RGA INTERNATIONAL REINSURANCE COMPANY LTD, MUMBAI V. ADIT (IT) 2(1), MUMBAI

ITA 8243/MUM/2010

• Counselvise Citation: [2013] 120 COUNSELVISE.COM (IT) 3251 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 4 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-04-2013
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: D
• Next Hearing Date: 10-12-2012
• Assessment Year: 2006-2007
• Appeal Filed On: 29-11-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: D K SINHA
• Assessee Lawyers: SHYAM SHAH

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL 'G' BENCH, MUMBAI BEFORE SHRI D. MANMOHAN, VICE PRESIDENT AND SHRI D. KARUNAKARA RAO, ACCOUNTANT MEMBER ITA NO.8243/MUM/2010 (ASSESSMENT YEAR: 2006-07) RGA INTERNATIONAL REINSURANCE ASST. DIRECTOR OF IN COME TAX CO. LTD., C/O. S.R. BATLIBOI & CO. (INTERNATIONAL T AXATION) - 2(1) 18TH FLOOR, EXPRESS TOWERS VS. SCINDIA HOUSE, BALLARD PIER NARIMAN POINT, MUMBAI 400020 MUMBAI 400038 PAN - AADCR 1226 K APPELLANT RESPONDENT APPELLANT BY: SHRI SHYAM SHAH RESPONDENT BY: SHRI D.K. SINHA DATE OF HEARING: 01.04.2013 DATE OF PRONOUNCEMENT: 01.04.2013 O R D E R PER D. MANMOHAN, V.P. THIS APPEAL IS FILED AT THE INSTANCE OF THE ASSESSE E COMPANY AND IT PERTAINS TO A.Y. 2006-07. 2. ADMITTEDLY, THE TDS CERTIFICATE REVEALS THAT THE AM OUNT HAS BEEN CREDITED DURING THE PERIOD 25 TH APRIL 2006 AND 20 TH JULY, 2006 AND THE AMOUNT OF TDS DEDUCTED AND PAID DOES NOT FALL IN F. Y. 2005-06 RELEVANT TO A.Y. 2006-07. 3. BEFORE US IT WAS CONTENDED THAT THE LEARNED CIT(A) ERRED IN NOT GRANTING CREDIT FOR THE TDS DEDUCTED AT SOURCE AMOU NTING TO ` 29,72,985/-. IN THE ALTERNATIVE IT WAS CONTENDED THAT THE AO SHO ULD HAVE BEEN DIRECTED TO GIVE CREDIT TO TDS IN THE SUBSEQUENT YEAR, I.E. A.Y . 2007-08. 4. AT THE TIME OF HEARING THE LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT CONSEQUENT TO DISALLOWANCE OF THE CLAIM OF TDS IN THE YEAR UNDER CONSIDERATION THE ASSESSEE FILED AN APPLICATION BEF ORE THE AO FOR A.Y. 2007- 08, WHICH IS PENDING. ITA NO.8243/MUM/2010 RGA INTERNATIONAL REINSURANCE CO. LTD. 2 5. THE LEARNED D.R. HAS NO OBJECTION IF A DIRECTION IS GIVEN TO SUITABLY GIVE CREDIT TO THE TDS IN THE YEAR IN WHICH PAYMENT IS MADE, SUBJECT TO MAKING AN APPROPRIATE CLAIM AS PER LAW. 6. HAVING REGARD TO THE CIRCUMSTANCES OF THE CASE WE H OLD THAT THE ASSESSEE IS NOT JUSTIFIED IN CLAIMING CREDIT FOR TD S CREDITED DURING THE PERIOD 25 TH APRIL, 2006 TO 20 TH JULY, 2006. HOWEVER, UPON PROVING BEFORE THE AO THAT IT PERTAINS TO A.Y. 2007-08, ASSESSEE IS ENTIT LED TO CLAIM DEDUCTION IN THE NEXT YEAR. WE DIRECT THE ASSESSEE TO MAKE A CLA IM IN THE YEAR IN WHICH IT IS ALLOWABLE. NEEDLESS TO OBSERVE THAT THE AO SHALL TAKE INTO CONSIDERATION THE APPLICATION OF THE ASSESSEE AND SHALL DISPOSE O F THE SAME IN ACCORDANCE WITH LAW. 7. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 1 ST APRIL, 2013. SD/- SD/- (D. KARUNAKARA RAO) (D. MANMOHAN) ACCOUNTANT MEMBER VICE PRESIDENT MUMBAI, DATED: 1 ST APRIL, 2013 COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) 11, MUMBAI 4. DIT (INTEL. TAXATION), MUMBAI 5. THE DR, G BENCH, ITAT, MUMBAI BY ORDER //TRUE COPY// ASSISTANT REGISTRAR ITAT, MUMBAI BENCHES, MUMBAI N.P.