DCIT, Udupi v. M/s Syndciate Bank, Manipal

MA 27/BANG/2011 | 2005-2006
Pronouncement Date: 25-03-2011 | Result: Allowed

Appeal Details

RSA Number 2721124 RSA 2011
Bench Bangalore
Appeal Number MA 27/BANG/2011
Duration Of Justice 23 day(s)
Appellant DCIT, Udupi
Respondent M/s Syndciate Bank, Manipal
Appeal Type Miscellaneous Application
Pronouncement Date 25-03-2011
Appeal Filed By Department
Order Result Allowed
Bench Allotted A
Tribunal Order Date 25-03-2011
Assessment Year 2005-2006
Appeal Filed On 04-03-2011
Judgment Text
PAGE 1 OF 3 M.P. NO.27/BANG/2011 1 IN THE INOME TAX APPELLATE TRIBUNAL BANGALORE BENCH A BEFORE SHRI GEORGE GEORGE K. J.M. AND SHRI A MOHAN ALANKAMONY A.M. M.P.NO.27 BANG/2011 (ITA NO.492/BANG/2009) (ASST. YEAR 2005-06) THE DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1 UDUPI. - APPELLANT/PETITIONER VS M/S SYNDICATE BANK H.O. MANIPAL. - RESPONDENT APPELLANT/PETITIONER BY : SHRI G V GOPALA RAO CIT-I RESPONDENT BY : MS MANASA KUMAR ADVOCATE O R D E R PER GEORGE GEORGE K : THIS MISCELLANEOUS APPLICATION HAS BEEN FILED BY THE REVENUE SEEKING RECALL OF THE ORDER OF THE TRIBUNAL DATED 13 TH AUGUST 2009 IN ITA.NO.492 OF 2009. 2. THE BRIEF FACTS OF THE CASE ARE THAT THE APPEAL OF THE REVENUE WAS DISMISSED BY ORDER DATED 13 TH AUGUST 2009 FOR WANT OF APPROVAL FROM THE COD. BEFORE THE TRIBUNAL THE REVENUE HAD RAISED THE FOLLOWING GROUNDS IN ITA NO.492/BANG/200 9 FOR THE AY 2005-06:- PAGE 2 OF 3 M.P. NO.27/BANG/2011 2 REGULAR INCOME 1. WHETHER THE DEDUCTION CLAIMED TOWARDS BAD AND DOUBTFUL DEBTS WRITTEN OFF U/S 36(1)(VII) BEING THE DEBTS PERTAINING TO ITS NON RURAL BRANCHES IS AN ALLOWABLE DEDUCTION. 2. WHETHER THE DEDUCTION CLAIMED TOWARDS PROVISION FOR BAD AND DOUBTFUL DEBTS TO THE EXTENT ELIGIBLE U/S 36(1)(VIIA) IS AN ALLOWABLE DEDUCTION. 3. WHETHER THE DEDUCTION CLAIMED ON PROFIT ON SALE OF INVESTMENT AND LOSS CLAIMED ON TREATING THE INVESTMENTS AS STOCK-IN-TRADE IS AN ALLOWABLE DEDUCTION. BOOK PROFIT U/S 115JB 4. WHETHER THE PROVISION FOR DEPRECIATION IN INVESTMENT WILL FORM PART OF PROFIT U/S 115JB. 5. WHETHER THE AMORTIZATION OF LOSS IN INVESTMENT WILL FORM PART OF PROFIT U/S 115JB. SUBSEQUENTLY THE REVENUE FILED M.P.NO.27 OF 2011 S TATING THAT THE REQUISITE COD APPROVAL FOR PURSUING ALL THE ISSUES EXCEPT AMORTIZATION OF LOSS IN INVESTMENT WHETHER FORMS P ART OF PROFIT U/S 115JB WAS OBTAINED AND PRAYED THAT THE ITA NO.4 92/2009 MAY BE RECALLED IN RESPECT OF THE ISSUES (1) TO (4) MENTIONED ABOVE AND DECIDED ON MERITS. 3. WE HAVE HEARD THE ISSUE AND PERUSED THE COPY OF THE MINUTES OF THE MEETING OF THE COMMITTEE OF DISPUTES HELD ON 12.08.2010 WHICH IS PLACED ON RECORD. IT IS TRUE THAT COD HAS ACCORDED PERMISSION TO THE ASSESSEE TO PURSUE THE A PPEAL IN RESPECT OF 4 ISSUES MENTIONED AS ABOVE EXCEPT ISSU E NO.5 BEFORE PAGE 3 OF 3 M.P. NO.27/BANG/2011 3 THE TRIBUNAL. HENCE WE RECALL THE ORDER OF THE T RIBUNAL DATED 13 TH AUGUST 2009 AND POST THE APPEAL FOR HEARING IN THE REGULAR COURSE. ISSUE NOTICE TO THE PARTIES. 4. IN THE RESULT THE MISCELLANEOUS PETITION IS AL LOWED. SD/- SD/- (A MOHAN ALANKAMONY) (GEORGE GEORGE K) ACCOUNTANT MEMBER JUDICIAL MEMBER BANGALORE DT.25/3/2011 COPY TO : 1) THE ASSESSEE (2) THE REVENUE (3) THE CIT(A) CONCERNED. (4) THE CIT CONCERNED. (5) THE DR (6) GUARD FILE. MSP/25.3. BY ORDER ASST. REGISTRAR ITAT BANGALORE.