ACIT, CHENNAI V. M/s. ICICI Bank Ltd., CHENNAI

ITA 2174/CHNY/2010

• Counselvise Citation: [2011] 134 COUNSELVISE.COM (IT) 4877 (ITAT-CHENNAI)
• Duration Of Justice: 5 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-06-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 21-06-2011
• Assessment Year: 2000-2001
• Appeal Filed On: 24-12-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: R VIJAYARAGHAVAN
• Keywords: Retrospective amendment
• Section: 63; 154

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL BENCH C, CHENNAI B E F O R E DR. O.K.NARAYANAN, VICE PRESIDENT AND SHRI HARI OM MARATHA, JUDICIAL MEMBER .. I.T.A. NO.2174(MDS)/2010 ASSESSMENT YEAR: 2000-01 THE ASSISTANT COMMISSION- M/S. ICICI B ANK LTD., (ERSTWHILE ER OF INCOME-TAX, BAN K OF MADURA LTD.), ICICI BANK COMPANY CIRCLE I(2), VS. TOWER, A CCOUNTING & REPORTING CHENNAI. GROUP, 4 TH FLOOR, EAST WING, 24, SOUTH PHASE, AMBATHUR INDL. ESTATE,AMBATHUR,CHENNAI600058 PAN AAACB2929E. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI R.VISWANATHAN, J T.COMMISSIONER OF IT RESPONDENT BY: SHRI R.VIJAYARAGHAVAN, ADVOCATE. O R D E R PER DR.O.K.NARAYANAN, VICE-PRESIDENT: THIS APPEAL IS FILED BY THE REVENUE. THE RELEVAN T ASSESSMENT YEAR IS 2000-01. THE APPEAL IS DIRECTED AGAINST THE ITA NO.2174(MDS)/2010 2 ORDER OF THE COMMISSIONER OF INCOME-TAX(APPEALS)-II I AT CHENNAI DATED 15-9-2010 AND ARISES OUT OF THE ASSESSMENT CO MPLETED UNDER SECTION 143(3), READ WITH SECTIONS 147, 154 AND 263 OF THE INCOME- TAX ACT, 1961. 2. IT IS THE CASE OF THE REVENUE THAT THE COMMISSI ONER OF INCOME TAX (APPEALS) OUGHT TO HAVE APPRECIATED THE RADICAL AMENDMENT INTRODUCED WITH RETROSPECTIVE EFFECT WITH REGARD TO THE APPLICABILITY OF TAX ON BOOK PROFITS ON DIMINUTION IN THE VALUE OF INVESTMENTS UNDER SECTION 115JB. 3. IN FACT A REVISION ORDER PASSED UNDER SECTION 2 63 CONNECTED WITH THE PRESENT CASE HAS ALREADY BEEN SE T ASIDE AND THE MATTER REMITTED TO THE COMMISSIONER OF INCOME-TAX B Y THIS BENCH OF THE TRIBUNAL THROUGH ITS ORDER DATED 26 TH MARCH, 2010 PASSED IN ITA NO.1506(MDS)/2009. AS THE MATTER HAS BEEN REMITTED BACK TO THE COMMISSIONER OF INCOME-TAX, ALL THE ISSUES WOULD BE ALIVE BEFORE HIM AND IN SUCH CIRCUMSTANCES THE GROUNDS RAISED BEFORE THE TRIBUNAL IN THE PRESENT APPEAL NEED NOT BE CONCURRENTLY ARGUED. THEREFORE, FOR ALL PRACTICAL PURPOSES THIS APPEAL FILED BY THE REV ENUE HAS BECOME INFRUCTUOUS. IT IS ACCORDINGLY DISMISSED. ITA NO.2174(MDS)/2010 3 ORDER PRONOUNCED IN THE OPEN COURT AT THE TIME OF HEARING ON TUESDAY, THE 21 ST DAY OF JUNE, 2011 AT CHENNAI. SD/- SD/- (HARI OM MARATHA) (DR. O.K.NARAYANAN) JUDICIAL MEMBER VICE-PRESIDENT CHENNAI, DATED THE 21 ST JUNE, 2011. V.A.P. COPY TO: (1) APPELLANT (2) RESPONDENT (3) CIT (4) CIT(A) (5) D.R. (6) G.F.