ASST. COMMISSIONER OF INCOME TAX, CIRCLE-1(1), SAMBALPUR vs. THE KORAPUT CENTRAL COOPERATIVE BANK LTD, JEYPORE
In the result, appeal of the revenue is partly allowed and cross objection of the assessee is dismissed
ITA 289/CTK/2024[2015-16]Status: DisposedITAT Cuttack11 Nov 2024AY 2015-16
Bench: Shri George Mathan & Shri Manish Agarwalआयकर अपील सं/Ita No.289/Ctk/2024 (िनधा"रण वष" / Assessment Year : 2015-2016) Acit, Circle-1(1), Sambalpur Vs The Koraput Central Cooperative Bank Limited, Jeypore, Dabbuguda, Koraput Pan No. : Aaaat 2619 K & Cross Objection No.05/Ctk/2024 (िनधा"रण वष" / Assessment Year : 2015-2016) The Koraput Central Cooperative Vs Acit, Circle-1(1), Sambalpur Bank Limited, Jeypore, Dabbuguda, Koraput Pan No. : Aaaat 2619 K (अपीलाथ" /Appellant) .. (""यथ" / Respondent) िनधा"रती क" ओर से /Assessee By : Shri Rohit Kumar Singhania, Ca राज"व क" ओर से /Revenue By : Dr. Abani Kanta Nayak, Cit-Dr सुनवाई क" तारीख / Date Of Hearing : 11/11/2024 घोषणा क" तारीख/Date Of Pronouncement : 11/11/2024 आदेश / O R D E R Per Bench : This Is An Appeal Filed By The Revenue Against The Order Of The Ld. Cit(A), National Faceless Appeal Centre (Nfac), Delhi, Dated 17.05.2024, Passed In Appeal No.Nfac/2014-15/10211783 Vide Din & Order No.Itba/Nfac/S/250/2024-25/1064953497(1) For The Assessment Year 2015-2016. The Assessee Has Also Filed Cross Objection. 2. The Revenue In Its Appeal Has Raised The Following Grounds :- 1) Whether On The Facts & Circumstances Of The Case & In Law, The Ld Cit(A) Is Justified In Modifying The Computation By Allowing The Deduction Of Rs 15,42,35,031/- U/S 36(1)(Viia) Of The Act Without Appreciating The Fact That The Assessee Has Claimed Deduction U/S 36(1)(Visa) Of The Act Of Rs.5,82,04,860/- Only While Filing Its Return Of Income & Accordingly Deduction U/S 36(1)(Viia) Of The Act Should Be Restricted To The Actual Claim Of The Assessee Or As Per The Definition Of "Provision Of Bad & Doubtful Debts"
For Appellant: Shri Rohit Kumar Singhania, CAFor Respondent: Dr. Abani Kanta Nayak, CIT-DR
Section 143(3)Section 263Section 36(1)Section 36(1)(viia)Section 36(1)(visa)Section 37(1)
disallowance the assessee preferred appeal before the ld. CIT(A), who allowed part relief to the assessee and allowed the provisions of bad & doubtful debts at Rs.15,42,35,031/- as against
Rs.7,11,13,640/- allowed by the AO based on the calculation done in terms of the provisions of Section 36(1)(viia
