VMT Spinning Co. Ltd. v. CIT & Annr

Nagar Urban Co-Operative Bank Limited, Ahmednagar vs. Deputy Commissioner of Income-Tax, Ahmednagar Circle, Ahmednagar

In the result, the appeal of the assessee stands partly allowed for statistical purposes

Bench: Shri Inturi Rama Rao, Am & Shri Partha Sarathi Chaudhury, Jm आयकर अपील सं. / Ita No.2555/Pun/2017 िनधा"रण वष" / Assessment Year : 2012-13 Nagar Urban Co-Operative Bank Ltd., Post Box No.7, Central Bank Road, Ahmednagar-414001. .......अपीलाथ" / Appellant Pan : Aaaan0509L बनाम / V/S. Dcit, Ahmednagar Circle, ……""यथ" / Respondent Ahmednagar. Assessee By : None Revenue By : Shri Vitthal Bhosale सुनवाई क" तारीख / Date Of Hearing : 23.03.2021 घोषणा क" तारीख / Date Of Pronouncement : 24.03.2021 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals)- 2, Pune (‘Cit(A)’ For Short) Dated 20.07.2017 For The Assessment Year 2012-13. 2. The Appellant Raised The Following Grounds Of Appeal :- “1. That The Learned Acit Ahmednagar Has Erred On The Facts & In The Circumstances In Not Allowing Claims Made During The Course Of Hearing For Exempted Income Of Dividend Of Rs. 1487135/- & Expenses Debited To P & L A/C On Account Of Depreciation On Govt. Securities Rs. 11200000/- To Be Allowed As Exempted Income As Well As Allowable Expenses & The Same Were Also Dismissed By The Commissioner Of Income Tax (Appeals) Ii Pune. 2. That Your Appellant Prays That He May Be Allowed To Add, To Alter Or Amend The Above Grounds Of Appeal.”

…distinction which the ITAT failed to note in the impugned order.” 11. To the same effect, the following are decisions of the various Hon’ble High Courts :- (i) PCIT vs. Western India Shipyard Ltd., 379 ITR 289 (Delhi); (ii) CIT vs. Sam Global Securities Ltd., 360 ITR 682 (Delhi); (iii) CIT vs. Jai Parabolic Springs Ltd., 306 ITR 42 (Delhi); (iv) Influence vs. CIT, 55 Taxman 192 (Delhi); 5 PCIT vs. E-Funds International India (P.) Ltd., 379 ITR 292 (Delhi); (vi) CIT vs. Shaw Wallace Distilleries Ltd., 124 taxman 510 (Karnataka); (vii) PCIT vs. Ankit Metal & Power Ltd., 109 taxman 93 (Calcutta); (viii) CIT vs. Ram…