ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE SATNA, SATNA vs. JILA SAHAKARI KENDRIYA BANK MARYADIT, REWA

ITA 80/JAB/2017Status: DisposedITAT Jabalpur13 May 2026AY 2008-096 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the monetary cap for bad debts and whether income was added back for overdue interest needed verification. Therefore, the assessment order was set aside, and the Assessing Officer was directed to verify the claims and make a fresh assessment.

What were the facts?

The assessee, a Co-operative Bank, declared Nil income after set-off of losses. The Assessing Officer disallowed provisions for bad debts and other provisions, and also added back amounts for failure to deduct tax at source. The CIT(A) partly allowed the appeal, deleting the addition under Section 40(a)(ia) and allowing certain provisions.

What were the issues?

Whether the provision for overdue interest is allowable as a deduction and whether the assessee complied with TDS provisions.

Which sections of the Income-tax Act were involved?

Section 36(1)(viia),Section 40(a)(ia),Section 36(1)(vii),Section 36(2),Section 143(2)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JABALPUR BENCH “DB”, JABALPUR

Before: SHRI KUL BHARAT & SHRI, GD PADMAHSHALI

For Appellant: Shri CP Rawka, Advocate
For Respondent: Shri Shravan Kumar Meena, CIT(DR)

Heard together (2 matters)

CO. No.04/JAB/2022
ITA No. 80/JAB/2017

Read from the judgment's own cause title. This page is filed under one of them.

PER KUL BHARAT, VICE PRESIDENT.:

This appeal filed by the Revenue and cross objection filed by the assessee is directed against the order of the Ld. Commissioner of Income Tax (Appeals)-1, Jabalpur dated 08.09.2017, pertaining to the A.Y. 2008-09. Both the appeals of Revenue and cross objection of assessee are being disposed off by this consolidated order for the sake of brevity and convenience. CO. No.04/JAB/2022 2. First, we take up the Revenue’s appeal in ITA. No. 80/JAB/2017. The Revenue has raised the following grounds of

The order continues below.

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