INCOME TAX OFFICER Vs. ADINATH COOPERATIVE BANK LIMITED

JUDGEMENT

(1.) BRIEF outline of the factual details at the outset is necessary for determination of this Tax Appeal.

(2.) ASSESSEE -respondent replied to such show cause notice vide its letter dated 12.1.2006, contending inter alia therein that every time, there is an occasion for opening the bank account, set of documents in the form of specimen signature card, bank account opening Form along with various terms and conditions and an application for becoming member of society duly filled-in by the members are submitted along with requisite evidence. It was also further contended that wherever PAN details are furnished filling-up the Form No.60 would not be necessary. It was also further submitted that new accounts were being opened only after obtaining requisite proof of the members. With regard to some of the fixed deposits in connection with which the querries were raised, it was submitted that those were 5 to 6 years old and during that period bank had already changed the place and therefore, only available evidences were in the form of PAN details/Form No.60 and they were ensured to be furnished within period of 15 to 30 days on obtaining the same from the members.

(3.) RESPONDENT -Bank challenged the said order before Commissioner(Appeals), which after noting the disputes raised by the Revenue and on carefully considering the rival submissions of the parties, culled out three issues namely :