JILA SAHKARI KENDRIYA BANK MARYADIT,DAMOH vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE, SAGAR

ITA 53/JAB/2018Status: DisposedITAT Jabalpur10 December 2019AY 2014-156 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that both the AO and CIT(A) had not properly applied themselves to the issues. The matter concerning the Rs. 5.30 crore addition was set aside to the AO for fresh adjudication after allowing the assessee an opportunity to be heard. The software expense disallowance was also set aside to the AO for verification of facts regarding its deductibility.

What were the facts?

The assessee, a co-operative bank, had an addition of Rs. 5,30,88,834 made by the AO for unexplained provisions. The CIT(A) directed recomputation of deduction under Section 36(1)(viia) for bad and doubtful debts. Another disallowance of Rs. 3,40,578 for software expenses was made as it pertained to a prior year.

What were the issues?

Whether the provision of Rs. 5.30 crore was a liability or an unexplained provision, and whether software expenses pertaining to a prior year are deductible in the current year under certain conditions.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 36(1)(viia),Section 40(a)(ia),Section 153

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JABALPUR BENCH, JABALPUR

Before: SHRI BHAVNESH SAINI & SHRI SANJAY ARORA

For Appellant: Shri P.C. Bardia, CA
For Respondent: Shri H.P. Meena, CIT- DR
Hearing: 12/12/2019Pronounced: 24/12/2019

Per Sanjay Arora, AM: This is an Appeal by the Assessee, directed against the Order by the Commissioner of Income Tax (Appeals)-1, Jabalpur(‘CIT(A)’ for short)dated 19.02.2018, partly allowing the assessee’s appeal contesting its assessment under section143(3) of the Income Tax Act, 1961 (‘the Act’ hereinafter) for Assessment Year (A.Y.) 2014-15. 2. The assessee, a co-operative bank, filed its’ return of income for the year on 26/9/2014 at an income of Rs. 1,88,82,500, which was subject to verification proceedings, assessing the total income at Rs. 7,40,11,912 by making several additions. The present appeal is principally in respect of an addition for Rs. 5,30,88,834 on a failur

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 36(1)(viia)

All 877 judgments and leading authorities on Section 36(1)(viia) →

Recent GST High Court judgments

Search GST case law →