The Parbhani District Central Co-Operative Bank Ltd., Parbhani Thr Its Incharge Manager Venkatesh v. The Assistant Commissioner Of Income Tax Circle-1, Aurangabad And ANR

1 ita 99.16

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

BENCH AT AURANGABAD INCOME TAX APPEAL NO. 99 OF 2016 The Parbhani District Central Co-operative Bank Ltd., Through its Incharge Manager .. Appellant

Versus

The Assistant Commissioner of Income Tax and another .. Respondents Shri R. N. Dhorde, Senior Advocate i/b. Shri V. R. Dhorde, Advocate for the Appellant.

Shri Alok M Sharma, Advocate for Respondents. CORAM : S. V. GANGAPURWALA & A. M. DHAVALE, JJ.

DATE : 1 st February, 2018 PER COURT :

1.

Mr. Dhorde, learned Senior Advocate for the appellant submits that the appellant had filed a revised return for the assessment year 2007-2008, claiming deduction under Section 36 of The Income Tax Act, 1961 of the bad debts. The case of the appellant was turned down on the ground that the benefit of recompilation of income is not available to assessee. According to the learned Senior Advocate, the appellant had already paid

2 ita 99.16 the tax, as such, could not have been taxed twice. This aspect has not been considered.

2.

Mr. Sharma, learned advocate for the respondents supports the Judgment and states that the issue is squarely covered by the Judgment of the Apex Court in a case of Commissioner of Income Tax Vs. M/s. Sun Engineering Works (P.) Ltd. (1992) 198 ITR 297.

3.

The facts of this case are undisputed. The appellant had filed revised return for the assessment year 2007-2008. 4.

It has been held by the Apex Court in a case of Commissioner of Income Tax Vs. M/s. Sun Engineering Works (P.) Ltd. (Supra) that proceedings under Section 147 of the Income Tax Act, 1961 cannot be allowed to to be converted in "Revision or Review". The notice is issued to the appellant under Section 148 also in the present case.

5.

Even the assessee had conceded to this position before the Tribunal.

3 ita 99.16 6.

Considering that the dispute is squarely covered by the Judgment of the Apex Court in a case of Commissioner of Income Tax Vs. M/s. Sun Engineering Works (P.) Ltd. No substantial question of law arises.

7.

The appeal is dismissed. No costs.

[A. M. DHAVALE, J.] [S. V. GANGAPURWALA, J.] marathe/Jan.18