2018 (5) TMI 2203

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....Department has raised the following grounds of appeal. "1. Whether the Ld. CIT (A) was right in law and fact in accepting the explanation of the assessee on the basis of the fresh evidence without allowing the opportunity to examine same by the assessing officer as per Rule 46 of the I.T Rule. 2. Whether the Ld. CIT (A) was right in law and fact in deleting the addition of Rs. 7,72,61,404/-out of total addition made at Rs. 7,96,80,000/- made u/s 40(a)(ia) of the I.T. Act by admitting the evidence filed by the assessee before the learned CIT (A) and not appreciating the fact that it has failed to file any such evidence before the AO despite many opportunities being afforded during the assessment proceedings." 3....

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.... the nature of the assessee bank itself being a Registered Rural Bank located in Baramulla & Kupwara District of Kashmir, the maximum deposits base of clients dealing with the Bank are people living below poverty and residing in far flung area of Kupwara, Bandipora etc. of the valley. Thus, the deposits from individuals are not significant and such deposits where the interest payments are exceeding of Rs. 5,000/- are either very few in each branch or in some branches there are no such deposits wherein the interest accruals on deposits are exceeding Rs. 5,000/- per year. It was also observed by the Ld. CIT (A) that AO did not provide the assessee sufficient opportunities to collect information from all the branches of the bank. ....

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....ils of total interest paid exceeding of Rs. 5,000/- in respect of each depositors together with number of such accounts in each branch for that year. The Assessee bank not only submitted the aforesaid documents/details to the Ld. CIT (A) but also to the Assessing Officer in remand proceedings because the Ld. CIT (A) while considering the relevant documents on record sought the remand report from the assessing officer, who although received many notices and reminders from the office of the Ld. CIT (A) qua remand proceedings, as well as request from the Assessee bank for filing the Remand Report, however did not file the same and in that eventuality, the Ld. CIT (A), in the constrained circumstances, while considering the documents of re....