THE DISTRICT CO-OPERATIVE CENTRAL BANK LTD.,,ELURU vs. THE ACIT,, ELURU

In the result, the appeals filed by the assessee in ITA No

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singh

vii) or section 37 of the Act, then in the computation of income, the RBI Guidelines would have no role to play, and hence, an add back. Insofar as income recognition is concerned, the Supreme Court has held thus: "Applicability of Section 145 57. At the outset, we may state that in essence the RBI Directions, 1998 are prudential/provisioning norms

M/S THE DISTRICT CO-OPERATIVE CENTRAL BANK LTD.,ELURU vs. THE ITO, WARD-2, ELURU, ELURU

In the result, the appeals filed by the assessee in ITA No

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singh

vii) or section 37 of the Act, then in the computation of income, the RBI Guidelines would have no role to play, and hence, an add back. Insofar as income recognition is concerned, the Supreme Court has held thus: "Applicability of Section 145 57. At the outset, we may state that in essence the RBI Directions, 1998 are prudential/provisioning norms

THE ITO, WARD-2, ELURU, ELURU vs. M/S THE DISTRICT CO-OPERATIVE CENTRAL BANK LTD., ELURU

In the result, the appeals filed by the assessee in ITA No

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singh

vii) or section 37 of the Act, then in the computation of income, the RBI Guidelines would have no role to play, and hence, an add back. Insofar as income recognition is concerned, the Supreme Court has held thus: "Applicability of Section 145 57. At the outset, we may state that in essence the RBI Directions, 1998 are prudential/provisioning norms

THE ACIT,, ELURU vs. M/S. THE DISTRICT CO - OPERATIVE CENTRAL BANK LTD., ELURU

In the result, the appeals filed by the assessee in ITA No

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singh

vii) or section 37 of the Act, then in the computation of income, the RBI Guidelines would have no role to play, and hence, an add back. Insofar as income recognition is concerned, the Supreme Court has held thus: "Applicability of Section 145 57. At the outset, we may state that in essence the RBI Directions, 1998 are prudential/provisioning norms

THE DISTRICT CO-OPERATIVE CENTRAL BANK LTD.,,ELURU vs. THE ACIT,, VISAKHAPATNAM

In the result, the appeals filed by the assessee in ITA No

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singh

vii) or section 37 of the Act, then in the computation of income, the RBI Guidelines would have no role to play, and hence, an add back. Insofar as income recognition is concerned, the Supreme Court has held thus: "Applicability of Section 145 57. At the outset, we may state that in essence the RBI Directions, 1998 are prudential/provisioning norms

M/S. ANDHRA TRADE DEVELOPMENT - CORPORATION, PVT.LTD.,GUNTUR vs. THE ACIT,, GUNTUR

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.233/Viz/2017 (धििाारण िर्ा/ Assessment Year: 2013-2014) M/S Andhra Trade Development The Assistant Commissioner Corporation Pvt. Ltd., Of Income-Tax, Circle-1(1) Guntur Guntur [Pan : Aabca8777C] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलार्थी की ओर से/ Appellant By : Shri G.V.N.Hari, Ar प्रत्यार्थी की ओर से/ Respondent By : Shri D.K.Sonowal, Cit Dr

vii) of the Act, , MAT is exempt for sick industrial companies. The Ld.AR further submitted that though the SICA act was repealed, the provision with regard to non-application of MAT in the case of sick industrial companies was not removed from the statute, hence, submitted that the provision of 9 I.T.A. No.233/Viz/2017 Andhra Trade Development Corporation, Guntur non-application

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

In the result, appeals filed by the assessee and Revenue are dismissed

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble

1) shall not apply- ----- (v) to such income credited or paid by a co- operative society (other than a co-operative bank) to a member thereof or to such income credited or paid by a co-operative society to any other co-operative society; On a plain reading of the section 194A(3)(v), we notice that the said section

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

In the result, appeals filed by the assessee and Revenue are dismissed

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble

1) shall not apply- ----- (v) to such income credited or paid by a co- operative society (other than a co-operative bank) to a member thereof or to such income credited or paid by a co-operative society to any other co-operative society; On a plain reading of the section 194A(3)(v), we notice that the said section

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

In the result, appeals filed by the assessee and Revenue are dismissed

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble

1) shall not apply- ----- (v) to such income credited or paid by a co- operative society (other than a co-operative bank) to a member thereof or to such income credited or paid by a co-operative society to any other co-operative society; On a plain reading of the section 194A(3)(v), we notice that the said section

ARIHANT CONSTRUCTIONS, ,VISAKHAPATNAM vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4(1), , VISAKHAPATNAM

In the result, appeals of the assessee for the A

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.321-325/Viz/2019 (ननधधारण वर्ा/Assessment Year : 2011-12 To 2015-16) M/S Arihant Constructions Vs. Asst.Commissioner Of Income Tax M/S B.V.Rao & Co Llp Circle-4(1) Chartered Accountants Visakhapatnam Ff-1, Satya Lakshmi Vinayaka Towers, Madhuranagar Visakhapatnam [Pan : Aarfa0600P] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri B.V.Rao, Ar प्रत्यधथी की ओर से / Respondent By : Shri D.V.Subba Rao, Dr सुनवधई की तधरीख / Date Of Hearing : 05.08.2019 घोर्णध की तधरीख/Date Of Pronouncement : 23 .08.2019

9. Per contra, the Ld.DR relied on the orders of the lower authorities. 10. We have heard both the parties and perused the material placed on record. In the instant case, the assessment was originally completed u/s 143(3) by an order dated 29.10.2015. Notice u/s 148 was issued on 17.03.2017 within 4 years from the relevant assessment year

ARIHANT CONSTRUCTIONS, ,VISAKHAPATNAM vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4(1),, VISAKHAPATNAM

In the result, appeals of the assessee for the A

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.321-325/Viz/2019 (ननधधारण वर्ा/Assessment Year : 2011-12 To 2015-16) M/S Arihant Constructions Vs. Asst.Commissioner Of Income Tax M/S B.V.Rao & Co Llp Circle-4(1) Chartered Accountants Visakhapatnam Ff-1, Satya Lakshmi Vinayaka Towers, Madhuranagar Visakhapatnam [Pan : Aarfa0600P] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri B.V.Rao, Ar प्रत्यधथी की ओर से / Respondent By : Shri D.V.Subba Rao, Dr सुनवधई की तधरीख / Date Of Hearing : 05.08.2019 घोर्णध की तधरीख/Date Of Pronouncement : 23 .08.2019

9. Per contra, the Ld.DR relied on the orders of the lower authorities. 10. We have heard both the parties and perused the material placed on record. In the instant case, the assessment was originally completed u/s 143(3) by an order dated 29.10.2015. Notice u/s 148 was issued on 17.03.2017 within 4 years from the relevant assessment year

ARIHANT CONSTRUCTIONS, ,VISAKHAPATNAM vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4(1), , VISAKHAPATNAM

In the result, appeals of the assessee for the A

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.321-325/Viz/2019 (ननधधारण वर्ा/Assessment Year : 2011-12 To 2015-16) M/S Arihant Constructions Vs. Asst.Commissioner Of Income Tax M/S B.V.Rao & Co Llp Circle-4(1) Chartered Accountants Visakhapatnam Ff-1, Satya Lakshmi Vinayaka Towers, Madhuranagar Visakhapatnam [Pan : Aarfa0600P] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri B.V.Rao, Ar प्रत्यधथी की ओर से / Respondent By : Shri D.V.Subba Rao, Dr सुनवधई की तधरीख / Date Of Hearing : 05.08.2019 घोर्णध की तधरीख/Date Of Pronouncement : 23 .08.2019

9. Per contra, the Ld.DR relied on the orders of the lower authorities. 10. We have heard both the parties and perused the material placed on record. In the instant case, the assessment was originally completed u/s 143(3) by an order dated 29.10.2015. Notice u/s 148 was issued on 17.03.2017 within 4 years from the relevant assessment year

ARIHANT CONSTRUCTIONS, ,VISAKHAPATNAM vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4(1),, VISAKHAPATNAM

In the result, appeals of the assessee for the A

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.321-325/Viz/2019 (ननधधारण वर्ा/Assessment Year : 2011-12 To 2015-16) M/S Arihant Constructions Vs. Asst.Commissioner Of Income Tax M/S B.V.Rao & Co Llp Circle-4(1) Chartered Accountants Visakhapatnam Ff-1, Satya Lakshmi Vinayaka Towers, Madhuranagar Visakhapatnam [Pan : Aarfa0600P] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri B.V.Rao, Ar प्रत्यधथी की ओर से / Respondent By : Shri D.V.Subba Rao, Dr सुनवधई की तधरीख / Date Of Hearing : 05.08.2019 घोर्णध की तधरीख/Date Of Pronouncement : 23 .08.2019

9. Per contra, the Ld.DR relied on the orders of the lower authorities. 10. We have heard both the parties and perused the material placed on record. In the instant case, the assessment was originally completed u/s 143(3) by an order dated 29.10.2015. Notice u/s 148 was issued on 17.03.2017 within 4 years from the relevant assessment year

DCIT 7(3), MUMBAI vs. VIZAG SEAPORT P.LTD, MUMBAI

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

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Ble

9. Respectfully following the above judicial pronouncements, we are of the considered view that the Ld. AO has erred in reopening the assessment u/s. 147 of the Act merely by changing his opinion which is unsustainable in law and therefore deserves to be quashed. Therefore, the grounds raised by the Revenue against the order passed U/s. 143(3) r.w.s

DCIT 7(3), MUMBAI vs. VIZAG SEAPORT P.LTD, MUMBAI

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

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Ble

9. Respectfully following the above judicial pronouncements, we are of the considered view that the Ld. AO has erred in reopening the assessment u/s. 147 of the Act merely by changing his opinion which is unsustainable in law and therefore deserves to be quashed. Therefore, the grounds raised by the Revenue against the order passed U/s. 143(3) r.w.s

DCIT 7(3), MUMBAI vs. VIZAG SEAPORT P.LTD, MUMBAI

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

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Ble

9. Respectfully following the above judicial pronouncements, we are of the considered view that the Ld. AO has erred in reopening the assessment u/s. 147 of the Act merely by changing his opinion which is unsustainable in law and therefore deserves to be quashed. Therefore, the grounds raised by the Revenue against the order passed U/s. 143(3) r.w.s

VIZAG SEAPORT P.LTD,VISAKHAPATNAM vs. CIT(A) 14, MUMBAI

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

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Ble

9. Respectfully following the above judicial pronouncements, we are of the considered view that the Ld. AO has erred in reopening the assessment u/s. 147 of the Act merely by changing his opinion which is unsustainable in law and therefore deserves to be quashed. Therefore, the grounds raised by the Revenue against the order passed U/s. 143(3) r.w.s

VIZAG SEAPORT P.LTD,VISAKHAPATNAM vs. CIT(A) 14, MUMBAI

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

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Ble

9. Respectfully following the above judicial pronouncements, we are of the considered view that the Ld. AO has erred in reopening the assessment u/s. 147 of the Act merely by changing his opinion which is unsustainable in law and therefore deserves to be quashed. Therefore, the grounds raised by the Revenue against the order passed U/s. 143(3) r.w.s