THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1),, VISAKHAPATNAM vs. THE MAHARAJA CO-OPERATIVE URBAN BANK LIMITED, VISAKHAPATNAM

In the result, appeals of the revenue as well as the cross objections of the assessee are dismissed

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.453/Viz/2019 & 454/Viz/2019 (निर्धारण वर्ा/Assessment Year : 2014-15 & 2015-16) Dy.Commissioner Of Income Tax Vs. The Maharaja Co-Operative Circle-1(1) Urban Bank Ltd Visakhapatnam D.No.49-9-14, Dwaraka Nagar Ganta Arcade Visakhapatnam [Pan : Aaaat4196K] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Cross Objection No. 146/Viz/2019 & 147/Viz/2019 Arising Out Of I.T.A.No.453/Viz/2019 & 454/Viz/2019) (निर्धारण वर्ा/Assessment Year : 2014-15 & 2015-16 Respectively) The Maharaja Co-Operative Urban Vs. Dy.Commissioner Of Bank Ltd Income Tax D.No.49-9-14, Dwaraka Nagar Circle-1(1) Ganta Arcade Visakhapatnam Visakhapatnam [Pan : Aaaat4196K] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) रधजस्व की ओर से /Revenue By : Shri D.K.Sonowal, Cit, Dr निर्धाऩरती की ओर से / Assessee By : Shri G.V.N.Hari, Ar सुिवधई की तधरीख / Date Of Hearing : 09.12.2019 घोर्णध की तधरीख/Date Of Pronouncement : 18.12.2019

94,12,695 and the second addition was towards the disallowance of amortization of premium on government securities amounting to Rs.23,213/- 4.1. The assessee paid interest on deposits to its members without deduction of Tax at source. The AO proposed to disallow the interest u/s 40(a)(ia) of the Act as the assessee did not deduct