NAGPUR NAGRIK SAHAKARI BANK LTD., Nagpur V. ACIT, CIRCLE-4, Nagpur

SA 19/NAG/2013

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 3229 (ITAT-NAGPUR)
• Duration Of Justice: 5 year(s) 7 month(s) 25 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: 22-08-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: NARENDRA KANEDR
• Assessee Lawyers: R V LOYA
• Keywords: Depreciation; Application of stay
• Section: 154

Judgement Text

, ( (( ( - -- - ) )) ) IN THE INCOME TAX APPELLATE TRIBUNAL,BENCH NAGPUR.( E-COURT) . , '#$ %& %& %& %& '()* , (+ ,- BEFORE SHRI D.MANMOHAN, VICE-PRESIDENT /AND SHRI RAJENDRA, ACCOUNTANT MEMBER S.A. NO.19/NAG/2013(ARISING OUT OF ITA NO. 393/NAG/ 2012) ASSESSMENT YEAR 2009-10 NAGPUR NAGRIK SAHAKARI BANK LTD.,79, DR. AMBEDKAR CHOWK, LAKADGANJ NAGPUR-440008 PAN: AAAANO217F VS. ASST. COMMISSIONER OF INCOME TAX, CIRCLE (4) NAGPUR. ( ./ / APPELLANT) ( 01./ /RESPONDENT) ./ 2 ( / APPELLANT BY : SHRI R.V.LOYA 01./ 3 2 ( /RESPONDENT BY : SHRI NARENDRA KANE(DR) 3 4+ / DATE OF HEARING : 20-12-2013 56 3 4+ / DATE OF PRONOUNCEMENT : 20-12-2013 ,(7 / O R D E R PER RAJENDRA, A.M. ASSESSEE-BANK,HAS FILED AN APPLICATION,DATED 22.08. 2013,FOR STAY OF OUTSTANDING DEMAND OF RS. 66,85,155/-,RAISED BY THE ASSESSING OFFICER (AO) FO R THE AY 2009-10.APPLICATION OF THE ASSESSEE IS ACCOMPANIED BY AN AFFIDAVIT OF 22 ND AUGUST,2013. 2. BEFORE US,AUTHORISED REPRESENTATIVE (AR) SUBMITTED THAT DURING THE COURSE OF ASSESSMENT PROCEEDINGS AO HAD DISALLOWED DEPRECIATION ON GOVT. SECURITIES AMOUNTING TO RS.4.01 CORES, THAT FIRST APPELLATE AUTHORITY(FAA)HAD DISMISSED T HE APPEAL FILED BY THE ASSESSEE,THAT TRIBUNAL HAD EARLIER GRANTED STAY,THAT APPLICATION FILED BY THE ASSESSEE BEFORE THE AO TO STAY THE DEMAND WAS PENDING,THAT ASSESSEE HAD ALREADY PAID R S.1.03 CRORES OUT OF THE TOTAL DEMAND TILL DATE,THAT PAYMENT OF DEMAND WILL RESULT IN SEVERE H ARDSHIP AND LOWERING OF ITS CRAR RATIO,THAT DEMAND MADE BY THE AO SHOULD BE GRANTED OR THE MATT ER MIGHT BE HEARD ON AN EARLY DATE ON PRIORITY BASIS.DEPARTMENTAL REPRESENTATIVE SUBMITTE D THAT DEMAND SHOULD NOT BE STAYED. 3. WE HAVE HEARD THE RIVAL SUBMISSIONS.WE FIND THAT ON 24.01.2013 STAY WAS GRANTED TO THE ASSESSEE ON THE GROUND THAT APPLICATION FILED BY IT U/S 154 OF THE ACT WAS PENDING BEFORE THE AO AND THAT PAYMENT/RECOVERY WOULD RESULT IN SEVERE HARDSHIP AND LOWERING OF CRAR RATIO OF THE ASSESSEE TO LESS THAN 10%. AS THE FACTS AND CIR CUMSTANCES OF THE CASE REMAIN SAME, SO WE STAY THE DEMAND TILL THE END OF JANUARY, 2014 I.E. TILL 31.01.2014. BESIDES, SUBMISSION MADE BY THE ASSESSEE FOR EARLY HEARING OF THE CASE IS ALSO ACCEPTED. HOWEVER, ASSESSEE-BANK IS DIRECTED TO FILE SURETY TO THE SATISFACTION OF THE AO. THE C ASE WILL BE HEARD ON 23.01.2014 AS EARLY HEARING MATTER. AS BOTH THE PARTIES HAVE BEEN INFO RMED ABOUT THE NEXT DATE OF HEARING, SO NO SEPARATE NOTICE OF HEARING WILL BE ISSUED. S.A. NO. 19/NAG/2013 (ARISING OUT OF ITA NO.393/NAG/2012) NAGPUR NAGRIK SAHAKARI BANK LTD. 2 AS A RESULT,STAY APPLICATION FI LED BY THE ASSESSEE-BANK,STANDS ALLOWED. 8 49 84 : -. ( % ,;+ < (, - < '4 =. ORDER PRONOUNCED IN THE OPEN COURT ON 20 TH DAY OF DECEMBER,2013. ,(7 3 56 +( ) ? ,(7 3 56 +( ) ? ,(7 3 56 +( ) ? ,(7 3 56 +( ) ? FNUKAD FNUKAD FNUKAD FNUKAD 20.12.2013 3 3 3 3 . .. . SD/- SD/- ( . / D.MANMOHAN) ( '()* / RAJENDRA) '#$ / VICE-PRESIDENT (+ (+ (+ (+ ,- ,- ,- ,- / ACCOUNTANT MEMBER &@ / MUMBAI, <, & /DATE: 20 TH DECEMBER,2013 SK ,(7 ,(7 ,(7 ,(7 3 33 3 04A 04A 04A 04A B(A64 B(A64 B(A64 B(A64 / COPY OF THE ORDER FORWARDED TO : 1. ASSESSEE / ./ 2. RESPONDENT / 01./ 3. THE CONCERNED CIT (A)/ &@C D , 4. THE CONCERNED CIT / &@C D 5. DR NAGPUR BENCH, ITAT, NAGPUR / AE 04 , . . ) . 6. GUARD FILE/ F 1A4 1A4 1A4 1A4 04 0404 04 //TRUE COPY// ,(7 / BY ORDER, ' / &' DY./ASST. REGISTRAR , &@ /ITAT, MUMBAI