ADDL.C.I.T., RG. 2(1), MUMBAI V. BANK OF INDIA, MUMBAI

ITA 1862/MUM/2011

• Counselvise Citation: [2014] 120 COUNSELVISE.COM (IT) 5887 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-03-2014
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: J
• Next Hearing Date: 13-03-2014
• Assessment Year: 2001-2002
• Appeal Filed On: 07-03-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S D SRIVASTAVA

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL J B ENCH, MUMBAI , , !'# , $ % BEFORE SHRI VIJAY PAL RAO, JM AND SHRI N.K. BILL AIYA, AM ./ I.T.A. NO.1862/MUM/2011 ( & & & & / ASSESSMENT YEAR :2001-02 THE DCIT-2(1), AAYAKAR BHAVAN, MUMBAI-400 020 / VS. BANK OF INDIA, C-5, G-BLOCK STAR HOUSE, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI-400 051 ' $ ./ ( ./ PAN/GIR NO. : AAACB 0472C ( ') / APPELLANT ) .. ( *+') / RESPONDENT ) ') , / APPELLANT BY: SHRI S.D. SRIVASTAVA *+') - , / RESPONDENT BY: SHRI C. NARESH - ./$ / DATE OF HEARING :13.03.2014 01& - ./$ / DATE OF PRONOUNCEMENT : 26.03.2014 2 / O R D E R PER N.K. BILLAIYA, AM: THIS APPEAL BY THE REVENUE IS PREFERRED AGAINST THE ORDER OF THE LD. CIT(A)-4, MUMBAI DT.20.12.2010 PERTAINING TO A.Y. 2001-02. 2. THE REVENUE HAS RAISED TWO SUBSTANTIVE GROUNDS O F APPEAL WHICH READ AS UNDER: ITA NO. 1862/M/2011 2 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE AND IN LAW, THE LD. CIT(A) ERRED IN EXCLUDING THE PROF ITS OF THE FOREIGN BRANCHES AMOUNTING TO RS. 157.55 CRORE FROM THE TOTAL INCOME WITHOUT APPRECIATING THAT THE BANK IS A RESIDENT ASSESSEE AND UNDER THE PROVISIONS OF SEC TION 5 OF THE I.T. ACT ALL THE INCOME INCLUDING INCOME FROM F OREIGN SOURCES ARE TO BE INCLUDED IN THE TOTAL INCOME CHAR GEABLE TO TAX. 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CAS E AND IN LAW, THE LD. CIT(A) ERRED IN EXCLUDING THE PROF ITS OF THE FOREIGN BRANCHES AMOUNTING TO RS. 157.55 CRORE FROM THE TOTAL INCOME WITHOUT APPRECIATING THAT CREDIT FOR T AXES PAID IN FOREIGN COUNTRIES SHALL BE ALLOWED TO SET-OFF AG AINST THE TAX CHARGEABLE ON TOTAL INCOME INCLUDING THE INCOME FROM FOREIGN SOURCES WHICH WERE SUBJECTED TO TAX IN FORE IGN COUNTRIES. 3. AT THE VERY OUTSET, THE LD. COUNSEL FOR THE ASSE SSEE STATED THAT THE GRIEVANCES OF THE REVENUE HAVE BEEN DECIDED BY THE TRIBUNAL IN ASSESSEES OWN CASE FOR A.Y. 2000-01 IN ITA NOS. 91 55/MUM/2010 AND 8297/MUM/2010 TO WHICH THE LD. DEPARTMENTAL REPRESE NTATIVE FAIRLY CONCEDED. 4. WE FIND FORCE IN THE CONTENTION OF THE LD. COUNS EL. THE TRIBUNAL IN ITA NO. 9155/M/2010 AT PARA-28 OF ITS ORDER ON P AGE-10 HAD THE OCCASION TO CONSIDER A SIMILAR GRIEVANCE VIDE GROUN D NO. 2 & 3 OF THAT APPEAL AND AT PARA-29, WE FIND THAT THE TRIBUNAL HA S FOLLOWED THE ORDER OF THE TRIBUNAL IN ASSESSEES OWN CASE IN ITA NO. 1679 /M/01 FOR A.Y. 1997-98 AND CONFIRMED THE FINDINGS OF THE LD. CIT(A ) BY DISMISSING THE REVENUES APPEAL. AS NO NEW FACTS/DECISION HAVE BE EN BROUGHT BEFORE US, RESPECTFULLY FOLLOWING THE DECISION OF THE TRIB UNAL (SUPRA) IN ASSESSEES OWN CASE, THE APPEAL FILED BY THE REVENU E IS DISMISSED. ITA NO. 1862/M/2011 3 5. IN THE RESULT, THE REVENUES APPEAL IS DISMISSED . ORDER PRONOUNCED IN THE OPEN COURT ON 26 TH MARCH, 2014 . 2 - 1& $ 3 45 26.3.2014 1 - 6 SD/- SD/- (VIJAY PAL RAO ) (N.K. BILLAIYA) /JUDICIAL MEMBER $ / ACCOUNTANT MEMBER MUMBAI; 4 DATED 26.3.2014 . . ./ RJ , SR. PS 2 2 2 2 - -- - *. *. *. *. 7&. 7&. 7&. 7&. / COPY OF THE ORDER FORWARDED TO : 1. ') / THE APPELLANT 2. *+') / THE RESPONDENT. 3. 8 ( ) / THE CIT(A)- 4. 8 / CIT 5. 96 *. , , / DR, ITAT, MUMBAI 6. 6: ; / GUARD FILE. 2 2 2 2 / BY ORDER, +. *. //TRUE COPY// < << < / = = = = (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI