INDUSIND BANK LTD, MUMBAI V. ASST CIT (OSD) RG 2(3), MUMBAI

ITA 2921/MUM/2012

• Counselvise Citation: [2013] 140 COUNSELVISE.COM (IT) 72004 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 7 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-12-2013
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: I
• Next Hearing Date: 23-12-2013
• Assessment Year: 2003-2004
• Appeal Filed On: 30-04-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: H P MAHAJANI; D S MAINKAR
• Assessee Lawyers: P K SHUKLA
• Section: 263; 2; 115JB

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL I BENCH, M UMBAI BEFORE S/SHRI B.R.MITTAL,(JM) AND RAJENDRA (AM) . . , , ./I.T.A. NO.2921/MUM/2012 ( / ASSESSMENT YEAR : 2003-04) INDUSIND BANK LIMITED 8 TH FLOOR, TOWER ONE, ONE INDIABULLS CENTRE, 841, SENAPATI BAPAT MARG, ELPHINSTONE ROAD-WEST, MUMBAI-400013 / VS. ADDL. COMMISSIONER OF INCOME TAX (OSD)RANGE 2(3), AAYAKAR BHAVAN MUMBAI-400020 ( ' / APPELLANT) .. ( ( ' / RESPONDENT) ./ ./PAN/GIR NO. : AAACI 1314G ' / REVENUE BY : SHRI H.P.MAHAJANI & SHRI D.S.MAINKAR ( ' + /ASSESSEE BY : SHRI P.K.SHUKLA + - / DATE OF HEARING : 23.12.2013 + - /DATE OF PRONOUNCEMENT : 24 .12.2013 / O R D E R PER B.R.MITTAL, JM: THIS APPEAL IS FILED BY ASSESSEE AGAINST THE ORDER OF COMMISSIONER OF INCOME TAX DATED 5.3.2012 VIDE WHICH THE LD. CIT SET ASID E THE ORDER PASSED BY ASSESSING OFFICER DATED 27.11.2009 WITH A DIRECTION TO COMPUT E THE INCOME U/S 115JB OF THE INCOME TAX ACT, 1961(THE ACT). 2. AT THE TIME OF HEARING, OUR ATTENTION WAS DRAW N TO THE FACT THAT THE ASSESSEE IS A BANKING COMPANY AND AS SUCH THE PROVISIONS OF SE CTION 115JB OF THE ACT ARE NOT APPLICABLE TO THE CASE OF ASSESSEE AND RELIED UPON THE DECISIONS OF ITAT BANGALORE BENCH IN THE CASE OF ING VYSYA BANK LTD V/S ACIT I N ITA NO.443/BANG/2012 (AY-2002- 03) DATED 14.8.2013 AND MUMBAI BENCH IN THE CASE OF DENA BANK V/S ACIT IN ITA NO.4325/MUM/2011, ITA NO.4326/MUM/2011 AND ITA NO. 1600/MUM/2012 (AYS-2003- 04 TO 2006-07) DATED 10.4.2013, WHEREIN IT HAS BEEN HELD THAT THE PROVISIONS OF I.T.A. NO.2921/MUM/2012 2 SECTION 115JB OF THE ACT ARE NOT APPLICABLE TO THE BANKING COMPANY. LD. DR HAS NOT DISPUTED THE ABOVE CONTENTION OF ASSESSEE. 3. WE HAVE CAREFULLY CONSIDERED THE IMPUGNED ORDER OF LD. COMMISSIONER OF INCOME TAX AND EARLIER ORDERS OF TRIBUNAL (SUPRA). WE OB SERVE THAT IN THE CASE OF DENA BANK (SUPRA) TO WHICH ONE OF US IS A PARTY (AM) HAVE HEL D AFTER CONSIDERING THE DECISION OF HONBLE JURISDICTIONAL HIGH COURT IN THE CASE OF KURUNG THAI BANK PCL IN ITA NO.3390/M/1990 DATED 30.9.2010 THAT PROVISIONS OF S ECTION 115JB ARE NOT APPLICABLE TO THE ASSESSEE-BANKING-COMPANY AND THEREFORE ASSESSE ES CASE IS NOT COVERED BY MAT PROVISIONS. IN THE SAID CASE, THE ORDER PASSED BY COMMISSIONER OF INCOME TAX U/S 263 OF THE ACT WAS QUASHED. RESPECTFULLY FOLLOWING THE ORDERS OF THE TRIBUNAL ON SIMILAR ISSUE (SUPRA), WE VACATE THE ORDER OF LD. COMMISSI ONER OF INCOME TAX PASSED UNDER SECTION 263 OF THE ACT BY ALLOWING GROUND NO.3 OF THE APPEAL TAKEN BY ASSESSEE. 4. SINCE, WE HAVE VACATED THE ORDER OF COMMISSI ONER OF INCOME TAX, WE DO NOT CONSIDER IT NECESSARY TO ADJUDICATE UPON THE OTHER GROUNDS TAKEN BY ASSESSEE ON THE QUESTION LIMITATION OF THE ORDER PASSED UNDER SECTI ON 263 OF THE ACT. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED. ORDER PRONOUNCED IN THE OPEN COURT ON 24 TH DECEMBER, 2013. F G 24 TH DECEMBER, 2013 + SD SD ( / RAJENDRA) ( . . /B.R.MITTAL) / ACCOUNTANT MEMBER / JUDICIAL MEMBER MUMBAI: 24 /12/2013 . . ./ SRL , SR. PS / COPY OF THE ORDER FORWARDED TO : 1. ' / THE APPELLANT 2. ( ' / THE RESPONDENT. 3. K ( ) / THE CIT(A)- CONCERNED 4. K / CIT CONCERNED 5. L (N , - N , / DR, ITAT, MUMBAI CONCERNED 6. / GUARD FILE. / BY ORDER, TRUE COPY (ASSTT. REGISTRAR) - N , /ITAT, MUMBAI