M/S. CITY BANK, MUMBAI V. THE DCIT INTERNATIONAL TAXATION 1(2),

CO 365/MUM/2005

• Counselvise Citation: [2012] 119 COUNSELVISE.COM (IT) 3160 (ITAT-MUMBAI)
• Duration Of Justice: 6 year(s) 6 month(s) 26 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 09-05-2012
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: WT
• Next Hearing Date: 02-05-2012
• Assessment Year: 1997-1998
• Appeal Filed On: 14-10-2005
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: B AHROZE KAMDIN

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI WT BENCH MUMBAI BENCHES, MUMBAI BEFORE SHRI J SUDHAKAR REDDY, AM & SHRI VIJAY PAL RAO, JM CROSS OBJECTION NO. 365/MUM/2005 ARISING OUT OF WTA NO. 137/MUM/2005 (ASSESSMENT YEAR 1997-98 ) CITIBANK N A BLOCK G C-61 BANDRA KURLA COMPLEX NANDRA (E) MUMBAI 51 VS THE DY COMMR OF WEALTH TAX (INTERNATIONAL TAXATION) 1(2) MUMBAI (CROSS OBJECTOR ) (RESPONDENT) PAN NO. AAACC04625 ASSESSEE BY SH BAHROZE KAMDIN REVENUE BY SH CHANDRAJIT SINGH DT.OF HEARING 2 ND MAY 2012 DT OF PRONOUNCEMENT 9 TH , MAY 2012 ORDER PER VIJAY PAL RAO, JM THIS CROSS OBJECTION BY THE ASSESSEE IS DIRECTED AG AINST THE ORDER DATED 30.5.2005 OF THE CWT FOR THE ASSESSMENT YEAR 2007-0 8. 2 THE ASSESSEE HAS RAISED THE FOLLOWING GROUNDS IN THIS CROSS OBJECTION: THE CWT(APPEALS) ERRED IN HOLDING THAT THE GROUND O F APPEAL REGARDING THE VALIDITY OF RE-OPENING THE ASSESSMENT UNDER SECTION 1 7 OF THE WEALTH-TAX ACT, 1957 WAS ACADEMIC IN NATURE. 3 IN THE CROSS OBJECTION, THE ASSESSEE HAS CHALLENG ED THE VALIDITY OF THE REOPENING OF THE ASSESSMENT U/S 17 OF THE W T ACT. 4 WE HAVE HEARD THE LD AR OF THE ASSESSEE AS WELL A S THE LD DR AND CONSIDERED THE RELEVANT MATERIAL ON RECORD. IT HAS BEEN POINT ED OUT THAT THE APPEAL OF THE REVENUE IN WTA NO.137/MUM/2005 HAS BEEN DISMISSED B Y THE TRIBUNAL VIDE ORDER CITIBANK N A CO NO.365/M/2005 2 DATED 18.1.2006. WE FURTHER NOTE THAT THE TRIBUNA L HAS DECIDED THE APPEAL OF THE REVENUE ON MERITS AND THEREBY UPHELD THE ORDER OF T HE CWT (A) ON MERITS. 4.1 ONCE THE ISSUE HAS BEEN DECIDED IN FAVOUR OF T HE ASSESSEE ON MERITS BY THE TRIBUNAL IN REVENUES APPEAL; THEREFORE, THE CROSS OBJECTION RAISED BY THE ASSESSEE REGARDING THE VALIDITY OF THE REOPENING OF THE ASSE SSMENT BECOME INFRUCTUOUS AND IN CONSEQUENTIAL. ACCORDINGLY, IN VIEW OF THE ORDER O F THE TRIBUNAL IN REVENUES APPEAL WHEREBY THE ISSUE HAS BEEN DECIDED IN FAVOUR OF THE ASSESSEE, THE CROSS OBJECTION FILED BY THE ASSESSEE IS DISMISSED. 5 IN THE RESULT THE CROSS OBJECTION FILED BY THE AS SESSEE IS DISMISSED. ORDER PRONOUNCED ON THIS 9 TH , DAY OF MAY 2012 SD/ SD/- ( J SUDHAKAR REDDY ) ACCOUNTANT MEMBER ( VIJAY PAL RAO ) JUDICIAL MEMBER PLACE: MUMBAI : DATED 9 TH , MAY 2012 RAJ* COPY FORWARDED TO: 1 APPELLANT 2 RESPONDENT 3 CIT 4 CIT(A) 5 DR /TRUE COPY/ BY ORDER DY /AR, ITAT, MUMBAI