TaxTMI 
TaxTMI 
2018 (4) TMI 127
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....completed the assessment determining the taxable income at Rs. 4,06,49,359/- by making various additions. When the assessee preferred an appeal before the CIT(A) against the order of AO, the CIT(A) partly allowed the appeal of the assessee. 3. Against the order of CIT(A), the assessee is in appeal before us raising the following grounds of appeal: "1. The Commissioner erred in confirming partly the additions and disallowances to returned income which is contrary to facts of the case, contrary to the evidence on record and unsustainable in law. 2. The Commissioner erred in confirming the disallowance of Depreciation claimed on UPS, Cash Dispenser and ATM Switch in determining the total income. 3. The Commissione....
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.... 15% only. 6. The CIT(A) after elaborately discussing the issue at length, allowed 60% depreciation on printer and scanner and confirmed the action of the AO at 15% depreciation on Cash Dispenser, ATM Switch, MICR security printer and UPS. 7. Ld. AR submitted that the issue in dispute is squarely covered by the decision of the coordinate bench of ITAT, Hyderabad in assessee's own case for AY 2013-14 in ITA No. 1265/Hyd/2014, vide order dated 28/02/2018. 8. Ld. DR neither controverted the submissions of the ld. AR nor brought any contrary decision in this regard. 9. Considered the rival submissions and perused the material on record. As submitted by the ld. AR, we find that the issue in dispute squarely covered by the decision of....
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....reciation @ 60% is allowable on UPS. 9. In the case of Global Trust Bank Ltd (Supra), Coordinate Bench of the Tribunal at Delhi has held that the ATM is a computer telecommunication device that allows Bank Customers to access banking at places other than the normal bank without having to take the trouble to go to the Bank in person and collect the cash as is done under the conventional method of withdrawing money from the Bank and that the ATM Machines are computerized machines which not only allow the customers to withdraw money but they can check the account balance, pay bills, purchase goods and services and therefore, unless it is computerized and linked with the main server, it is not possible to operate the ATM. 10. ....
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....he claim of the assessee was that the Bank had written off the above amount on account of NPAs as per the directives of RBI, which are binding on the banks. The AO observed that the provisions of section 43D of the Act cannot be applied to the assessee bank as it is not a scheduled bank but a cooperative bank. according to AO, non-scheduled cooperative banks are specifically excluded from the exemption including interest of sticky advances. He, therefore, treated the interest on sticky advances as income of the assessee. 11. Before the CIT(A), the assessee submitted elaborately, which were extracted by the CIT(A) in his order. After considering the submissions of the assessee, the CIT(A) discussed the issue at length by referring section....
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.... before us. The Ld. counsel placed before us a copy of the latest order of the Hon'ble Gujarat High Court in the case of Pr. Commissioner of Income Tax Vs. Shri Mahila Sewa Shakari Bank Ltd.,(ITA No. 531 of 2015, dated 05-08-2016), wherein the bench referred to catena of decisions and decided in favour of the assessee by observing as under: 11. From the rival submissions advanced by the learned counsel for the respective parties, it is evident that there is no dispute that the RBI Guidelines are applicable to the assessee. It is the case of ITA No.1194/Hyd/2016 The Kranti Cooperative Urban Bank Ltd., Hyderabad. The assessee that in view of the RBI Guidelines, it cannot charge interest on accrual basis and that following the theory ....
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....l the subsequent years, the interest on NPAs is not brought to tax by the revenue and suddenly in this year, the revenue made an addition. He further submitted that there are catena of decisions with regard to the accrual of income only in the year of receipt. Even if it is assumed that there are two views possible, as per the decision of the Hon'ble Supreme Court in the case of CIT Vs. Vegetable Products ITA No.1194/Hyd/2016 The Kranti Co-operative Urban Bank Ltd., Hyderabad Ltd., (1973) 88 ITR 192 (SC), a view which is favourable to the assessee has to be taken and thus he strongly submitted that the addition made by the A.O, and confirmed by the CIT(A), is not in accordance with law. 8. The Ld. DR, on the other hand, submitted t....