Deputy Commissioner of Income Tax, Circle-1(1), Hubballi V. M/s. Karnataka Vikas Grameen Bank Limited, Dharwad

ITA 720/BANG/2020

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 2907 (ITAT-BANGALORE)
• Duration Of Justice: 10 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-10-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 25-10-2021
• Assessment Year: 2016-2017
• Appeal Filed On: 01-12-2020
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

ITA NOS.609, 610, 611 & 720/BANG/2020 M/S. KARNATAKA VIKAS GRAMEENA BANK, DHARWAD IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH: BANGALORE BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENT AND SHRI B.R. BASKARAN, ACCOUNTANT MEMBER ITA NOS.609, 610 & 611/BANG/2020 ASSESSMENT YEARS : 2010-11, 2015-16 & 2016-17 M/S. KARNATAKA VIKAS GRAMEENA BANK NO.1, HEAD OFFICE BELGAUM ROAD DHARWAD 580 008 PAN NO : AAAAK6324Q VS. ACIT CIRCLE-2(1) HUBBALLI APPELLANT RESPONDENT ITA NO.720/BANG/2020 ASSESSMENT YEAR : 2016-17 DEPUTY COMMISSIONER OF INCOME-TAX CIRCLE-1(1) HUBBALLI VS. M/S. KARNATAKA VIKAS GRAMEENA BANK NO.1, HEAD OFFICE BELGAUM ROAD DHARWAD 580 008 APPELLANT RESPONDENT APPELLANT BY : SHRI NARENDRA SHARMA, A.R. RESPONDENT BY : DR. MANJUNATH KARKIHALLI, D.R. DATE OF HEARING : 25.10.2021 DATE OF PRONOUNCEMENT : 25.10.2021 ITA NOS.609, 610, 611 & 720/BANG/2020 M/S. KARNATAKA VIKAS GRAMEENA BANK, DHARWAD PAGE 2 OF 4 O R D E R PER BENCH: THE ASSESSEE HAS FILED APPEALS FOR AY 2010-11, 2015 -16 AND 2016-17. THE REVENUE HAS FILED APPEAL FOR AY 2016- 17. ALL THE APPEALS ARE DIRECTED AGAINST THE ORDER PASSED BY LD CIT(A), HUBBALI. 2. AT THE TIME OF HEARING, THE LD COUNSEL APPEAR ING FOR THE ASSESSEE SUBMITTED THAT THE ASSESSEE HAS OPTED TO SETTLE THE ISSUES ARISING IN ALL THE ABOVE SAID FOUR APPEALS UNDER DIRECT TAXES VIVAD SE VISHWAS ACT, 2010 AND ACCORDINGLY FILED PRESCRIBED APPLICAT IONS FOR THE ABOVE SAID THREE YEARS, WHICH HAS COVERED THE ISSUES CONT ESTED IN THE APPEAL FILED BY THE REVENUE FOR 2016-17 ALSO. HE S UBMITTED THAT THE ASSESSEE HAS ALREADY RECEIVED FORM NO.3 FROM THE DE PARTMENT ACCEPTING THE APPLICATIONS. ACCORDINGLY, THE LD A. R SUBMITTED THAT THESE APPEALS MAY BE DISMISSED WITH LIBERTY TO SEEK RECALL, IF THERE IS A NEED. 3. THE LD D.R, SUBMITTED THAT THE APPEAL FOR AY 2016-17 HAS BEEN FILED BY THE REVENUE ALSO AND HENCE, IF THE SAID AP PEAL IS DISMISSED AND IF SOMETHING GOES WRONG WITH THE APPLICATION FI LED BY THE ASSESSEE FOR SETTLEMENT OF DISPUTES OF AY 2016-17, THEN THE REVENUE SHOULD BE GIVEN LIBERTY TO FILE APPLICATION SEEKING RECALL OF THE ORDER. THE LD D.R FURTHER SUBMITTED THAT THE ASSESSEE SHOU LD BE DIRECTED TO INTIMATE THE AO ABOUT THE RESULT OF THE APPLICAT ION FILED BY IT FOR AY 2016-17 AND IF THEY DO NOT GO THROUGH AS DESIRED BY THE ASSESSEE, THEN THE ASSESSEE SHOULD PERSUADE THE AO TO FILE NE CESSARY APPLICATION SEEKING RECALL OF THIS ORDER WITHIN THE STATUTORY TIME LIMIT PRESCRIBED UNDER THE ACT. ITA NOS.609, 610, 611 & 720/BANG/2020 M/S. KARNATAKA VIKAS GRAMEENA BANK, DHARWAD PAGE 3 OF 4 4. WE HEARD THE PARTIES AND PERUSED THE RECORD. S INCE THE ASSESSEE HAS ALREADY FILED APPLICATIONS UNDER VSVS ACT FOR A LL THE THREE YEARS, WE ARE OF THE VIEW THAT NO PURPOSE WOULD BE SERVED IN KEEPING THESE APPEALS PENDING, SINCE THE PRESENT APPEALS HAVE TO BE WITHDRAWN ONCE THE DISPUTE IS SETTLED UNDER THE ABOVE SAID AC T. ACCORDINGLY, WE DISMISS ALL THE FOUR APPEALS. 5. HOWEVER, WE FIND MERIT IN THE SUBMISSIONS MAD E BY LD D.R. SINCE THE APPEAL FILED BY THE REVENUE IS DISMISSED BY US AT THE INSTANCE OF THE ASSESSEE, WE DIRECT THE ASSESSEE TO PERSUADE THE AO TO FILE NECESSARY APPLICATION FOR RECALL OF THE ORD ER PERTAINING TO REVENUES APPEAL FOR AY 2016-17 IN ACCORDANCE WITH LAW WITHIN THE STATUTORY TIME PERIOD, IF SOMETHING GOES WRONG IN R ESPECT OF APPLICATIONS FILED BY THE ASSESSEE UNDER VSVS ACT. 6. IN THE RESULT, ALL THE THREE APPEALS OF THE ASSESSEE ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 25 TH OCT, 2021. SD/- (N.V. VASUDEVAN ) VICE PRESIDENT SD/- (B.R. BASKARAN) ACCOUNTANT MEMBER BANGALORE, DATED 25 TH OCT, 2021. VG/SPS ITA NOS.609, 610, 611 & 720/BANG/2020 M/S. KARNATAKA VIKAS GRAMEENA BANK, DHARWAD PAGE 4 OF 4 COPY TO: 1. THE APPLICANT 2. THE RESPONDENT 3. THE CIT 4. THE CIT(A) 5. THE DR, ITAT, BANGALORE. 6. GUARD FILE BY ORDER ASST. REGISTRAR, ITAT, BANGALORE.