DCIT/ACIT, LTU-1, KOLKATA, KOLKATA vs. M/S. UNITED BANK OF INDIA, KOLKATA

1. The appeal preferred by the revenue and the Cross Objection preferred by the assessee are against the order of Ld. CIT(A)-17, Kolkata dated 23.12.2016 for AY 2004-05.

At the outset itself, it was brought to our notice by the Ld. AR that the only issue raised by the revenue is against the action of the Ld. CIT(A) in allowing the claim of the CO. 46/Kol/2017 United Bank of India, AY 2004-05 assessee bank by following the order of the Tribunal dated 30.12.2015 in assessee’s own case in and ITA No. 113/Kol/2013 for AY 2009-10 wherein the Tribunal held that the provisions of section 115JB of the Act read with explanation 3 to sec. 115JB of the Act is not applicable. We note that the Ld. CIT(A) has followed the order of the Tribunal on the very same issue and has given relief to the assessee bank. We note that in assessee’s own case for AY 2003-04 in ITA No. 1178/Kol/2007 and also in assessee’s own case for AY 2009-10 in ITA No. 1916/Kol/2012 and the Tribunal had also for AY 2002-03 has been consistently following that the provision of sec. 115JB of the Act are not applicable in the case of the assessee bank and further held that the amendment brought in sec. 115JB of the Act read with explanation 3 thereof by the Finance Act, 2012 is applicable only w.e.f. AY 2013-14 onwards in accordance to the notes to Finance Act, 2012. We note that the Ld. CIT(A) has followed the judicial precedent laid by this Tribunal, therefore, we are inclined to uphold his action and, therefore, dismiss the appeal of the revenue.

Cross objection of the assessee is supportive in nature and, therefore, is dismissed being infructuous.

In the result, both the appeal of revenue and Cross Objection of assessee are dismissed.