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of <h1>Tribunal Affirms Deletion of Depreciation Loss Addition for Cooperative Bank; 21-Day Delay Deemed Insignificant</h1> <h3>ACIT, Circle-2, Aurangabad Versus Chhatrapati Rajeshri Shahu Urban Co-op Bank Ltd. And (Vice-Versa)</h3> The Tribunal upheld the decision of the Commissioner of Income-tax (Appeals) to delete the addition related to the depreciation loss on investments by a ... - The case involves an appeal by the Revenue regarding the deletion of an addition for loss incurred due to depreciation in the value of investments by a cooperative bank. The Assessing Officer disallowed the deduction due to a delay of 21 days in obtaining approval for shifting investments, which was challenged before the Commissioner of Income-tax (Appeals) and subsequently before the Appellate Tribunal. The Tribunal held that the delay of 21 days out of 365 days was normal and not substantial, and thus the disallowance was not justified. The Tribunal upheld the decision of the Commissioner of Income-tax (Appeals) to delete the addition. The Tribunal dismissed both the Revenue's appeal and the cross objection filed by the assessee in support of the Commissioner's decision.
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