ACIT, CHENNAI V. M/s. Indian Overseas Bank, CHENNAI

MA 177/CHNY/2011

• Counselvise Citation: [2011] 123 COUNSELVISE.COM (IT) 7141 (ITAT-CHENNAI)
• Duration Of Justice: 1 month(s) 21 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 14-10-2011
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 14-10-2011
• Assessment Year: 2000-2001
• Appeal Filed On: 24-08-2011
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: R PARAMESWARAN SR MANAGER IOB

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, CHENNAI [BEFORE DR. O.K. NARAYANAN, VICE-PRESIDENT AND SHRI HARI OM MARATHA, JUDICIAL MEMBER] M.P.NOS.176 & 177/MDS/2011 [ARISING OUT OF I .T.A NOS. 1250 & 1252/MDS/2008] ASSESSMENT YEARS : 1997-98 & 2000-01 THE DY.CIT LARGE TAXPAYER UNIT CHENNAI VS M/S INDIAN OVERSEAS BANK 763, MOUNT ROAD CHENNAI 600 002 [PAN AAACI 1223 J] (PETITIONER) (RESPONDENT) PETITIONER BY : SHRI SHAJI P JACOB. ADDL. CIT RESPONDENT BY : SHRI R.PARAMESWARAN, SR. MANAGER, IOB DATE OF HEARING : 14.10.2011 DATE OF PRONOUNCEMENT : 14.10.2011 O R D E R PER HARI OM MARATHA, JUDICIAL MEMBER: THROUGH THESE MISCELLANEOUS PETITIO NS, THE REVENUE HAS SOUGHT RECALLING OF THE COMMON ORDER OF THIS TRIBUN AL DATED 28.4.2009 IN ITA NOS. 1250 & 1252/MDS/2008, FOR ASSESSMENT Y EARS 1997-98 AND 2000-01. 2. IT HAS BEEN PLEADED THAT IN VIEW OF THE DEC ISION OF HON'BLE SUPREME COURT RENDERED RECENTLY IN THE CASE OF ELEC TRONICS CORPORATION OF INDIA LTD VS UNION OF INDIA, 2011-TIOL-18-SC-CX- CB, JUDGMENT DATED 17.2.2011, IN CIVIL APPEAL NO.1883 OF 2011 ARISING OUT OF SLP(C) NO.2538 OF 2009, IT HAS BEEN CATEGORICALLY HELD MP 176 & 177/11 :- 2 -: THAT FOR PURSUING LITIGATION BETWEEN PSUS AND THE G OVERNMENT, THERE IS NO LONGER A NEED TO OBTAIN PERMISSION OF COD. THE REASON FOR ARRIVING AT THE ABOVE CONCLUSION HAS BEEN STATED TO BE THAT ALTHOUGH THE OBJECT IN GETTING COD PERMISSION IS LAUDATORY BUT THE MECH ANISM INVOLVED IN THE PROCESS LEADS TO DELAYS IN LITIGATION AND AS SU CH, THE MECHANISM HAS OUTLIVED ITS UTILITY. IT HAS BEEN OBSERVE D BY THEIR LORDSHIPS THAT IN THE CHANGED SCENARIO THE EXISTING DIRECTIONS TO OBTAIN COD PERMISSION HAS OUTLIVED SO IT IS BEING RECALLED AND HEREINAFTER, THERE IS NO NEED FOR SUCH PERMISSION OF COD TO PURSUE LITIGA TION BETWEEN PSUS AND GOVERNMENT. IN VIEW OF THE ABOVE DECISION, A MISTAKE APPARENT FROM RECORD HAS CREPT INTO THE ORDER OF THE TRIBUNA L, THEREFORE, WE RECALL THE SAME AND DIRECT THE REGISTRY TO FIX THES E APPEALS FOR HEARING ON 14.12.2011. AS THE DATE WAS PRONOUNCED IN THE OPEN COURT, NO NEED TO ISSUE NOTICE OF HEARING SEPARATELY. 3. IN THE RESULT, THE MISCELLANEOUS PETITIONS STA ND ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 14 .10.2011. SD/- SD/- (DR. O.K. NARAYANAN) VICE-PRESIDENT (HARI OM MARATHA) JUDICIAL MEMBER DATED: 14 TH OCTOBER, 2011 RD : COPY TO: 1. PETITIONER 2. RESPONDENT 3. CIT(A) 4. CIT 5. DR