×Latest Case Laws on Income Tax by various Income Tax Appellate Tribunals in India
These are the latest case laws decided by various Income Tax Appellate Tribunals (ITAT) of India on Income Tax which have been published recently. The case laws are open for discussion and we invite expert comments from our members on its applicability and effect on relevant issues.
The above captioned appeal filed at the instance of assessee pertaining to Assessment Year 2010-11 is directed against the orders of Ld. Commissioner of Income Tax (Appeals)-I (in short ‘Ld.CIT(A)’], Bhopal dated 27.02.2015 which is arising out of the order u/s 143(3) of the Income Tax Act 1961(In short the ‘Act’) dated 14.03.2013 framed by DCIT-1(1), Bhopal.
2. Assessee has raised following grounds of appeal;
On the facts and in the circumstances of the case:-
1. The Ld. CIT (A) erred in sustaining the assessment which is barred by limitation, passed without jurisdiction, bad-in-law, contrary to material and law and was illegal.
2. The Ld. CIT (A) erred in sustaining the addition of Rs.47,07,153/- on account of “provision of Cadre Fund”.
3. The Ld. CIT (A) erred in sustaining the addition of Rs.85,00,000/- on account of provision for gratuity.
4. The Ld. CIT (A) erred in sustaining the addition of Rs.44,16,854/- on account of disallowance of various expenses.
5. The Ld. CIT (A) erred in sustaining the addition of Rs.12,07,497/- by not allowing set-off of brought forward business loss, which was rightly claimed by the appellant.
The Appellant craves leave to add, amend or modify any of the grounds of appeal.
4. Brief facts of the case as culled out from the records are that assessee is a Bank carrying out banking business. Assessee filed its e-return of income on 12.10.2010 declaring income at Rs. Nil. Notice u/s 142(1) & 143(2) of the I.T. Act duly served upon the assessee. During the year under consideration the assessee had shown gross receipts at Rs.55,68,36,579/- with net profit (before tax) at Rs.20,37,175/-. On perusal of the P&L it was observed that a sum of Rs.47,07,153/- has been debited under the head ‘Provision for cadre fund’ which is added back to the total income of the bank. It is also noticed that the bank had debited a sum of Rs.10,77,38,753/- under the head ‘provisions’ and a sum of Rs.44,16,854/- under the head ‘other expenses’ in Profit & Loss Account which was also been added back to the total income of the assessee bank for want of details/justification of the claim. Besides this LD. A.O denied the claim of deduction of Rs.12,07,497/- being brought forward business loss of Assessment Year 2009-10 from the total income. The income was assessed at Rs.11,80,70,257/-. Aggrieved assessee preferred an appeal Ld. CIT(A)and partly succeeded.
5. Now the assessee bank is in appeal before the Tribunal.
Ld. Counsel for the assessee has not pressed this ground, hence this ground is dismissed as not pressed.