AI Drafter 
TaxTMI 
TaxTMI 
2019 (3) TMI 1900
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 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 revi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e the learned CIT ought to have appreciated that the aforesaid issue on which the learned CIT had sought to revise 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 deserves 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 ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....venue, on the issue that the assessee had claimed provision for payment of interest on fixed deposits Rs. 35,92,360/- and provision for election/general body expenditure of Rs. 19,06,834/-. The CIT, considering the assessment records found that only actual expenditure incurred by the assessee has to be allowed and the provision made towards ascertained liability is allowable as deduction whereas provision for unascertained liability is not allowable. The AO has not examined the above provisions, the system of accounting as per Form 3CA and 3CD report filed in the scrutiny proceedings being mercantile except to the extent of interest on loans and advances is accounted on receipt basis. 6. The CIT is of the opinion that the assessee i....
X X X X Extracts X X X X
X X X X Extracts X X X X
....examined. Therefore, the CIT having satisfied that the order passed by the AO is erroneous and prejudicial to the interest of revenue confirms the twin conditions required for revision proceedings and set aside the order of assessment u/s 143(3) dated 29/12/2010 and directed the AO to do fresh assessment after conducting enquiries and also provide reasonable opportunity of hearing to the assessee and accordingly passed the order u/s on 28/03/2013. 8. Aggrieved by the order, the assessee has filed the appeal before the Tribunal. Before us, the learned AR argued that the order passed by the CIT has erred in passing revision order irrespective of the fact that the assessee is a co-operative society and has been complying with the....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... provision for payment of interest on fixed deposits mentioned that it is interest provision made towards end of the financial year and subsequently has been paid. When a query was raised to the learned AR whether these aspects are verified by the AO, the learned AR submitted that the AO has complied and verified and called for information but the submissions of learned AR are not supported with documentary evidence. We found that in the revision proceedings the assessee has not produced any proof in support of its claim and the method of accounting. Further, in respect of second issue of provision for election/general body expenditure even before the Tribunal, the learned AR could not substantiate with evidence in respect of the claim. The....