THE BILASPUR NAGRIK SAHAKARI BANK LTD,BILASPUR(CG) vs. THE DY. COMMISSIONER OF INCOME TAX,CIRCLE, 1(1)BILASPUR, BILASPUR(CG)

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ITA 55/BIL/2017Status: DisposedITAT Raipur30 March 2022AY 2012-139 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that since the assessee had sufficient interest-free own funds to cover its investments in exempt income yielding assets, no disallowance under Section 14A was warranted. The disallowance of Rs. 3,99,790/- was vacated.

What were the facts?

The assessee, a co-operative bank, made investments yielding exempt income. The Assessing Officer disallowed expenditure attributable to this income under Section 14A. The CIT(Appeals) confirmed this disallowance.

What were the issues?

Whether disallowance under Section 14A is justified when the assessee has sufficient interest-free funds to cover investments in exempt income yielding assets.

Which sections of the Income-tax Act were involved?

Section 14A

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Income Tax Appellate Tribunal, RAIPUR BENCH, RAIPUR

Before: SHRI RAVISH SOOD & SHRI JAMLAPPA D BATTULL

For Appellant: Shri G.S Agrawal, AR
For Respondent: Shri Shravankumar Meena, DR
Hearing: 11.03.2022Pronounced: 30.03.2022

आदेशक���त�ल�पअ�े�षत / Copy of the Order forwarded to :

1. 1. अपीलाथ� / The Appellant. 2. ��यथ� / The Respondent.

3. The CIT(Appeals), Bilaspur (C.G) 4. The Pr. CIT, Bilaspur (C.G) 5. �वभागीय ��त�न�ध,आयकर अपील�य अ�धकरण,रायपुर ब�च, रायपुर / DR, ITAT, Raipur Bench, Raipur. गाड�फ़ाइल / Guard File. 6. आदेशानुसार / BY ORDER, // True Copy // �नजीस�चव / Private Secretary आयकर अपील�य अ�धकरण, रायपुर / ITAT, Raipur.

9 Bilaspur Nagrik Sahakari Bank Ltd. Vs. DCIT ITA No. 55/RPR/2017

Date 1 Draft dictated on 11.03.2022 Sr.PS/PS 2 Draft placed before author 11.03.2022 Sr.PS/PS 3 Draft proposed and placed JM/AM before the second Member 4 Draft discussed/approved by AM/JM second Member 5 Approved draft comes to the Sr. Sr.PS/PS PS/PS 6 Kept for pronouncement on Sr.PS/PS 7 Date of uploading of order Sr.PS/PS 8 File sent to Bench Clerk Sr.PS/PS 9 Date on which the file goes to the Head Clerk 10 Date on which file goes to the A.R 11 Date of dispatch of order

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