ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1), VISAKHAPATNAM vs. THE MAHARAJA CO-OPERATIVE URBAN BANK LIMITED, VISAKHAPATNAM

ITA 212/VIZ/2018Status: DisposedITAT Visakhapatnam17 August 2018AY 2013-1416 pages
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What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision on interest on share capital and TDS disallowance, following previous precedents. However, the issue of bad debts required further verification, leading to a remand.

What were the facts?

The Revenue appealed against the CIT(A)'s order concerning disallowance of interest on share capital, disallowance under Section 40(a)(ia) for non-deduction of TDS on interest paid to members, and disallowance of amortization of premium on securities. The assessee filed cross-objections.

What were the issues?

Whether interest on share capital and interest paid to members without TDS are allowable deductions, and the allowability of bad debt claims when the nature of the provision is unclear.

Which sections of the Income-tax Act were involved?

Section 40(a)(ia),Section 36(1)(viia)

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Cases cited in this judgment(4)Show list

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आयकर अपीलीय अधिकरण, धिशाखापटणम पीठ, धिशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM श्री िी. दुगाा राि,न्याधयक सदस्य एिं श्री धड.एस. सुन्दर ससह, लेखा सदस्य के समक्ष BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER& SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A.No.211 & 212 /Viz/2018 (धििाारण िर्ा/Asst.Years :2012-13 & 2013-14) Asst.Commissioner of Vs. The Maharaja Co-operative Income Tax, Urban Bank Ltd. Central Circle-1 49-9-14, Ganta Arcade Visakhapatnam Dwarakanagar Visakhapatnam [PAN : AAAAT4196K] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Cross Objection Nos. 32 & 33/Viz/2018 Arising out of I.T.A.Nos.211 & 212 /Viz/2018 (धििाारण िर्ा/Asst. Years : 2012-13 and 2013-14) The Maharaja Co-operative Urban Vs. Asst.Commissioner of Bank Ltd. Income Tax, 49-9-14, Ganta Arcade Central Circle-1 Dwarakanagar Visakhapatnam Visakhapatnam [PAN : AAAAT4196K] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) राजस्व की ओर से/ Revenue by : Shri Deba Kumar Sonowal, DR निर्ााररती की ओर से/ Assessee by : Shri G.V.N.Hari, AR सुिवाई की तारीख / Date of Hearing : 08.08.2018 घोषणा की तारीख/Date of Pronouncement : 17.08.2018

2 ITA Nos.211 & 212/Viz/2018 an

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