THE BHAWANI PATNA CENTRAL CO-OPERATIVE BANK LIMITED,BHAWANIPATNA vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE- 2(1), SAMBALPUR

Shri Pradyumna Kumar Sahoo, Pradyumna Kumar Sahoo, ld AR appeared for d AR appeared for the assessee and filed an adjournment petition, stating that as the Chief Financial Officer, filed an adjournment petition, stating that as the Chief Financial Officer, filed an adjournment petition, stating that as the Chief Financial Officer, who looks after the taxation/case matter has retired in the recent past and who looks after the taxation/case matter has retired in the recent past and who looks after the taxation/case matter has retired in the recent past and new incumbent who joined recently is yet to equip with the subject matter new incumbent who joined recently is yet to equip with the subject matter new incumbent who joined recently is yet to equip with the subject matter P a g e 1 | 3 and, therefore, requested for adjourning the case. A perusal of the impugned order, we observe that the ld CIT(A) has dismissed the appeal due to non compliance of notice issued to the assessee. Therefore, we reject the adjournment petition and dispose of the appeal. Shri Sanjay Kumar, Ld CIT DR appeared for the revenue.

The appeal is time barred by 108 days. The assessee has filed condonation petition supported by affidavit, stating that the incumbent who looks after the taxation matter of the appellant bank including the CEO joined in the month of May, 2023 and June, 2023 and thereafter take initiative to file appeal before the Tribunal. There was no other intention not to file the appeal within the time. After considering the condonation petition, we find that the explanation given in the petition is a plausible one and, we condone the delay of 108 days in filing the appeal.

We have considered the submissions of ld Sr. D.R. A perusal of the order of the ld CIT(A) clearly shows that the ld CIT(A) has given several opportunities to the assessee but the assessee has not responded to the same. It was in this backdrop that the ld CIT(A) has dismissed the appeal for want of prosecution. In the grounds of appeal, it is stated by the assessee that after allowing the benefit provided to the Co-operative Societies under section 36(1)(viia) still a huge amount remains as closing balance which can be carried forward for adjustment against income for the subsequent year. It was the submission that the brought forward loss for P a g e 2 | 3 an amount of an amount of Rs.4,18,98,265/- is allowable to the assessee. Moreover, the assessee has not responded to the notices issued by the ld CIT(A) to substantiate the above claim before him. In view of above, in the interest of justice, the issues are restored to the file of the ld CIT(A) to redecide the issue after allowing reasonable opportunity of being heard to the assessee.

In the result, appeal of the assessee stands partly allowed for statistical purposes.