TaxTMI 
TaxTMI 
TaxTMI 
2021 (7) TMI 984
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....as it is against the Appellant is opposed to law, weight of evidence, natural justice, probabilities, facts and circumstances of the Appellant's case. 2. The appellant denies itself liable to be over the returned income of Rs. 2,27,76,012/- on the facts and circumstances of the case. 3. The learned CIT(A) was not justified in confirming the disallowance of Rs. 21,83,116/- being the expenditure incurred towards Annual general meeting, by holding that the appellant has not furnished any details, when the genuineness of the expenditure was not in dispute, on the facts and circumstances of the case. 4. The learned CIT(A) was not justified in appreciating that the expenditure incurred by the appellant was incurred for performing its statut....
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....tax as determined by the assessing officer. Without prejudice, the rate, period and on what quantum the interest has been levied are not in accordance with the law and are not discernible from the order and hence deserves to be cancelled on the facts and circumstance the case. 10. The appellant craves leave of this Hon'ble Tribunal, to add, alter, delete, amend or substitute any or all of the above grounds of appeal as may be necessary at the time of hearing. 11. For these and other grounds that may be urged at the time of hearing of appeal, the appellant prays that the appeal may be allowed for the advancement of substantial cause of justice and equity. Brief facts of the case are as under: 2. The assessee is a co-operative bank ....
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....ns advanced by both sides in light of records placed before us. 5.1 For year under consideration, assessee claimed expenses towards annual general meeting which was disallowed by the Ld.AO. Coordinate bench of this Tribunal in assessee's own case (supra) remanded the issue to Ld.AO for fresh consideration. In the remand proceedings, Ld.AO disallowed the claim to the extent that were not supported by any bills and vouchers. 5.2 The Ld.AR submits that similar expenditure was incurred by assessee for year under consideration by holding that these are not incurred wholly and exclusively for purposes of business. We note that assessee mandatorily has to conduct general body meetings annually. Also that, except for bifurcating expenses, nothin....
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....7.1 Before us the assessee had submitted that though the nomenclatures used is provision for non-performing asset but actually with the provision has been created for bad and doubtful debts. The deduction is in excess of the provision for bad and doubtful debts which the Ld.AO disallows. Ld.AR placed reliance on the decision of Hon'ble Karnataka High Court in case of CIT vs Davangere District Central Cooperative Bank Ltd. reported in (2021) 123 Taxmann.com 37 in support of his contention. 7.2 We note that Hon'ble Court in the above decision has observed as under: 7. We have considered the submissions made by learned counsel for the parties and have perused the record. In the course of assessment proceedings, it was noticed that assessee ....
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.... and paying tax would not arise. The contentions, which are sought to be raised by learned counsel for the revenue do not arise for consideration in the context of substantial question of law, which has been framed by this court. The concurrent findings have been recorded by the Commissioner of Income Tax (Appeals) as well as tribunal in this regard, which cannot be termed as perverse." In view of preceding analysis, the second substantial question of law is answered against the revenue and in favour of the assessee. In the result, we do not find any merit in this appeal, the same fails and is hereby dismissed. 7.3 At page 11 of paper book assessee has shown in the balance sheet sum of Rs. 2,65,09,200/-is bad and doubtful reserve and Rs.....