VIDHARBHA KONKAN GRAMIN BANK ,NAGPUR vs. INCOME TAX OFFICER WARD 1(5) , NAGPUR

ITA 8/NAG/2019Status: DisposedITAT Nagpur28 November 2024AY 2015-2016Bench: SHRI V. DURGA RAO (Judicial Member)27 pages
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What did the Tribunal hold?

The Tribunal set aside the matter to the Assessing Officer for re-adjudication on certain grounds, especially considering the tax treatment of similar Regional Rural Banks and the High Court's judgment in Baroda Uttar Pradesh Gramin Bank. For AY 2015-16, a specific ground regarding interest on TDS was dismissed.

What were the facts?

The assessee, Vidarbha Konkan Gramin Bank, appealed against the CIT(A)'s orders for AY 2014-15 and 2015-16. The Assessing Officer had made additions for disallowance under Section 36(1)(viia), interest accrued but not due, disallowance under Section 36(1)(viii), and bad debts written off.

What were the issues?

The key issues involved the allowability of deductions for provisions for bad and doubtful debts, special reserves, and the taxability of recovery of bad debts written off, as well as interest on TDS.

Which sections of the Income-tax Act were involved?

Section 36(1)(viia),Section 36(1)(viii),Section 41(4),Section 80P(2)(a)(i),Section 201(1A)

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Income Tax Appellate Tribunal, NAGPUR BENCH, NAGPUR

Before: SHRI V. DURGA RAO & SHRI K.M. ROY, ACCOUNTANT, MEMBER

For Appellant: Shri C. Naresh
For Respondent: Shri Sandipkumar Salunke

PER K.M. ROY, A.M.

These appeals are filed by the assessee challenging the impugned orders of even date 09/10/2018, passed by the learned Commissioner of Income Tax (Appeals)–1, Nagpur, [“learned CIT(A)”], for the assessment year 2014–15 and 2015–16 respectively.

Vidarbha Konkan Gramin Bank A.Y. 2014–15 & 2015–16

ITA no.7/Nag./2019 Assessee’s Appeal – A.Y. 2014–15

2.

In its appeal, the assessee has raised following grounds:–

“1.1 The CIT(A) failed to

The order continues below.

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