ASST CIT 2(1), MUMBAI V. BANK OF INDIA, MUMBAI

ITA 6015/MUM/2011

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 62690 (ITAT-MUMBAI)
• Duration Of Justice: 10 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-07-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2004-2005
• Appeal Filed On: 29-08-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PRAVIN VARMA
• Section: 244A; 154

Judgement Text

, , , , , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES B, MUMBAI .. , ! ' , # !, $ BEFORE SHRI R.S.SYAL, AM AND SHRI VIVEK VARMA, JM ./ ITA NO.6015/MUM/2011 ( #& ' #& ' #& ' #& ' / / / / ASSESSMENT YEAR : 2004-2005) THE ASSTT.COMMISSIONER OF INCOME-TAX CIRCLE 2(1) MUMBAI. M/S.BANK OF INDIA STAR HOUSE C-5 BANDRA KURLA COMPLEX BANDRA (EAST), MUMBAI 400 051. PAN : AAACB0472C. ( () / // / APPELLANT) & & & & / VS. ( *+()/ RESPONDENT) () , ,, , - - - - / APPELLANT BY : SHRI PRAVIN VARMA *+() , - , - , - , - / RESPONDENT BY : SHRI C.NARESH & , . / / / / DATE OF HEARING : 23.07.2012 /0' , . / DATE OF PRONOUNCEMENT : 25.07.2012 !1 !1 !1 !1 / / / / O R D E R PER R.S.SYAL, AM : THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER PASSED BY THE COMMISSIONER OF INCOME-TAX (APPEALS) ON 02.06.2011 IN RELATION TO THE ASSESSMENT YEAR 2004-2005. 2. BRIEFLY STATED THE FACTS OF THE CASE ARE THAT RE FUND OF ` 30,46,94,346 WAS DETERMINED FOR THE YEAR IN QUESTION INCLUSIVE OF IN TEREST U/S 244A AMOUNTING TO ` 1,25,63,766. WHILE ISSUING REFUND, THE OFFICER ADJ USTED THE PRINCIPAL AMOUNT OF INTEREST FIRST AGAINST THE DEMAND AND THEREAFTER INTEREST WAS ADJUSTED / ALLOWED AGAINST THE REFUND DUE. THE ASSESSEE FILED APPLICATION U/S 154 FOR THE INCREASE IN THE AMOUNT OF INTEREST U/S 244A BUT REM AINED UNSUCCESSFUL. DETAILED SUBMISSIONS WERE FILED BEFORE THE LEARNED CIT(A), W HO PASSED THE FOLLOWING ORDER VIDE PARA 4 AS UNDER:- I HAVE CONSIDERED THE FACTS OF THE CASE AND SUBMIS SIONS OF THE ASSESSEE. AGAINST THE ASSESSMENT ORDER FOR THE ASSE SSMENT YEAR ITA NO.6015/MUM/2011 M/S.BANK OF INDIA. 2 04-05 A SEPARATE APPEAL ORDER HAS BEEN PASSED DATED 1/6/2011 IN WHICH CERTAIN RELIEF HAVE BEEN ALLOWED TO THE ASSES SEE AND A.O. WOULD BE GIVING APPEAL EFFECT FOR THIS ORDER AND CA LCULATING REVISED REFUND AND INTEREST THEREON THEREFORE, AGAI NST THE PRESENT APPEAL ALSO THE A.O. IS DIRECTED TO RECALCULATE THE INTEREST AND REFUND ALLOWABLE TO THE ASSESSEE AFTER GIVING EFFEC T TO THE APPEAL ORDER DATED 1/6/2011 FOR THE A.Y. 2004-2005 AND FUR THER DIRECTED TO KEEP IN VIEW THE DECISION OF SANDVIK ASIA LTD. V S. ACIT 280 ITR 643 (SC), ON WHICH ASSESSEE HAS RELIEF, WHILE C ALCULATING INTEREST PAYABLE TO THE ASSESSEE. IN THE RESULT, TH E GROUND OF APPEAL IS TREATED AS ALLOWED. 3. AFTER CONSIDERING THE RIVAL SUBMISSIONS AND PER USING THE RELEVANT MATERIAL ON RECORD WE ARE UNABLE TO FIND ANY MISTAK E IN THE IMPUGNED ORDER WARRANTING ANY INTERFERENCE AT THE INSTANCE OF THE REVENUE. IN FACT THE LEARNED CIT(A) HAS RESTORED THE MATTER TO THE FILE OF A.O. WITH DIRECTION TO RECALCULATE THE INTEREST AND REFUND AFTER GIVING EFFECT TO THE APPELLATE ORDER AND FURTHER CONSIDERING THE JUDGMENT OF THE HONBLE SUPREME COU RT IN THE CASE OF SANDVIK ASIA LTD. THERE IS HARDLY ANYTHING CONTRARY TO THE LAW IN TH E IMPUGNED ORDER, WHICH IS CONTAINED IN THE AFORESAID DIRECTION OF TH E LEARNED CIT(A). WE, THEREFORE, UPHOLD THE IMPUGNED ORDER ON THIS ISSUE. 4. 2 .3 4 , 5 24 , 4. 67 IN THE RESULT, THE REVENUES APPEAL IS DISMISSED. ORDER PRONOUNCED ON THIS 25 TH DAY OF JULY, 2012. !1 , /0' 8!&3 0 , 9 SD/- SD/- (VIVEK VARMA) (R.S.SYAL) # ! # ! # ! # ! / JUDICIAL MEMBER ! ! ! ! / ACCOUNTANT MEMBER MUMBAI ; 8!& DATED 25 TH JULY, 2012. DEVDAS* ITA NO.6015/MUM/2011 M/S.BANK OF INDIA. 3 !1 , *#.:' ;''. !1 , *#.:' ;''. !1 , *#.:' ;''. !1 , *#.:' ;''./ COPY OF THE ORDER FORWARDED TO : 1. () / THE APPELLANT 2. *+() / THE RESPONDENT. 3. < () / THE CIT(A)IV, MUMBAI. 4. < / CIT 5. '?9 *#.#& , , / DR, ITAT, MUMBAI 6. 9@ A / GUARD FILE. !1& !1& !1& !1& / BY ORDER, +'. *#. //TRUE COPY// B B B B/ // /6 4 6 4 6 4 6 4 ( DY./ASSTT. REGISTRAR) , , , , / ITAT, MUMBAI