CITICORP FINANCE (I) LTD, MUMBAI V. DCIT RG 10(1), MUMBAI

ITA 7060/MUM/2014

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 3034 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 6 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-06-2016
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2009-2010
• Appeal Filed On: 20-11-2014
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: NAVEEN GUPTA
• Assessee Lawyers: WITHDRAWAL LETTER DT
• Section: 143(3); 154

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH , MUMBAI BEFORE SRI MAHAVIR SINGH, J M AND SRI RAMIT KOCHAR , A M ITA NO .7060/MUM/2014 (A.Y.:2009 - 10 ) CITICORP FINANCE (INDIA) LTD. [THROUGH THEIR SUCCESSORS: CITIFINANCIAL CONSUMER FINANCE INDIA LTD. WHICH IS NOW KNOWN AS CITICORP FINANCE (INDIA) LTD. MUMBAI], 8 TH FLOOR, PLOT NOS.C - 54 AND C - 55, BANDRA KURLA COMPLEX, G - BLOCK, BANDRA (E), MUMBAI 51 VS. THE DY. COMMISSIONER OF INCOME TAX, RANGE 10(1), ROOM NO.454, 4 TH FLOOR, AAYAKAR BHAVAN, M. K. ROAD, MUMBAI 40 0 020 PAN; AABCA 3223 B APPELLANT .. RESPONDENT APPELLANT BY WITHDRAWAL LETTER DT. 15.6.16 RESPONDENT BY SHRI NAVEEN GUPTA, DR DATE OF HEARING 16 - 06 - 2016 DATE OF PRONOUNCEMENT 16 - 06 - 2016 O R D E R PER MAHAVIR SINGH , JM : THIS APPEAL BY THE ASSESSEE IS ARISING OUT OF THE ORDER OF THE CIT (A) - 21, MUMBAI PASSED IN APPEA L NO. CIT (A) - 21/IT/186/2013 - 14 DATED 13 - 08 - 2014. ASSESSMENT WAS FRAMED BY THE DCIT, CIRCLE - 10(1), MUMBAI FOR ASSESSMENT YEAR 20 09 - 10 VIDE HIS ORDER PASSED U/S 143(3) OF THE INCOME TAX ACT, 1961 (HEREINAFTER REFERRED TO AS THE (ACT). 2. AT THE OUTSET, THE LEARNED COUNSEL FOR THE ASSESSEE STATED THAT THE ONLY ISSUE UNDER CHALLENGE IN THIS APPEAL IS LEVY OF INTEREST U/S 234C OF THE ACT AND THE SAME HAS BEEN RECTIFIED BY THE C IT (A) U/S 154 OF THE ACT VIDE HIS ORDER DATED 22 - 12 - 2014. THE ASSESSEE FILED THE FOLLOWING APPLICATION: WE REFER TO THE COMPANYS APPEAL NO.7060/M UM/2014 IN RESPECT OF OUR ABOVE CLIENTS FOR THE CAPTIONED ASSESSMENT YEAR WHICH IS FIXED FOR HEARING BEFORE THE HONBLE MEMBERS OF C BENCH OF THE TRIBUNAL ON16 JUNE 2016. THE SAID APPEAL WAS FILED AGAINST THE ORDER DATED 13 AUGUST 2014 PASSED BY THE COMMISSIONER OF INCOME - TAX (APPEALS) - 21, MUMBAI [CIT(A)] DISPOSING APPEAL FILED AGAINST THE ORDER DATED 30 MARC H 2013 PASSED UNDER SECTION 143(3) OF THE INCOME - TAX ACT. ITA NO. 7060 /MUM/20 1 4 2 THE ONLY GROUND RAISED IN THE APPEAL BEFORE THE HONBLE TRIBUNAL WAS AGAINST THE ACTION OF THE CIT (A) IN HOLDING THAT THE INTEREST OF RS.3M36,16,666 CHARGED UNDER SECTION 234C IS CONSEQUENTIAL I N NATURE NOT APPRECIATING THAT NIL INTEREST IS CHARGEABLE AS PER RETURN OF INCOME. IN THIS CONNECTION IT IS SUBMITTED THAT ON AN APPLICATION BEING FILED BY THE APPELLANTS UNDER SECTION 154 OF THE ACT, THE CIT (A) HAS PASSED AN ORDER DATED 22 DECEMBER 201 4 DISPOSING THE APPLICATION UNDER SECTION 154 OF THE ACT. IN THE SAID ORDER THE CIT (A) HAS HELD THAT NO INTEREST IS CHARGEABLE UNDER SECTION 234C AND ACCORDINGLY THE ADDITION MADE BY THE AO IS TO BE DELETED. THUS THE GROUND OF APPEAL HAS BEEN ALLOWED (COP Y ENCLOSED). IN VIEW OF THE ABOVE, OUR CLIENTS WISH TO WITHDRAW THE AFORESAID APPEAL NO.7060/MUM - 2014. ACCORDINGLY, THE LEARNED COUNSEL FOR THE ASSESSEE REQUESTED FOR WITHDRAWAL OF THE APPEAL. ON QUERY FROM THE BENCH THE LEARNED SR. DR HAS NOT OBJECTED TO THE WITHDRAWAL OF THE APPEAL. IN TERMS OF THE ABOVE, WE PERMIT THE WITHDRAWAL AND DISMISSED THE SAME AS WITHDRAWN. 3. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS DISMISSED AS WITHDRAWN. O RDER PRONOUNCED IN THE OPEN COURT ON 16 /06 / 201 6 . SD/ - SD/ - ( RAMIT KOCHAR ) ( MAHAVIR SINGH ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI , DATED 16 /6 / 201 6 LAKSHMIKANTA DEKA/SR.PS COPY OF THE ORDER FORWARDED TO : BY ORDER, ASSISTANT REGISTRAR ITAT, MUMBAI 1. THE APPELLANT 2. THE RESPONDEN T. 3. THE CIT ( A), MUMBAI. 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. //TRUE COPY// ITA NO. 7060 /MUM/20 1 4 3 DATE INITIAL DICTATIO N PAD ATTACHED WITH THE DRAFT ORDER YES 1. DRAFT DICTATED ON 17 - 06 - 16 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 2 0 - 06 - 16 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER. AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS 6. KEPT FOR PRONOUNCEMENT ON SR.PS 7. FILE SENT TO THE BENCH CLERK SR.PS 8. DATE ON WHICH FILE GOES TO THE AR 9. DATE ON WHICH FILE GOES TO THE HEAD CLERK. 10. DATE OF DISPATCH OF ORDER.