The Salem Urban Co-op.Bank Ltd. v. The Assistant Commissioner of Income-tax, Circle- 1, Salem
[Citation -2019-LL-1001-106]
Citation | 2019-LL-1001-106 |
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Appellant Name | The Salem Urban Co-op.Bank Ltd. |
Respondent Name | The Assistant Commissioner of Income-tax, Circle- 1, Salem |
Court | ITAT-Chennai |
Relevant Act | Income-tax |
Date of Order | 01/10/2019 |
Assessment Year | 2014-15 |
Judgment | View Judgment |
Keyword Tags | disallowance of deduction • books of accounts • profit and loss account |
Bot Summary: | Shri S. Sridhar, the Ld.counsel for the assessee, submitted that the Assessing Officer disallowed the claim of the assessee under Section 36(1)(viia) of the Income-tax Act, 1961 on the ground that the provision was not made in the books of account. Referring to the Profit Loss account, the Ld.counsel submitted that a provision was made to the extent of 8,70,000/- in the books of account for the year ending 31.03.2014. The assessee has filed a copy of Profit Loss account for the financial year 2013-14 relevant to the assessment year under consideration and submitted that the matter may be remitted back to the file of the Assessing Officer for reconsideration. The copy of Profit Loss account filed before this Tribunal indicates that a provision was made to the extent of 8,70,000/-. The assessee claims that even though the copy of Profit Loss account was filed before the Assessing Officer as well as the CIT(Appeals), they have not considered the same. The Assessing Officer shall re-examine the matter in the light of the material that was filed by the assessee and bring on record whether any provision was made in the books of account as claimed by the assessee and thereafter decide the issue afresh in accordance with law, after giving a reasonable opportunity to the assessee. In the result, the appeal filed by the assessee is allowed for statistical purposes. |