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

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ITA 2589/AHD/2015Status: DisposedITAT Ahmedabad18 December 2017AY 2012-133 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 appeal. The assessee conceded that the issue regarding premium on securities was decided against them by the jurisdictional High Court. The other grounds were not contested.

What were the facts?

The assessee appealed against the CIT(A)'s order confirming disallowances on premium of securities, profit on sale of plant and machinery, and profit on sale of dead stock. The appeal was filed late but the delay was condoned.

What were the issues?

Whether the premium on securities classified under 'Held to Maturity' is allowable as a deduction. Whether profits on sale of plant and machinery and dead stock are taxable.

AI-generated summary — verify with the full judgment below

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Income Tax Appellate Tribunal, AHMEDABAD “B” BENCH

Before: SHRI RAJPAL YADAV & SHRI N.K. BILLAIYA

For Appellant: Shri Manish Shah, AR

PER N.K. BILLAIYA, ACCOUNTANT MEMBER:

1.

This appeal by the Assessee is directed against the order of Ld. CIT(A), Gandhinagar, Ahmedabad dated 27.04.2015 pertaining to A.Y. 2012-13.

ITA No. 2589/Ahd/2015 2 . A.Y. 2012-13 2. The assessee has raised following substantive grounds of appeal. 1. The C.I.T.(Appeals) erred in law in confirming the disallowance of Rs. 1 5,20,000/- made by Assessing Officer being premium of securities classified under 'Held to Maturity' category.

2.

The C.I.T.(Appeals) erred in law and on facts in confirming the disallowance of Rs. 15,543/- made by the Assessing Officer by adding profit on sale of plant and machinery.

3.

The C.I.T.(Appeals) erred in law and on facts in confirming the disallowance of Rs.232/- made by the Assessing Officer by adding profit on sale of dead stock.

3.

The appeal is late by 49 days. The assessee has requested for the condonation of the delay. We have carefully considered the reasons given by the assessee. We find that the assessee was prevented by reasonable and sufficient cause for not filing the appeal within the period of limitation. The delay is accordingly condoned. Coming to the merits of the case, the ld. counsel fairly conceded that the grievance raised by the assessee have been decided by the Hon’ble Jurisdictional High Court of Gujarat in favour of the revenue and against the assessee in the case of Rajkot Dist. Co-op Bank Ltd. 43 taxmann.com 161.

4.

On such concession and on careful perusal of the order of the Hon’ble Jurisdictional High Court in the case of Rajkot Dist. Co-op Bank Ltd (supra). Ground no. 1 is dismissed.

5.

Since ground nos. 2 & 3 were not contested by the assessee, the same are dismissed.

ITA No. 2589/Ahd/2015 3 . A.Y. 2012-13 6. In the result, the appeal filed by the Assessee is dismissed.

Order pronounced in Open Court on 18- 12- 2017

Sd/- Sd/- (RAJPAL YADAV) (N. K. BILLAIYA) JUDICIAL MEMBER True Copy ACCOUNTANT MEMBER Ahmedabad: Dated 18 /12/2017 Rajesh Copy of the Order forwarded to:- 1. The Appellant. 2. The Respondent. 3. The CIT (Appeals) – 4. The CIT concerned. 5. The DR., ITAT, Ahmedabad. 6. Guard File. By ORDER

Deputy/Asstt.Registrar ITAT,Ahmedabad

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