Case Law Details
DCIT Vs Jhajjar Central Coop Bank Ltd. (ITAT Delhi)
Ld. Authorised Representative submitted that the provision pertained to audit fee payable to the statutory auditor for the ensuing year. It was further submitted that the statutory audit has to be carried out by a CA Firm recommended by NABARD and the audit fee is also prescribed by NABARD. It was further submitted that the audit fee is approximately Rs. 6,000/- per branch and since the assessee bank had 25 branches, a provision of Rs. 1.50 lakhs was made. .
We find that the Ld. CIT (A) has given categorical finding that this expenditure has actually been incurred by the assessee. It is further seen that even the provision was created keeping in mind the audit fee prescribed by the NABARD and after taking into account the number of branches which the assessee was operating. Therefore, on this issue also there is no need for any interference by us.
FULL TEXT OF THE ITAT JUDGMENT
This appeal has been preferred by the department against order dated 10/12/2015 passed by the Ld. CIT (A)-2, Gurgaon for assessment year 2012-13.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
