THE KARNAL CETRAL CO-OP. BANK LTD.,KARNAL vs. ACIT, KARNAL

We have heard the Ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and order passed by the revenue authorities below in the light of the facts and circumstances of the case.

By moving the separate Application for filing Additional Evidence under Rule 29 of the Income Tax (Appellate Tribunal) Rules, 1963 sought to bring on record additional evidence, so as to prove the fact qua Ground no. 1 that it was mandatory for the assessee to purchase shares of the lending bank qua to 2.50% and to produce on record relevant copy of the Punjab Civil Services Rules (Haryana), so as to prove ground no. 2 as to loan waived off during the year under assessment.

Since the assessment order has been passed by the Assessing Officer, on failure of the assessee to substantiate its claim and before Ld. CIT(A), this piece of evidence has also not been brought on record, we are of the considered view that in the larger interest of justice, application for additional evidence is required to be allowed, hence allowed.

Documents in the form of circulars, details of investment and Punjab Civil services Rules (Haryana), for waiving off loan of the employees belonging to C & D group died during service are available at page 11 to 40 and 53 of the Paper Book and detail of employees and their loans waived off is also made available in the application itself. So, we are of the considered view that the entire piece of additional evidence is required to be examined by the AO in the light of the books of accounts of the assessee. Hence, we hereby remand this case back to the AO to decide afresh after providing an opportunity of being heard to the assessee. Consequently, impugned order stands set aside and appeal filed by the assessee stands allowed for statistical purposes.