CENTRAL BANK OF INDIA, MUMBAI V. DCIT RANGE - 2(1), MUMBAI

MA 104/MUM/2016

• Counselvise Citation: [2017] 124 COUNSELVISE.COM (IT) 5735 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 2 month(s) 19 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 25-07-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 1998-1999
• Appeal Filed On: 06-05-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: J RAVICHANDRAN
• Assessee Lawyers: RAJNIKANT CHANI
• Keywords: Bad and doubtful debts

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C , BENCH MUMBAI BEFORE SHRI D.T. GARASIA, JM & SHRI R.C.SHARMA, AM M A NO. 104 / MUM/20 1 6 (ARISING OUT OF ITA NO.4449/MUM/2003) ( ASSESSMENT YEAR : 199 8 - 9 9 ) M/S. CENTRAL BANK OF INDIA CHANDER MUKHI N ARIMAN POINT, MUMBAI 400 021 VS. DCIT, RG - 2(1), MUMBAI PAN/GIR NO. AAACC2498P APPELLANT ) .. RESPONDENT ) ASSESSEE BY SHRI RAJNIKANT CHANI REVENUE BY SHRI J. RAVICHANDRAN DATE OF HEARING 12 / 05/ 201 7 DATE OF PRONOUNCEME NT 25 / 07 /201 7 / O R D E R PER R.C.SHARMA (A.M) : THIS M.A. AROSE OUT OF ITA NO.4449/MUM/2003 DECIDED BY THE TRIBUNAL VIDE ITS ORDER DATED 23/09/2015. 2. IT WAS SUBMITTED BY LEARNED AR THAT PROVISIONS U/S. 115JA ARE NOT APPLICABLE TO TH E ASSESSEE - BANK. OUR ATTENTION WAS INVITED TO THE ORDERS OF THE TRIBUNAL WHEREIN ISSUE WITH REGARD TO THE NON - APPLICABILITY OF SECTION 115JA WAS DECIDED IN THE FAVOUR OF THE ASSESSEE. AS PER LEARNED AR, THIS CONTENTION OF ASSESSEE WAS OMITTED BY TRIBUNAL W HILE PASSING ITS ORDER DATED 23/09/2015 AND IT WAS PRAYED THAT A SPEAKING ORDER BE PASSED IN THE MATTER OF APPLICABILITY OF SECTION 115JA TO THE CASE OF THE M A NO. 104/MUM/2016 M/S. CENTRAL BANK OF INDIA 2 ASSESSEE - BANK CONSIDERING THE JUDICIAL PRONOUNCEMENTS CITED IN THE PAPER BOOK FILED BEFORE THE BENC H. 3. WE HAVE CONSIDERED RIVAL CONTENTIONS AND GONE THROUGH THE ORDER OF THE LOWER AUTHORITIES AS WELL AS THE ORDER OF THE TRIBUNAL DATED 23/09/2015 . VIDE ORDER DATED 23/09/2015, TRIBUNAL HAVE DECIDED ITA NO.4449/MUM/2003 FOR THE A.Y.1998 - 99, WHEREIN THE F OLLOWING SPECIFIC GROUND WAS TAKEN BY THE REVENUE. 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD.CIT(A) HAS ERRED IN DIRECTING THE AO TO RECOMPUTED THE BOOK PROFIT U/S.115JA AFTER CONSIDERING THE DEBIT OF BAD DEBTS. 4. HOWEVER, IN THE ORDER SO PASSED THE TRIBUNAL HA S NOT DEALT WITH THE APPLICABILITY OF PROVISIONS OF SECTION 115JA IN CASE OF THE ASSESSEE. THUS, ABOVE GROUND WAS NOT PRECISELY DISPOSED BY THE TRIBUNAL WHICH AMOUNTS TO A MISTAKE APPARENT FROM RECORD. ACCORDINGLY, WE RECALL THE ORDER OF THE TRIBUNAL TO A LIMITED EXTENT OF DECIDING GROUND NO.1 AS STATED ABOVE. 5. IN THE RESULT, MA FILED BY THE ASSESSEE IS ALLOWED IN TERMS INDICATED HEREINABOVE. O RDER PRONOUNCED IN THE OPEN COURT ON THIS 25 / 07 /2017 S D/ - ( D.T. GARASIA ) S D/ - ( R.C.SHARMA ) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; DATED 25 / 07 /201 7 KARUNA SR. PS M A NO. 104/MUM/2016 M/S. CENTRAL BANK OF INDIA 3 COPY OF THE ORDER FORWARDED TO : BY ORDER, ( ASSTT. REGISTRAR) ITAT, MUMBAI 1. THE APPELLANT 2. THE RESP ONDENT. 3. THE CIT(A), MUMBAI. 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. //TRUE COPY//