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01-03-2019, Mysore Co-operative, Section 263, 145A, Tribunal Bengalore

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2 months 1 week ago #8743 by amit
Section - 263, 145A
Order Date - 01-03-2019
Favouring - Allowed for statistical purposes
Court - Tribunal Bengalore
Appellant - Mysore Co-operative Bank Ltd.
Respondent - CIT
Citation - 319Taxpundit183
Appeal No. - ITA No.2000/Bang/2017
Asstt. Year - 2008-09



The assessee has filed the appeal against the order of the Commissioner of Income-tax, Mysore, dated 28/03/2013 passed u/s 263 of the Income-tax Act,1961 for the assessment year 2008-09 and the revenue has filed the appeal against the order of the CIT(A), Mysore dated 31/08/2016. Since both the appeals are of the same assessee and the issues are common, they were heard together and disposed of by a common order.

2. For the sake of convenience, we shall take up the appeal filed by the assessee viz. ITA No.552/Bang/2014 and the facts narrated therein. The assessee has raised the following grounds of appeal:

1. “The Order of the learned Commissioner of Incometax, Bangalore-I, Bangalore passed under section 263 of the Act in so far as it is against the Appellant is opposed to law; equity, weight of evidence, probabilities and the facts and circumstances in the Appellant's case.

2. The Commissioner of income Tax is not justified in low in exercising revisionary power's as the entire proceedings are without jurisdiction and rot in accordance with law.

3. The Commissioner of income Tax is not justified in quashing the order of assessment and directing the assessing officer to make a fresh assessment under the facts and circumstances of the case.

4. The Commissioner of Income Tax failed to appreciate that section 145A has no applicability to the case of the Appellant and the approach of the Appellant is in accordance with law under the facts and circumstances of the case.

5. The Commissioner of Income Tax has erred by not appreciating the settled position of ow that were there are two opinions possible on an issue, section 263 cannot be exercised to invoke such an issue.

6. The learned CTT has grossly erred in revising the order passed by the learned assessing officer without appreciating that there is no error, much less prejudicial to the interests of the Revenue to warrant a revision and therefore the order passed by the learned CIT is ultra vires to the scope of Section 263 and requires to be cancelled under the facts and circumstances of the Appellant's case.

7. The learned CIT failed to appreciate that the learned assessing officer had adjudicated the issue of admissibility of both expenditures viz., general body meeting expenditure and provision for payment of interest to depositors and hence section 263 cannot be invoked.

8. Without prejudice to the above the learned CIT ought to have appreciated that the aforesaid issue on which the learned CIT had sought to rev se the assessment order is a conscious view adopted by the learned assessing officer, which is not shown to be erroneous and consequently, the jurisdiction under section 263 of the Act stands ousted and accordingly the impugned order passed de erves to be cancelled.

9. The Appellant craves leave to add, alter, delete or substitute any of the grounds urged above.

10.In the view of the above and other grounds that may be urged at the time of the hearing of the appeal, the Appellant prays that the appeal may be allowed in the interest of justice and equity.”

3. Brief facts of the case are that the assessee is a cooperative society engaged in the business of banking and filed Return of income on 30/09/2008 with total income of Rs.68,65,320/-. Subsequently, revised return of income was filed on 31/03/2009 with total income of Rs.37,51,900/- and the return of income was processed u/s 143(1) of the Income

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