . BEFORE SHRI R.K. GUPTA, JUDICIAL MEMBER /AND SHRI RAJENDRA, ACCOUNTANT MEMBER S.A. NO. 01/NAG/2013 (ARISING OUT OF ITA NO. 393/NAG/2012) ASSESSMENT YEAR 2009-10 NAGPUR N AGRIK SAHAKARI BANK LTD., 79, DR. AMBEDKAR CHOWK, CENTRAL AVENUE, NAGPUR-440 008. PAN: AAAAN 0217 F VS. ASST . COMMISSIONER OF INCOME TAX, CIR.4, AAYAKAR BHAVAN, NAGPUR. (APPLICANT) (RESPONDENT) APPLICANT BY : SHRI R.V. LOYA RESPONDENT BY : DR. MILLIAND BHUSARI, / DATE OF HEARING : 24-01-2013 !' / DATE OF PRONOUNCEMENT : 24-01-2013 #$ / O R D E R PER RAJENDRA, AM ASSESSEE HAS FILED THE STAY APPLICATION DT. 29-11-2 012 FOR THE AY 2009-10. 2. ASSESSEE-BANK, ENGAGED IN THE BUSINESS OF BANKING, HAS FILED A PETITION FOR STAYING DEMAND RAISED BY THE ASSESSING OFFICER (AO) . AUTHORISED REPRESENTATIVE (AR) SUBMITTED THAT AO HAD DIS-ALLOWED DEPRECIATION ON GOVERNMENT SECURITIES AMOUNTING TO RS. 4.01 CRORES, THAT DEMAND WAS RESUL T OF THE SAID ADDITION, THAT DEMAND WAS CONFIRMED BY THE FIRST APPELLATE AUTHORI TY (FAA) IN APPELLATE PROCEEDINGS, THAT AO HAD STARTED RECOVERY PROCEEDIN GS AGAINST THE ASSESSEE, THAT ASSESSEE HAS PAID RS. 86 LAKHS OUT OF THE TOTAL DEM AND OF RS. 168 LAKHS, THAT 73% OF THE DEMAND HAD BEEN PAID, THAT AN APPLICATION FILED BY THE ASSESSEE U/S. 154 OF THE INCOME TAX ACT, 1961 (ACT) BEFORE THE AO WAS PENDIN G, THAT RECTIFICATION WOULD RESULT IN REFUND OF RS. 47 LAKHS APPROXIMATELY, THA T PAYMENT/RECOVERY WOULD RESULT IN SEVERE HARDSHIP AND LOWERING OF IT CRAR RATION TO L ESS THAN 10%. DEPARTMENTAL REPRESENTATIVE (DR) SUBMITTED THAT ASSESSEE SHOULD BE DIRECTED TO PAY A PART OF BALANCE DEMAND. S.A. NO. 01/NAG/2013 (ARISING OUT OF ITA NO. 393/NAG/12) NAGPUR NAGRIK SAHAKARI BANK LTD., 2 3. WE HAVE HEARD THE RIVAL SUBMISSIONS. IN OUR OPINIO N, IT IS A FIT CASE FOR STAYING THE DEMAND RAISED BY THE AO. ASSESSEE HAS ALREADY PAID SUBSTANTIAL PART OF DEMAND AND HIS RECTIFICATION APPLICATION IS PENDING THAT W OULD RESULT IN REFUND. IN THESE CIRCUMSTANCES, FURTHER DEMAND IS STAYED. ORDER PRONOUNCED BY E-BENCH AT MUMBAI ON THIS 24 TH DAY OF JANUARY, 2013 %& '() - &*+ , 24 2013 ! #$ !-' . . SD/- SD/- ( . . / R.K. GUPTA ) ( / RAJENDRA ) #( / JUDICIAL MEMBER #( / ACCOUNTANT MEMBER %& MUMBAI, .# DATE: 24 TH JANUARY, 2013 TNMM COPY TO: 1. APPLICANT 2. RESPONDENT 3. THE CONCERNED CIT (A) 4. THE CONCERNED CIT 5. DR, ITAT, NAGPUR 6. GUARD FILE /- 0 //TRUE COPY// BY ORDER, ASST. REGISTRAR, ITAT