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The Bharat Cooperative Bank Ltd. Versus Addl. CIT RG 1 (1) , Mumbai

Compliance of the statutory requirement of signing and verification of the memorandum of appeal by an authorised person - whether the memorandum of appeal filed by the assessee company with the CIT(A)-2, Mumbai, had been signed and verified by a duly authorised person or not? - Held that:- We are in agreement with the observation of the CIT(A) that there cannot be any escape as regards carrying out compliance of the statutory requirement of signing and verification of the memorandum of appeal by .....

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by the managing director of the assessee company, had thereafter hushed through the matter and lost sight of the fact that at the relevant point of time when the appeal was signed and filed, i.e. as on 05.01.2012 and 06.01.2012, respectively, due to unavailability of the managing director of the assessee company, the same was signed and verified by Sh. C.R. Mulky, who pursuant to the resolution passed by the board of directors as on 17th October 2011 was duly vested with the powers of the Chief .....

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restore the appeal to the file of the CIT(A) with a direction that the same be admitted and disposed of on merits after affording sufficient opportunity of being heard to the assessee company. Thus the ‘Ground of appeal No. 1’ raised by the assessee company is allowed. - I.T.A. No.2294/Mum/2015 - Dated:- 19-8-2016 - SHRI G. S. PANNU, AM AND SHRI RAVISH SOOD, JM For The Assessee : Shri Bhupendra Shah, AR For The Department : Shri Javed Akhtar, DR ORDER PER RAVISH SOOD, JM: The present appeal file .....

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al by overlooking the fact that there was no managing director during the period in which the appeal was signed and filed and also disregarding the resolution and clarification given in this regard. 2. In the facts and circumstances of the case and in law, the Learned Assessing Officer erred in adding ₹ 6,98,043/- out of provision for bad and doubtful debts even though the same is created as per RBI norms. 3. In the facts and circumstances of the case and in law, the Learned Assessing Offi .....

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ing ₹ 60878/- lying in suspense A/c treating same as unexplain cash credit. 6. The Assessing Officer also erred in initiating penalty u/s 271(1)(c) and charging interest u/s 234B & C. 7. The Commissioner of Income Tax (A) erred in dismissing the appeal without deciding the grounds. 3. Brief facts of the case are that the assessee company which is a multi state scheduled urban cooperative bank mainly engaged in banking business, had filed its return of income declaring total income of & .....

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Addition on account of Suspense a/c ₹ 60,878/- Total ₹ 26,67,805/- , assessed the total income at ₹ 38,66,29,720/-. 4. The assessee company being aggrieved with the assessment so framed, filed an appeal with the CIT(A)-2 Mumbai as on 06.01.2012, wherein the Memorandum of appeal was signed by one Shri C. R. Mulky, Chief General Manager of the assessee company. That during the course of hearing of the appeal, the CIT(A) being of the view that as the appeal filed by the assessee c .....

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CIT(A), had preferred the present appeal before us. 5.1. During the course of hearing of the appeal it was submitted by the Ld. Authorised representative of the assessee company (for short A.R ) that as the Managing director and Chief Executive Officer of the assessee company Shri Bhaskar K. Amin was to retire on 31st January, 2012 on attaining superannuation and Shri C. R. Mulky who was the Chief general manager of the assessee company was to be appointed as the managing director w.e.f 01st, Fe .....

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any for the year under consideration was to be filed with the CIT(A)-2, Mumbai, therefore the same was signed and verified by Sh. C.R Mulky who was duly authorized by the assessee company to exercise such powers during the absence of the managing director. The Ld. A.R in order to fortify the aforesaid factual position, therein drew our attention to the extract of the minutes of the board meeting held on 17th October, 2011, as per which Sh. C.R. Mulky was duly authorised to exercise the powers an .....

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In the backdrop of the aforesaid facts, it was submitted by the ld. A.R that as Sh. C.R Mulky stood vested with the requisite authority to file the appeal with the CIT(A), therefore the appeal so filed by the assessee company which was signed and verified by Sh. C.R Mulky was well in order and as per the mandate of law. It was thus submitted by the Ld. A.R that as the CIT(A) by disregarding the resolution and clarification given by the assessee company as regards the issue under consideration h .....

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IT(A) and submitted that as the Memorandum of appeal was not signed by a duly authorised person, therefore the CIT(A) had rightly declined to entertain the appeal and dismissed the same in limine. The Ld. D.R thus submitted that the order of the CIT(A) may be sustained and the appeal of the assessee company be dismissed. 6. We have considered the rival submissions of either side and perused the relevant material available on record, including the orders of the authorities below. We find that the .....

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Act r.w. Rule 45 of the I.T. Rules, 1962, as it is only on filing of a valid appeal which is signed and verified by a duly authorised person as required under law that the process of appeal is set into motion. However, we find that the CIT(A) after arriving at the aforesaid observation and therein concluding that the appeal in the present case, as required under Section 249 r.w Rule 45 was statutorily required to be signed and verified by the managing director of the assessee company, had there .....

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