9911796707
TMI Blog2021 (10) TMI 609X X X X Extracts X X X X X X X X Extracts X X X X ..... to decide afresh after getting decision from the Pr. Commissioner of Income Tax on the application of the assessee. Application of the assessee is reportedly pending with Pr. CIT who shall decide the same expeditiously in accordance with law from the date of application and thereafter AO shall decide the issue afresh accordingly. Disallowance on account of dividend received by the assessee bank from UP Cooperative Federation u/s. 80P(4) of the Act - HELD THAT:- Undisputedly, assessee bank has received dividend income for the years under consideration from the investment made with UP Cooperative Federation. It is also not in dispute that assessee bank is a cooperative bank registered with Reserve Bank of India. When we peruse the provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... account of provision of Gratuity. 4. The Ld. CIT(A) has erred in confirming the addition of ₹ 11151 on account of loss on sale of furniture and fixtures. 5. The Ld. CIT(A) has erred in confirming the addition of ₹ 3200/- on account of Dividend received. 6. The Ld. CIT(A) has erred in confirming the addition of ₹ 329241 on account of interest in respect of alleged NPA assets. 7. The Ld. CIT(A) has erred in confirming the addition of ₹ 1035 on account of disallowance u/s. 43B. 8. The Ld. CIT(A) has erred in confirming the part addition u/s. 14A. 3. the order of the A.O. is against law and facts of the case. 4. The appellant craves the right to add, amend or withdraw any grounds of app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 143(3)/147 of the Act for A.Y. 2009-10 and framed assessment at ₹ 1,18,31,749/-, 1,33,93,140/- and 1,39,42,440/- u/s. 143(3) of the Act for A.Y. 2012-13, 2014-15 and 2015-16 respectively. 7. Assessee carried the matter before Ld. CIT(A) by way of filing appeals who have partly allowed the same by passing separate orders. Feeling aggrieved assessee has come up before the Tribunal by way of filing the present appeals. 8. We have heard the ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and orders passed by the revenue authorities below in the light of the facts and circumstances of the case. ITA No. 2166/Del/2017, A.Y. 2012-13 9. Ground No. 1 is general in nature and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be applicable with effect from A.Y. 2009-10 and relied upon the order passed by coordinate bench of Tribunal in case cited as The Ganga Mercantile Urban Cooperative Bank Ltd., Meerut Vs. ACIT, Muzaffarnagar. 14. Identical issue has been decided by the Cooperative Bench of Tribunal in case of the Ganga Mercantile Urban Ltd. (supra) by directing the AO to decide the issue after decision of the Pr. Commissioner of Income Tax on the application of the assessee. 15. We are of the considered view that when application for granting approval for the gratuity trust with the Life Insurance Corporation of India has been filed well within time i.e. 02-01-2009, it is to be allowed from the date of application itself and not prospectively as Ld ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndia. When we peruse the provisions contained u/s. 80P(4), 80P(2)(d) of the Act, this deduction is not available to the cooperative bank. So, in view of the matter, we find no illegality or infirmity in the findings returned by Ld. CIT(A), hence, Ground No. 5, Ground No. 5, Ground No. 4 Ground No. 3 A.Y. 2009-10, 2012-13, 2014-15 and 2015-16 respectively are decided against the assessee. GROUND NO. 6 OF ITA No. 5481/Del/2017 for A.Y. 2009-10 19. Assessee challenged the disallowance of ₹ 10,000/- made/confirmed by AO/CIT on the ground that it is not allowable u/s. 40ic of the Act. Perusal of the impugned order passed by Ld. CIT(A) passed in A.Y. 2009-10 goes to prove that this issue remained undecided by Ld. CIT(A), may be du ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evidence to prove the fact that the loans have been categorized as NPA as per guidelines of the RBI qua the amounts claimed on account of interest income. This fact has been candidly admitted by Ld. AR for the assessee. So, we remit this issue back to the AO to decide afresh after entertaining evidence to be brought on record by the assessee. Accordingly this ground is also decided in favour of the assessee for statistical purposes. GROUND NO. 5 OF ITA NO. 5482 for A.Y. 2014-15 22. Assessing Officer noticed from the P L account that the assessee has received ₹ 16,34,688/- as exempt dividend income and thereby disallowed an amount of ₹ 1,50,000/- on the basis of guess work being expenses incurred for earning exempt div ..... X X X X Extracts X X X X X X X X Extracts X X X X
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