TaxTMI 
TaxTMI 
2022 (10) TMI 213
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....Act) dated 02/12/2016 by the ld. Dy. Commissioner of Income Tax - 1(3)(2), Mumbai (hereinafter referred to as ld. AO). 2. We find that assessee had raised the grounds before us challenging the confirmation of addition made by the ld. AO in the sum of Rs.2,09,32,478/- being the amounts received by the assessee from its members towards Surety Guarantee Fund (SGF). 2.1. We also find that assessee had raised an additional ground challenging the validity of re-assessment vide its letter dated 01/07/2021. The additional grounds raised by the assessee are hereby admitted as it goes to the root of the matter and the facts relevant for its adjudication are available on record. 2.2. We first proceed to address the issue raised in the origina....
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....that SGF is created for specific purpose of utilising it in case of default in repayment of loan by borrower. The members continued to be liable for whole amount of the loan amount. 3.1. We find that assessee during the year had credited a sum of Rs.2,09,32,478/- to the SGF account and as stated supra, it is reflected in the balance sheet under liability side as under:- Surety Guarantee Fund:- Sr.No. Particulars Amount (inRs.) 31/03/2009 Amount (in Rs.) 31/03/2008 1. Opening Balance - Transfer from BDDR 11,02,01,000 0 2. Addition during the year 2,09,32,478 1,74,72,813 3. Add interest credited during the year 84,38,358 9,36,175 4. Add appropriation 59,00,000 0 5. Less t....
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...., interest credited thereon, write off during the year or transfer to BDDR, closing balance and its treatment given in the assessment proceedings up to A.Y.2020-2021 are as under:- 3.6. The facts stated in the above tabulation were not disputed or controverted by the ld. DR before us. The aforesaid tabulation is very evident that the very same receipt from members towards SGF account has been accepted as capital receipts by the ld. AO in earlier as well as in subsequent assessment years. There is no reason to take a divergent stand by the ld. AO during the year under consideration. The principle of consistency is required to be maintained by the Revenue. Reliance in this regard is placed on the decision of the Hon'ble Supreme Court in th....
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....,000 3,24,735 9,24,735 3 1987-88 1988-89 9,24,735 5,00,000 5,83,326 20,08,061 4 1988-89 1989-90 20,08,061 10,00,000 10,93,369 41,01,430 5 1989-90 1990-91 41,01,430 10,00,000 12,39,046 63,40,476 6 1990-91 1991-92 63,40,476 7 1991-92 1992-93 8 1992-93 1993-94 9 1993-94 1994-95 10 1994-95 1995-96 11 1995-96 1996-97 12 1996-97 1997-98 13 1997-98 14 1998-99 1999-00 96,59,466 1,15,48,452 1,51,85,002 1,96,06,221 2,68,64,313 3,61,20,106 1998-99 4,68,02,855 1,00,00,000 6,55,88,394 50,00,000 15 1999-00 2000-01 8,13,94,121 20,00,000 9,55,19,263 16 2000-01 2001-02 17 2001-02 2002-03 11,17,97,037 18 2002-03 2003-04 13,34,07....
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....er to BDDR 1,74,72,813 9,36,175 1,84,08,988 Assessment closed for Assessment order 143(3)as perlTAT Order dated 22/06/2018.Tax refund of Rs 25,78,170 received by the Bank in Sept 2018. Assessment closed with 24 2008-09 2009-10 11,02,01,000 59,00,000 2,09,32,478 *Amt transfer from BDDR but 84,38,358 shown as opening in Annual report 25 2009-10 2010-11 14,54,71,836 2,15,86,346 1,63,70,818 26 2010-11 2011-12 18,34,29,000 3,20,61,778 Assessment order 143(3). 14,54,71,836 ITAT case in process for credit (addition) during the year of Rs. 2,09,32,478/- 18,34,29,000 Assessment closed with Assessment order 143(3). Refund allo....
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.... accepted by AO. Refund allowed of Rs. 4,49,58,214 2,93,82,022 63,83,188 32,02,68,108 Assessment closed with CIT(A)order for some other disallownaces Refund allowed of Rs. 21,710/- 32 2016-17 2017-18 32,02,68,108 8,84,92,191 2,53,00,588 73,34,336 44,13,95,223 CIT(A) in process for some other disallowanace. No addition made for SGF. 1,35,22,25 56,98,08,449 CITIA) in 33 2017-18 2018-19 44,13,95,223 13,28,76,092 3,63,76,581 5,43,61,697 0 process for some other disallowanace. No addition made for SGF Document 4 Sr. F.Y AY Opening No. Balance in Balance sheet 34 2018-19 2019-20 56,98,08,449 Add:- Appro....