New User   Login      
Tax Management India .com TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2015 (9) TMI 382 - ITAT DELHI

2015 (9) TMI 382 - ITAT DELHI - TMI - Maintainability of appeal - Disallowance of provision made for write off of loans - Addition on account of irrecoverable interest pertain to the provision for bad and doubtful debts - CIT(A) deleted the additions - Held that:- As decided in assessee’s own case for the A.Y. 2002-03 the assessee is a Cooperative Grameen Bank which filed its return of income for loss after claiming various deductions mentioned in the impugned order and the AO has disallowed the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Sahkari Bank Ltd. (2013 (10) TMI 1341 - ALLAHABAD HIGH COURT), the appeals filed by the Revenue are not maintainable. - Decided in favour of assessee. - ITA No.2950 & 2951/Del/2008, ITA No.582/Del/2009 - Dated:- 20-8-2015 - SHRI H.S.SIDHU AND SHRI O.P.KANT, JJ. For The Appellant : Sh. Sujit Kumar, Sr.D.R. For The Respondent : Sh. Naveen Kumar Goel, C.A. ORDER PER H.S. SIDHU, JUDICIAL MEMBER All these three appeals are filed by the Revenue against the order of Ld. CIT(A), Rohtak dt. 4.7.2008 f .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ision made for write off of loans particularly when these type of provisions are not admissible under the law. 2. Whether on the facts and in the circumstances of the case, the Ld. CIT(A), Rohtak was right in deleting addition of ₹ 1,15,91,500/- made on account of irrecoverable interest pertain to the provision for bad and doubtful debts when these types of provisions are not admissible under the law. 3. Whether on the facts and in the circumstances of the case, the Ld. CIT(A), Rohtak was .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ition in dispute. Therefore, for the sake of convenience we are disposing of these three appeals by passing a consolidated order. 3. At the time of hearing the Ld. Counsel for the assessee also stated that the tax effect in these appeals is less than ₹ 4 lakhs and the appeals filed by the Revenue are not maintainable in view of Instruction No.5/2014 dt. 10th July, 2015. He further stated that even if the additions were sustained there would be no tax due and the tax effect would be nil as .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

pplicable in the case of the assessee 5. We have heard both the parties and perused the material placed on record and orders of the authorities below. We are of the view that the assessee is a Cooperative Grameen Bank which filed its return of income for loss after claiming various deductions mentioned in the impugned order and the AO has disallowed the same but finally deleted by the ITAT. In view of the Instruction No.5 of the CBDT dated 10.7.2014, the present appeal is not maintainable. As pe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

relevant part of Hon ble Allahabad High Court judgement: 5. After hearing both the parties and on perusal of the records, it appears that the assessee is enjoying the benefit of section 80P of the Act and as such the tax on an income is exempted. Even if the addition is sustained, there will be no tax demand as the tax effect will be nil. 6. In the case of CIT vs. Manglam Ricinus Ltd. (2008) 174 Taxman 186 (Del), the Hon ble Delhi High Court observed that in such type of cases, the exercise shal .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

in the succeeding years to take proceedings as per law, if need be arises. But presently, we do not find any reason to interfere with the concurrent findings recorded by both the appellate authorities. The same are hereby sustained along with the reasons mentioned therein. 9. The answer to the substantial question of law is in negative i.e. in favour of the assessee and against the department. 10. In view of the above, the appeal filed by the department is dismissed, as stated above. 5.1. Keepin .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

r 449 (p&h)(fb) 5.2. Similarly, the Hon ble Delhi High Court in the case of CIT vs. Delhi Race Club Ltd. in ITA no.128/2008, order dt. 3.3.2011 by following the earlier order dt. 2.8.2010 in ITA 179/1991 in the case of CIT,Delhi III vs. M/s PS Jain & Co. held that such Circular would also be applicable to pending cases. 5.3. Thus from the ratio laid down by the Hon ble Delhi High Court, it is clear that the instructions issued in the circulars by CBDT are applicable for pending cases als .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

oduce the relevant portion of the impugned order dt. 4.7.2008 passed by the Ld. CIT(A) for the A.Y. 2003-04 in ITA no.2950/Del/2008 para 2 to 8 pages 2 to 5: 2. In response to notice under section 250, Sh. B. B. Jain, Advocate and Sh. V.K.Y.Khanna, Manager attended the proceedings and filed written submissions. The written submissions were confronted to the AO for his comments. The AO gave his comments as per his remand report dated 115.5.2008. The submissions made by the appellant and the reman .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ted before him is wrong and that the annual report was actually filed before him during the assessment year. It has further been actually filed before him during the assessment year. It has further been submitted that the total advances pertaining to 90 branches have been ₹ 1687108000/- out of which average advances given by 15 Urban branches have been ₹ 385486000/- and advances made by 75 Rural branches have been ₹ 1301622000/-, 10% of which works out to ₹ 130162200/- wh .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he assessment order and the submissions made by the appellant. Since the figures mentioned in the assessment order did not tally with the figures as per annual report, the AR of the appellant requested for the matter to be referred to the AO for examination of the books of accounts viz-a-viz the figures mentioned in the assessment order and those submitted by it in the written submissions. Accordingly a letter was written to the AO on 9.5.2008 conveying as under. "During the appeal proceedi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

xamine the figures shown in the details submitted by the appellant (copies enclosed herewith), after examining the books of accounts of the appellant for which you are duly authorised and the appellant has been directed to produce the same before you, and send your detailed reports keeping in view the appeal order of the CIT(A) Kamal for the AY. 2002-03 in the appellant's own case. It will be appreciated if the requisite reports for both the A.Ys are received in this office by 30.5.2008 to e .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the addition made by the AO is deleted and the grounds of appeal are allowed. It is pertinent to mention here that the AR of the appellant has pointed out during appeal proceedings on 01.07.2008 that the order of the CIT CA) Kamal dated 20.11.2006 has been confirmed by the Hon'ble IT AT Delhi Bench and that the decision in this regard has been pronounced in the open court; i.e. the appeal of the Department against the order of CIT CA) has been dismissed. 5. Ground of appeal bearing nos. 5 pe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version