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TMI Blog2023 (2) TMI 1077X X X X Extracts X X X X X X X X Extracts X X X X ..... re covered by decisions noted supra. The issue no. ii is with regard to the accounting standards and Assessee is following AS-15 and made remittances in respect of contribution to gratuity fund, therefore, it is entitled for deduction in terms of Section 43B of the Act. With regard to issue no. iv, Shri. Suryanarayana is right in his submission that a separate order is required with regard to interest and the same cannot be computed in order passed u/s 143(3) of the Act. Thus, in our considered view, the conclusions arrived by the AO is neither erroneous nor prejudicial to the interest of the Revenue. Decided in favour of assessee. - HON BLE MR. JUSTICE P.S. DINESH KUMAR AND HON BLE MR. JUSTICE G BASAVARAJA For the Appella ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned Senior Advocate for the Assessee and Shri E. I. Sanmathi, learned Standing Counsel for the Revenue. 3. Briefly stated facts of the case are, assessee is a public sector bank engaged in the business of banking. It filed returns for the A.Y. [Assessment Year] 2008-09 declaring an income of Rs. 6,19,24,037/-. The AO [Assessment Officer] vide order dated November 19, 2010 made certain disallowances in the total income. The CIT [Commissioner of Income Tax] , suo-moto took up the matter under Section 263 of the Income Tax Act, 1961 and held that the order passed by AO was erroneous and prejudicial to the interest of the Revenue. On appeal, ITAT [Income Tax Appellate Tribunal] , allowed assessee s appeal holding that the CIT(A) o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0,96,145/-. iv) Interest under Section 115P of Rs. 5,38,130/- was not levied on the delay in payment of dividend tax. v) Allowance of expenditure incurred on new logo was allowed as deduction. Re. issue i: 9. Shri. Suryanarayana, submitted that the issue involved is covered by the decision in Vijaya Bank. [ITA No. 578 and 653/Bang/2012 decided on 27.02.2015] Though Revenue challenged the said order, this issue was not challenged. Thus, it has attained finality. Re. issue ii: 10. Assessee has followed AS-15 throughout to recognise the liability, which is binding on the assessee and has made remittances for the same. Since, the payment is made by the assessee, deductions under Section 43B of the Act ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment and directing a fresh assessment. 15. Out of the five issues taken up under Section 263 of the Act, issues no. i, iii and v are covered by decisions noted supra. The issue no. ii is with regard to the accounting standards and Assessee is following AS-15 and made remittances in respect of contribution to gratuity fund, therefore, it is entitled for deduction in terms of Section 43B of the Act. With regard to issue no. iv, Shri. Suryanarayana is right in his submission that a separate order is required with regard to interest and the same cannot be computed in order passed under Section 143(3) of the Act. Thus, in our considered view, the conclusions arrived by the AO is neither erroneous nor prejudicial to the interest of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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