THE SARDAR GUNJ MERCANTILE CO.OP.BANK LTD.,PATAN vs. THE DY.CIT, PATAN CIRCLE, PATAN

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ITA 3395/AHD/2015Status: DisposedITAT Ahmedabad10 January 2018AY 2011-122 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal dismissed the assessee's appeal, respectfully following the jurisdictional High Court's judgment in CIT vs. Rajkot Dist. Co-op Bank Ltd. The assessee's grievances were rejected based on this precedent.

What were the facts?

The assessee-appellant challenged the CIT(A)'s order regarding the validity of an assessment order passed under section 143(3) r.w.s. 147 and a disallowance of premium on securities. The assessee's counsel conceded that the issue was covered by a jurisdictional High Court judgment.

What were the issues?

The primary issues were the validity of the assessment order due to limitation and the disallowance of premium on securities classified as 'Held to Maturity'.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, AHMEDABAD “B” BENCH, AHMEDABAD

ITA No. 3395/Ahd/2015 Sardar Gunj Mercantile Co-op Bank Ltd vs. DCIT Assessment Year : 2011-12 Page 1 of 2

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “B” BENCH, AHMEDABAD [Coram: Pramod Kumar AM and S S Godara JM] ITA No. 3395/Ahd/2015 Assessment Year: 2011-12

The Sardar Gunj Mercantile ..............…………......Appellant Co-op. Bank Limited Sardar Gunj, Nr. Railway Station, Patan – 384 265 [PAN : AAAAP 3010 C]

Vs. The Dy. Commissioner of Income-tax ..............................Respondent Patan Circle, Patan

Appearances by: Manish Shah for the Appellant Mudit Nagpal for the Respondent Date of concluding the hearing : 09.01.2018 Date of pronouncing the order : 10.01.2018 O R D E R Per Pramod Kumar, AM:

1.

By way of this appeal, the assessee-appellant has challenged correctness of the order dated 29th September 2015 passed by the by the CIT(A), Gandhinagar, Ahmedabad, in the matter of assessment under section 143(3) r.w.s. 147 of the Income-tax Act, 1961, for the assessment year 2011-12, on the following grounds:-

“1. The CIT(Appeals0 grossly erred in law in not adjudicating the contention raised by the assessee regarding validity of assessment order passed u/s 143(3) r.w.s. 147 as the said assessment order was barred by limitation. 2. The Ld. CIT(Appeals) erred in law in confirming the disallowance of Rs.5,83,292/- made by the Assessing Officer being premium of securities classified under ‘Head to Maturity’ category.”

2.

When this appeal was called out for hearing, learned counsel for the assessee was fair enough to point out that the issue in appeal is now covered,

ITA No. 3395/Ahd/2015 Sardar Gunj Mercantile Co-op Bank Ltd vs. DCIT Assessment Year : 2011-12 Page 2 of 2

against him, by Hon’ble jurisdictional High Court judgment in the case of CIT vs. Rajkot Dist. Co-op Bank Ltd., [2014] 43 taxmann.com 161 (Guj.).

3.

Learned Departmental Representative submitted that, as the issue is now covered against the assessee by the Hon’ble jurisdictional High Court judgment in the case of Rajkot Dist. Co-op. Bank Ltd. (supra), the grievances of the assessee are to be dismissed.

4.

In view of above discussion, and respectfully following the esteemed views of the Hon’ble jurisdictional High Court in the case of Rajkot Dist. Co-op. Bank Ltd. (supra), we reject the grievances of the assessee.

5.

In the result, the appeal is dismissed. Pronounced in the open court today on the 10th day of January, 2018.

Sd/- Sd/-

S S Godara Pramod Kumar (Judicial Member) (Accountant Member) Ahmedabad, the 10th day of January, 2018 *bt Copies to: (1) The appellant (2) The respondent (3) Commissioner (4) CIT(A) (5) Departmental Representative (6) Guard File By order

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