UCO Bank v. CIT

237 ITR 889Supreme Court of India1999#145 most cited

What is UCO Bank v. CIT authority for?

CBDT circulars and instructions, while not binding on courts or assessees, are strictly binding on income-tax departmental authorities, who cannot act in contravention of them.

486

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2010 to 2026.

Also referred to as

UCO Bank v. CIT · 237 ITR 889 · Supreme Court · CBDT circulars binding on department · instructions to tax authorities · section 119 · income tax authorities bound by circulars · contravention of instructions · 143(2) notices · scope of scrutiny

Also reported as

104 Taxmann 547

Sections most often in play

Section 143(3)Section 153ASection 148Section 132Section 250Section 143(2)Section 147Section 115BBE

Issues it is cited on

section 119(1)installation pesection 5(8)section 119(2)(a)dependent agent peagency peservice pefunctional analysisclosely held companysection 150far analysissection 119

Judgments citing UCO Bank v. CIT

Joint Commissioner of Income Tax, Ltu, Bengaluru vs. M/S. Vijaya Bank, Bengaluru

In the result, the appeal filed by the Revenue is partly allowed for statistical purposes

ITA 1834/BANG/2018[2014-15]Status: DisposedITAT Bangalore11 Mar 2022AY 2014-15

Bench: Shri George George K & Ms. Padmavathy Sassessment Year : 2014-15

For Appellant: Shri Ananthan, C.A &For Respondent: Shri Pradeep Kumar, CIT(DR)
Section 115JSection 143(3)Section 234DSection 36(1)(vii)Section 36(1)(viia)Section 36(2)(v)Section 37(1)(vii)

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH : BANGALORE BEFORE SHRI GEORGE GEORGE K, JUDICIAL MEMBER AND MS. PADMAVATHY S, ACCOUNTANT MEMBER Assessment year : 2014-15 The Jt. Commissioner of Vs. Bank of Baroda (previously known as M/s Income-tax (LTU), Vijaya Bank), Head Office Bengaluru. Central Accounts Dept., 41/2, M.G Road, Bengaluru-560 001. PAN – AAACV 4791 J APPELLANT RESPONDENT Assessment year : 2014-15 Bank of Baroda (previously known as Vs. The Jt. Commissioner of M/s Vijaya Bank), Head Office Income-tax (LTU), Central Accounts Dept., 41/2, M.G Road, Bengaluru. Bengaluru-560 001. PAN – AAACV 47…

Ups Asia Group Pte Ltd., Mumbai vs. Asstt. CIT (International Taxation)-4(3)(1), Mumbai

In the result, appeal by the assessee is allowed in terms of our aforesaid findings

ITA 1220/MUM/2021[2017-18]Status: DisposedITAT Mumbai08 Mar 2022AY 2017-18

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Nitesh JoshiFor Respondent: Shri Milind S. Chavan, Sr. AR
Section 143(3)Section 144CSection 144C(13)Section 9(1)(i)

…nue received by the Appellant may be from the customers in India is not liable for tax in India. That CBDT Circulars are binding needs no repetition. If authorities need be cited. We may now refer to the judgment of the Supreme Court in UCO Bank v. CIT [1999] 237 ITR 889. In that judgment the issue was whether Circular of 9-10-1984 was inconsistent or whether there was contradiction in the circular and Section 145 of the Income-tax Act. The Supreme Court observed that :— "... In fact, the circular clarifies the way in which these amounts are to be treated under the accounting practice followed by the lender. The…

Brij Enterprise, Ahmedabad vs. ITO, Ward-3(3)(8), Ahmedabad

In the result the ground of appeal of the assesse is partly allowed

ITA 1219/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad14 Feb 2022AY 2014-15

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No. 1219/Ahd/2018 िनधा"रण वष"/Asstt. Year: 2014-15 Brij Enterprise, I.T.O., B-36, Block B, Vs. Ward-3(3)(8), Amrapali Shopping Mall, Ahmedabad. Ambli Bopal Crossing, Sardar Patel Ring Road, Ambli, Ahmedabad.

For Appellant: Shri D.K. Parikh, A.RFor Respondent: Shri Anand Kumar, Sr..D.R
Section 143(3)

…the set aside and no substantial of law arises. The said judgment relied upon the decision of Hon'ble Supreme Court in the case of Commissioner of Customs Vs Indian Oil Corporation and also the judgment of Hon'ble Supreme Court in the case of UCO Bank Vs CIT: 237 ITR 889. Hence, we hold that the Assessing Officer can widen the scope of scrutiny even the case is selected for limited scrutiny under CASS, however, the condition precedent for such widening of the scope is that the Assessing Officer has to seek prior approval of the authorities mentioned. Such prior approval and the permission of the PCIT is lacking i…

Income Tax Officer, Ward-3(2), Hyderabad vs. R P Projects Private Limited, Hyderabad

ITA 26/HYD/2019[2015-16]Status: DisposedITAT Hyderabad08 Feb 2022AY 2015-16

Bench: Shri A.Mohan Alankamony & Shri S.S.Godara

For Appellant: Shri Biswal Narahari, ARFor Respondent: Shri Rajendra Kumar, CIT-DR
Section 143(2)Section 143(3)

…INSTRUCTION OF CBDT BINDING ON REVENUE AUIHORITIES 10. It has been held that Instructions issued by CBDT in exercise of powers u/s 119 of the Act are binding on assessing officers and other revenue authorities. 10.1.In the case of CIT vs UCO Bank reported in 237 ITR 889 Hon'ble Supreme Court have held as under: (Page-79) “7. What is the status of these circulars? section 119(1) -of the Income Tax Act, 1961 provides that, "The CBDT may, from time to time, issue such orders, instructions and directions to other Income Tax authorities as it may deem fit for the proper administration of this Act and such authorities…

Mumbai Metroplitan Region Development Authority, Mumbai vs. DDIT (E) -1(1), Mumbai

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

ITA 4395/MUM/2019[2015-16]Status: DisposedITAT Mumbai03 Jan 2022AY 2015-16

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

For Appellant: Shri Saurabh SoparkarFor Respondent: Shri Parag Vyas
Section 10Section 10(20)Section 11Section 12Section 12ASection 143(2)Section 143(3)

…y entries made in its books of account represented only hypothetical income and it could not be brought to tax as it did not represent income which had really accrued even though assessee-company was following mercantile system of accounting UCO Bank vs CIT - 237 ITR 889 — herein Hon Supreme Court held that Section 5, read with sections 119 and 145, of the Income-tax Act, 1961 - Income — Accrual of — Assessment year 1981-82 — Whether in view of CBDT circular, dated 9-10-1984, interest on a loan whose recovery is doubtful and which has not been recovered by assessee- bank for last three years but has been kept in…

Mumbai Metroplitan Region Development Authority, Mumbai vs. DDIT (E) -1(1), Mumbai

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

ITA 4394/MUM/2019[2014-15]Status: DisposedITAT Mumbai03 Jan 2022AY 2014-15

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

For Appellant: Shri Saurabh SoparkarFor Respondent: Shri Parag Vyas
Section 10Section 10(20)Section 11Section 12Section 12ASection 143(2)Section 143(3)

…y entries made in its books of account represented only hypothetical income and it could not be brought to tax as it did not represent income which had really accrued even though assessee-company was following mercantile system of accounting UCO Bank vs CIT - 237 ITR 889 — herein Hon Supreme Court held that Section 5, read with sections 119 and 145, of the Income-tax Act, 1961 - Income — Accrual of — Assessment year 1981-82 — Whether in view of CBDT circular, dated 9-10-1984, interest on a loan whose recovery is doubtful and which has not been recovered by assessee- bank for last three years but has been kept in…

Mumbai Metroplitan Region Development Authority, Mumbai vs. DDIT (E) -1(1), Mumbai

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

ITA 4393/MUM/2019[2013-14]Status: DisposedITAT Mumbai03 Jan 2022AY 2013-14

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

For Appellant: Shri Saurabh SoparkarFor Respondent: Shri Parag Vyas
Section 10Section 10(20)Section 11Section 12Section 12ASection 143(2)Section 143(3)

…y entries made in its books of account represented only hypothetical income and it could not be brought to tax as it did not represent income which had really accrued even though assessee-company was following mercantile system of accounting UCO Bank vs CIT - 237 ITR 889 — herein Hon Supreme Court held that Section 5, read with sections 119 and 145, of the Income-tax Act, 1961 - Income — Accrual of — Assessment year 1981-82 — Whether in view of CBDT circular, dated 9-10-1984, interest on a loan whose recovery is doubtful and which has not been recovered by assessee- bank for last three years but has been kept in…

Mumbai Metroplitan Region Development Authority, Mumbai vs. DDIT (E) -1(1), Mumbai

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

ITA 4392/MUM/2019[2012-13]Status: DisposedITAT Mumbai03 Jan 2022AY 2012-13

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

For Appellant: Shri Saurabh SoparkarFor Respondent: Shri Parag Vyas
Section 10Section 10(20)Section 11Section 12Section 12ASection 143(2)Section 143(3)

…y entries made in its books of account represented only hypothetical income and it could not be brought to tax as it did not represent income which had really accrued even though assessee-company was following mercantile system of accounting UCO Bank vs CIT - 237 ITR 889 — herein Hon Supreme Court held that Section 5, read with sections 119 and 145, of the Income-tax Act, 1961 - Income — Accrual of — Assessment year 1981-82 — Whether in view of CBDT circular, dated 9-10-1984, interest on a loan whose recovery is doubtful and which has not been recovered by assessee- bank for last three years but has been kept in…

Mumbai Metroplitan Region Development Authority, Mumbai vs. DDIT (E) -1(1), Mumbai

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

ITA 4391/MUM/2019[2010-11]Status: DisposedITAT Mumbai03 Jan 2022AY 2010-11

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

For Appellant: Shri Saurabh SoparkarFor Respondent: Shri Parag Vyas
Section 10Section 10(20)Section 11Section 12Section 12ASection 143(2)Section 143(3)

…y entries made in its books of account represented only hypothetical income and it could not be brought to tax as it did not represent income which had really accrued even though assessee-company was following mercantile system of accounting UCO Bank vs CIT - 237 ITR 889 — herein Hon Supreme Court held that Section 5, read with sections 119 and 145, of the Income-tax Act, 1961 - Income — Accrual of — Assessment year 1981-82 — Whether in view of CBDT circular, dated 9-10-1984, interest on a loan whose recovery is doubtful and which has not been recovered by assessee- bank for last three years but has been kept in…

M/S. Vijaya Bank, Bangalore vs. Joint Commissioner of Income Tax, Ltu, Bangalore

In the result, the appeal filed by the assessee is treated as allowed for statistical purposes

ITA 1838/BANG/2018[2013-14]Status: DisposedITAT Bangalore28 Dec 2021AY 2013-14

Bench: Shri George George K. & Shri B.R. Baskaranassessment Year : 2013-14

For Appellant: Shri S. Ananthan, A.RFor Respondent: Shri Pradeep Kumar, D.R
Section 115JSection 143(3)Section 14ASection 194JSection 36(1)(vii)Section 36(1)(viia)Section 40

…r of the assessee in the case of Karnataka Bank Vs. ACIT reported in (2013) 356 ITR 549 (Kar). Following the decision of the Hon'ble ITA Nos.1833 & 1838/Bang/2018 M/s. Bank of Baroda, Bangalore Page 17 of 21 Apex Court in the case of UCO Bank Vs. CIT (1999) 237 ITR 889 (SC), the Hon'ble Karnataka High Court held that the investments of the bank are stock in trade and are to be valued at lower of cost or market value and the resultant depreciation is an allowable deduction. The learned Authorised Representative further submitted that the decision n the case of Karnataka Bank (supra), was followed by the Hon'ble…

Joint Commissioner of Income Tax, Ltu, Bengaluru vs. M/S. Vijaya Bank, Bengaluru

In the result, the appeal filed by the assessee is treated as allowed for statistical purposes

ITA 1833/BANG/2018[2013-14]Status: DisposedITAT Bangalore28 Dec 2021AY 2013-14

Bench: Shri George George K. & Shri B.R. Baskaranassessment Year : 2013-14

For Appellant: Shri S. Ananthan, A.RFor Respondent: Shri Pradeep Kumar, D.R
Section 115JSection 143(3)Section 14ASection 194JSection 36(1)(vii)Section 36(1)(viia)Section 40

…r of the assessee in the case of Karnataka Bank Vs. ACIT reported in (2013) 356 ITR 549 (Kar). Following the decision of the Hon'ble ITA Nos.1833 & 1838/Bang/2018 M/s. Bank of Baroda, Bangalore Page 17 of 21 Apex Court in the case of UCO Bank Vs. CIT (1999) 237 ITR 889 (SC), the Hon'ble Karnataka High Court held that the investments of the bank are stock in trade and are to be valued at lower of cost or market value and the resultant depreciation is an allowable deduction. The learned Authorised Representative further submitted that the decision n the case of Karnataka Bank (supra), was followed by the Hon'ble…

Deputy Commissioner of Income-Tax, Circle - 12, Pune vs. Western Maharashtra Development Corporation Ltd, Pune

In the result, the appeal filed by the Revenue is dismissed

ITA 899/PUN/2018[2013-14]Status: DisposedITAT Pune26 Oct 2021AY 2013-14

Bench: Shri Inturi Rama Rao, Am & Shri S. S. Viswanethra Ravi, Jm आयकर अपीऱ सं. / Ita No.899/Pun/2018 नििाारण वषा / Assessment Year : 2013-14 Dcit, Circle-12(2), .......अपीलाथी / Appellant Pune. बनाम / V/S. Western Maharashtra Development Corporation Limited, Kubera Chambers, 2Nd Floor, Dr. Rajendra Prasad Road, Shivajinagar, Pune-411005. ……प्रत्यथी / Respondent Pan : Aaacw1864B Revenue By : Shri S.P. Walimbe Assessee By : Shri Kishor Phadke

For Appellant: Shri Kishor PhadkeFor Respondent: Shri S.P. Walimbe
Section 143(3)Section 145(1)

…n the books of account on sticky advances, the claim is in the nature of interest on doubtful debts, there is an uncertainty as to the recovery of advances as well as principal amount of the advances. The Hon’ble Supreme Court in the case of UCO Bank vs. CIT, 237 ITR 889 held that no hypothetical income can be brought to tax. The Hon’ble Supreme Court in the case of CIT vs. Shoorji Vallabhdas And Co., 46 ITR 144 (SC) laid down the principle that what can be taxed is only a real income, in respect of which the right to receive income had accrued, the same principle was reiterated in the case of UCO Bank (supra). R…

DCIT(It)-2(3)(1), Mumbai vs. Forbes Container Line Pte Ltd, Mumbai

In the result, the appeal is dismissed

ITA 39/MUM/2019[2014-15]Status: DisposedITAT Mumbai21 Oct 2021AY 2014-15
Section 143(3)

…nue received by the Appellant may be from the customers in India is not liable for tax in India. That CBDT Circulars are binding needs no repetition. If authorities need be cited. We may now refer to the judgment of the Supreme Court in UCO Bank v. CIT [1999] 237 ITR 889. In that judgment the issue was whether Circular of 9-10-1984 was inconsistent or whether there was contradiction in the circular and Section 145 of the Income-tax Act. The Supreme Court observed that :— "... In fact, the circular clarifies the way in which these amounts are to be treated under the accounting practice followed by the lender. The…

Chetak Manufacturing Co., Dadra vs. ACIT, Vapi

In the result, appeal filed by the assessee is allowed

ITA 789/SRT/2018[2015-16]Status: DisposedITAT Surat16 Sept 2021AY 2015-16

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./Ita No.789/Srt/2018 ("नधा"रणवष" / Assessment Year: (2015-16) (Virtual Court Hearing) Chetak Manufacturing Co. The Acit, Circle-Vapi. Vs. Survey No.2/77/2/3, Damini Village, Dadra. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aacfc1909J (Assessee) (Respondent) Assessee By : Ms Rushi Parekh, Ca Revenue By : Ms Anupama Singhla, Sr. Dr सुनवाईक"तार"ख/ Date Of Hearing : 07/09/2021 घोषणाक"तार"ख/Date Of Pronouncement : 16/09/2021 आदेश / O R D E R Per Dr. A. L. Saini: Captioned Appeal Filed By The Assessee Pertaining To Assessment Year (Ay) 2015-16, Is Directed Against The Order Passed By The Learned Commissioner Of Income Tax(Appeals), Surat [In Short “The Ld. Cit(A)”] In Appeal No. Cit(A)/Vls/432/17-18 Dated 26.10.2018, Which In Turn Arises Out Of An Assessment Order Passed By The Assessing Officer Under Section 143(3) Of The Act (Hereinafter Referred To As “The Act”). 2. Grounds Of Appeal Raised By The Assessee Are As Follows: “1.That The Cit(A) Erred In Confirming Addition Of Duty Draw Back Rs.2,84,465/-. 2. The Assessee Craves Leave To Add, Amend, Alter, Vary And/Or Withdraw Any Or All The Above Grounds Of Appeal.”

For Appellant: Ms Rushi Parekh, CAFor Respondent: Ms Anupama Singhla, Sr. DR
Section 143(3)

…of CIT v. Citibank N.A. [1994] 208 ITR 930 mixed system of accounting has been approved in respect of interest on problem loans receivable by banks by the Bombay High Court. It has also been approved by the judgment of Supreme Court in UCO Bank v. CIT [1999] 237 ITR 889. Basically, mixed system of accounting is not to Assessment Year.2015-16 Chetak Manufacturing Co. be discarded unless there is loss of income. In the present case, there is no such loss. In the present case, the change is held to be bona fide.” 8. From the above judgment of the Hon'ble Bombay High Court in the case of Matchwell Electricals (I) Lt…

Novell Inc (Now Known As Micro Focus Software), Mumbai vs. Asst CIT (It) Range 3 (3)91), Mumbai

In the result, the appeal is allowed in the terms indicated above

ITA 7766/MUM/2019[2016-17]Status: DisposedITAT Mumbai31 Aug 2021AY 2016-17
Section 144C(1)

…nue received by the Appellant may be from the customers in India is not liable for tax in India. That CBDT Circulars are binding needs no repetition. If authorities need be cited. We may now refer to the judgment of the Supreme Court in UCO Bank v. CIT [1999] 237 ITR 889. In that judgment the issue was whether Circular of 9-10-1984 was inconsistent or whether there was contradiction in the circular and Section 145 of the Income-tax Act. The Supreme Court observed that :— Assessment year: 2016-17 Page 12 of 18 "... In fact, the circular clarifies the way in which these amounts are to be treated under the accountin…

Novell Inc (Now Known As Micro Focus Software), Mumbai vs. Asst CIT (It) Range 3 (3)91), Mumbai

In the result, the appeal is allowed in the terms indicated above

ITA 7765/MUM/2019[2015-16]Status: DisposedITAT Mumbai31 Aug 2021AY 2015-16
Section 144C(1)

…nue received by the Appellant may be from the customers in India is not liable for tax in India. That CBDT Circulars are binding needs no repetition. If authorities need be cited. We may now refer to the judgment of the Supreme Court in UCO Bank v. CIT [1999] 237 ITR 889. In that judgment the issue was whether Assessment year: 2015-16 Page 12 of 18 Circular of 9-10-1984 was inconsistent or whether there was contradiction in the circular and Section 145 of the Income-tax Act. The Supreme Court observed that :— "... In fact, the circular clarifies the way in which these amounts are to be treated under the accountin…

DCIT, Circle- 2, Meerut vs. Sarva Up Gramin Bank, Meerut

In the result, the appeal of the revenue is dismissed

ITA 3223/DEL/2018[2014-15]Status: DisposedITAT Delhi17 Aug 2021AY 2014-15

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

For Appellant: Shri Vivek Gupta, CAFor Respondent: Ms. Nidhi Srivastava, CIT(DR)
Section 36Section 36(1)Section 36(1)(viia)Section 92C

…mitigate the rigour of a particular provision for the benefit of the assessee in certain specified circumstances. So long as the circular is in force, it aids the uniform and proper administration and application of the provisions of the Act (UCO Bank vs. CIT 237 ITR 889 (SC) followed) 9. We have also gone through the guidelines given by the Supreme Court in the case of DCIT vs. Catholic Syrian Bank 88 ITD 185. In that case, the Hon’ble Court had to consider whether a bank was eligible to claim a deduction for bad debts u/s 36(1)(vii) in respect of its (rural & urban) advances and also claim a provision for bad a…

Assistant Commissioner of Income-Tax, Circle - 12, Pune vs. Western Maharashtra Development Corporation Limited, Pune

In the result, the appeal filed by the Revenue is dismissed

ITA 2250/PUN/2017[2012-13]Status: DisposedITAT Pune24 Jun 2021AY 2012-13
For Appellant: Shri Kishor PhadkeFor Respondent: Shri Sudhendu Das
Section 143(3)Section 145(1)

…the books of account on sticky advances, the claim is in the nature of interest on doubtful debts, there is an uncertainty as to the recovery of advances as well as principal amount of the advances. The 4 Hon’ble Supreme Court in the case of UCO Bank vs. CIT, 237 ITR 889 held that no hypothetical income can be brought to tax. The Hon’ble Supreme Court in the case of CIT vs. Shoorji Vallabhdas And Co., 46 ITR 144 (SC) laid down the principle that what can be taxed is only a real income, in respect of which the right to receive income had accrued, the same principle was reiterated in the case of UCO Bank (supra). R…

DCIT, C-1, (E), Chandigarh vs. M/S Manav Mangal Society, Chandigarh

In the result, all the appeals of the assessee are allowed and all the appeals of the department are dismissed

ITA 30/CHANDI/2020[2016-17]Status: DisposedITAT Chandigarh27 May 2021AY 2016-17
For Appellant: Shri Sudhir Sehgal, AdvFor Respondent: Shri Sandeep Dahiya, CIT-DR
Section 13(3)

…) has discussed the issue for the A.Y. 2014-15 and order in the Board’s Circular No. 387 of CBDT, the exemption cannot be withdrawn even if there is violation of Section 13 of the Act. Reliance was placed on the following case laws: i. UCO bank Vs CIT (1999) 237 ITR 889 (SC) ii. DIT Vs Working Women’s Forum 235 Taxman 516 (SC) It was pointed out that this issue has been settled by the ITAT Chandigarh Bench in ITA No. 266/Chd/2007 for the A.Y. 2003-04 in assessee’s own case vide order dated 22/11/2007, copy of which is placed at page Nos. 224 to 234 of the assessee’s paper book, against the said order, the depar…

M/S Manav Mangal Society, Chandigarh vs. DCIT, C-1, (E), Chandigarh

In the result, all the appeals of the assessee are allowed and all the appeals of the department are dismissed

ITA 3/CHANDI/2020[2011-12]Status: DisposedITAT Chandigarh27 May 2021AY 2011-12
For Appellant: Shri Sudhir Sehgal, AdvFor Respondent: Shri Sandeep Dahiya, CIT-DR
Section 13(3)

…) has discussed the issue for the A.Y. 2014-15 and order in the Board’s Circular No. 387 of CBDT, the exemption cannot be withdrawn even if there is violation of Section 13 of the Act. Reliance was placed on the following case laws: i. UCO bank Vs CIT (1999) 237 ITR 889 (SC) ii. DIT Vs Working Women’s Forum 235 Taxman 516 (SC) It was pointed out that this issue has been settled by the ITAT Chandigarh Bench in ITA No. 266/Chd/2007 for the A.Y. 2003-04 in assessee’s own case vide order dated 22/11/2007, copy of which is placed at page Nos. 224 to 234 of the assessee’s paper book, against the said order, the depar…