BOMBAY MERCANTILE CO-OPERATIVE BANK LTD, MUMBAI V. DCIT 1(1)(1), MUMBAI

ITA 7091/MUM/2017

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 5758 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 1 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-01-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 14-12-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MOHAMMED RIZWAN
• Assessee Lawyers: B V JHAVERI
• Keywords: Question of law

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B , BENCH MUMBAI BEFORE SHRI MAHAVIR SINGH, JM & SHRI M.BALAGANESH , AM ITA NO. 7091 / MUM/20 1 7 ( ASSESSMENT YEAR : 2012 - 13 ) M/S. BOMBAY MERCANTILE CO - OPERATIVE BANK LTD., ZAIN RANGOONWALA, BUILDING 78, MOHAMMAD ALI ROAD, MUMBAI 400 003 VS. DY. COMMISSIONER OF INCOME TAX - 1(1)(1), MUMBAI, AAYAKAR BHAVAN M.K.ROAD, MUMBAI 400 020 PAN/GIR NO. AAAAB2359J ( APPELLANT ) .. ( RESPONDENT ) ASSESSEE BY SHRI B.V. JHAVERI REVENUE BY SHRI MOHAMMED RIZWAN DATE OF HEARI NG 24/01 /201 9 DATE OF PRONOUNCEMENT 30 / 01 /201 9 / O R D E R PER M. BALAGANESH (A.M) : THIS IS AN APPEAL FILED BY THE ASSESSEE DIRECTED AGAINST THE ORDER OF COMMISSIONER OF INCOME TAX (APPEALS) (IN SHORT CIT(A)) - 6, MUMBAI DAT ED 10/04/2015 FOR A.Y.2012 - 13 IN THE MATTER OF ORDER PASSED U/S.143(3) OF THE INCOME TAX ACT, 1961. 2. THE ASSESSEE HAS RAISED TWO GROUNDS AGAINST THE ACTION OF LD. CIT(A) CONFIRMING THE ADDITION OF RS.1,60,07,715/ - ON ACCOUNT OF AMORTIZATION OF ITA NO. 7091/MUM/20 17 M/S. BOMBAY MERCANTILE CO - OP BANK LTD., 2 DEPRECIAT ION AND ADDITION OF RS.19,62,258/ - ON ACCOUNT OF AMORTIZATION OF PREMIUM ON INVESTMENT. 3. AT THE OUTSET, THE LD. AR POINTED OUT THAT BOTH THE ISSUES ARE COVERED BY THE CO - ORDINATE BENCH DECISION OF THIS TRIBUNAL IN ASSESSEES OWN CASE FOR SUCCEEDING ASSES SMENT YEAR I.E A.Y.2013 - 14 IN ITA NO.1468/MUM/2017 DATED 30/08/2018. 4. WE HAVE HEARD THE RIVAL SUBMISSIONS AND WE FIND THAT THE ASSESSEE HAS ALSO FILED DECLARATION U/S.158A(1) OF THE ACT IN FORM NO.8 WHICH IS ENCLOSED IN PAGE S 39 AND 40 OF THE PAPER BOOK STATING THAT T HE IDENTICAL QUESTION OF LAW IS PENDING BEFORE THE HONBLE BOMBAY HIGH COURT IN ASSESSEES OWN CASE FOR THE A.Y.2006 - 07 AND 2007 - 08. WE ALSO FIND THAT THIS ISSUE IS SQUARELY COVERED BY THE DECISION OF THIS TRIBUNAL IN ASSESSEES OWN CASE REF ERRED TO SUPRA WHEREIN IT WAS OBSERVED AS UNDER: - 5. WHEN THIS WAS POINTED OUT TO THE LEARNED SR. DEPARTMENTAL REPRESENTATIVE, HE AGREED THAT THE MATTER CAN BE RESTORED BACK AND ALSO AGREED THAT THE SIMILAR QUESTION IS PENDING BEFORE THE HON'BLE BOMBAY HI GH COURT. IN VIEW OF THE ABOVE FACTUAL POSITION, WE RESTORE THESE TWO GROUNDS BACK TO THE FILE OF THE AO, WHO WILL APPLY THE PROVISIONS OF 158A AND WILL DECIDE THE ISSUE AFTER THE DECISION OF HON'BLE BOMBAY HIGH COURT, WHICH IS PENDING. ACCORDINGLY, THE AP PEAL OF ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 5. RESPECTFULLY FOLLOWING THE SAID DECISION, THE GROUND S RAISED BY THE ASSESSEE ARE ALLOWED FOR STATISTICAL PURPOSES. ITA NO. 7091/MUM/20 17 M/S. BOMBAY MERCANTILE CO - OP BANK LTD., 3 6. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. OR DER PRONOUNCED IN THE OPEN COURT ON THIS 30 / 01 /201 9 SD/ - ( MAHAVIR SINGH) SD/ - ( M. BALAGANESH ) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; DATED 30 / 01 /201 9 KARUNA SR. PS COPY OF THE ORDER FORWARDED TO : BY ORDER, ( ASSTT. REGISTRAR) ITAT, MUMBAI 1. THE APPELLANT 2. THE RESPONDENT. 3. THE CIT(A), MUMBAI. 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. //TRUE COPY//