HDFC BANK LTD ( SUCCESSOR TO BUSINESS OF CENTURION BANK LTD), MUMBAI V. ASST. CIT 2(3), MUMBAI

ITA 6712/MUM/2010

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 59925 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 5 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-03-2012
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: H
• Next Hearing Date: 15-03-2012
• Assessment Year: 2007-2008
• Appeal Filed On: 21-09-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: GOLI SRINIWAS RAO
• Assessee Lawyers: BHARAT PATEL
• Section: 234B

Judgement Text

IN THE INCOME TAX APPELLATE TRIB UNAL MUMBAI BENCHES H, MUMBAI BEFORE SHRI R.S.SYAL, AM AND SHRI VIJAY PAL RAO, JM ITA NO.6712/MUM/2010 : ASST. YEAR 1999-2000 M/S.HDFC BANK LIMITED (SUCCESSOR TO BUSINESS OF CENTURION BANK LIMITED), HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL MUMBAI 400 013. PAN : AAACH2702H. THE DY.COMMISSIONER OF INCOME-TAX CIRCLE 2(3) MUMBAI. (APPELLANT) VS. (RESPONDENT) APPELLANT BY : SHRI BHARAT PATEL RESPONDENT BY : SHRI GOLI SRINIWAS RAO (CIT-DR) DATE OF HEARING : 15.03.2012 DATE OF PRONOUNCEMENT : 20.03.2012 O R D E R PER R.S.SYAL, AM : THIS APPEAL BY THE ASSESSEE ARISES OUT OF THE ORDER PASSED BY THE COMMISSIONER OF INCOME-TAX (APPEALS) ON 01.07.2010, IN RELATION TO THE ASSESSMENT YEAR 1999-2000. 2. THE ONLY EFFECTIVE GROUND RAISED IN THIS APPEAL IS AGAINST THE LEVY OF INTEREST U/SS 234B AND 234C IN RESPECT OF MINIMUM A LTERNATE TAX COMPUTED U/S 115JA OF THE ACT. FILTERING OUT UNNECESSARY DETAILS , IT IS OBSERVED THAT THE ASSESSEE FILED APPLICATION FOR RECTIFICATION OF THE ORDER IN RESPECT OF INTEREST LEVIED U/SS 234B AND 234C IN RELATION TO THE TAX CO MPUTED U/S 115JA. THE ASSESSING OFFICER REJECTED SUCH APPLICATION. THE LE ARNED CIT(A) ECHOED THE ORDER PASSED BY THE A.O. 3. HAVING HEARD THE RIVAL SUBMISSIONS AND PERUSED T HE RELEVANT MATERIAL ON RECORD IT IS OBSERVED THAT THE ISSUE OF CHARGING IN TEREST U/SS 234B AND 234C IN RESPECT OF MINIMUM ALTERNATE TAX COMPUTED U/S 115JA OF THE ACT IS NO MORE RES INTEGRA IN VIEW OF THE JUDGMENT OF THE HONBLE SUPREME COU RT IN THE CASE OF ITA NO.6712/MUM/2010 M/S.HDFC BANK LIMITED. 2 JCIT V. ROLTA INDIA LIMITED [(2011) 330 ITR 470 (SC )] . IN THIS JUDGMENT IT HAS BEEN HELD THAT THE INTEREST U/SS 234B AND 234C SHAL L BE PAYABLE ON FAILURE TO PAY ADVANCE TAX IN RESPECT OF TAX PAYABLE U/S 115JA / 1 15JB. THE LEARNED A.R. HAS FAIRLY CONCEDED THIS POSITION. IN VIEW OF THIS BIND ING PRECEDENT, WE UPHOLD THE IMPUGNED ORDER BY HOLDING THAT THE INTEREST U/SS 23 4B AND 234C HAS BEEN RIGHTLY CHARGED IN RESPECT OF MINIMUM ALTERNATE TAX COMPUTED U/S 115JA. 4. IN THE RESULT, THE APPEAL IS DISMISSED. ORDER PRONOUNCED ON THIS 20 TH DAY OF MARCH, 2012. SD/- SD/- (VIJAY PAL RAO) (R.S.SYAL) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI : 20 TH MARCH, 2012. DEVDAS* COPY TO : 1. THE APPELLANT. 2. THE RESPONDENT. 3. THE CIT CONCERNED 4. THE CIT(A) - VI, MUMBAI 5. THE DR/ITAT, MUMBAI. 6. GUARD FILE. TRUE COPY. BY ORDER ASSISTANT REGISTRAR, ITAT, MUMBAI.