UTI ASSET MANAGEMENT CO.LTD., V. ASST.C.I.T.-10(1),

MA 193/MUM/2011

• Counselvise Citation: [2011] 123 COUNSELVISE.COM (IT) 7033 (ITAT-MUMBAI)
• Duration Of Justice: 5 month(s) 19 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 16-09-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: F
• Assessment Year: 2005-2006
• Appeal Filed On: 28-03-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: C G K NAIR
• Assessee Lawyers: J D MISTRY

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES F, MUMBAI BEFORE SHRI R.S.SYAL, AM AND SHRI VIJAY PAL RAO, JM M.A.NO.193/MUM/2011 (ARISING OUT OF ITA NO.2601/MUM/2009 : ASST. YEAR 2 005-2006) M/S.UTI ASSET MANAGEMENT CO.LTD. UTI TOWER, GN. BLOCK, 5 TH FLOOR BKC BANDRA (EAST) MUMBAI 400 051. PAN : AAACU6260F. VS. THE ASSTT.COMMISSIONER OF INCOME-TAX CIRCLE 10(1) MUMBAI. (APPLICANT) (RESPONDENT) APPLICANT BY : SHRI J.D.MISTRY RESPONDENT BY : SHRI C.G.K.NAIR DATE OF HEARING : 16.09.2011 DATE OF PRONOUNCEMENT : 16.09.2011 O R D E R PER R.S.SYAL, AM : THIS MISCELLANEOUS APPLICATION U/S.254(2) OF THE IN COME-TAX ACT, 1961 HAS BEEN MOVED BY THE ASSESSEE PRAYING FOR THE RECALLIN G OF THE ORDER OF THE TRIBUNAL DATED 07.04.2010 IN ITA NO.2601/MUM/2009. 2. THE LEARNED COUNSEL FOR THE ASSESSEE CONTENDED T HAT THE TRIBUNAL DISMISSED THE APPEAL FOR WANT OF COD PERMISSION. IT WAS ARGUE D THAT SINCE THE ASSESSEE IS NOT A GOVERNMENT COMPANY, IN FACT, NO APPROVAL, AT ALL , WAS REQUIRED TO BE TAKEN FROM COD, WHICH CONTENTION WAS OMITTED TO BE PUT FORTH AT THE TIME OF HEARING. HE RELIED ON THE JUDGEMENT OF THE HONBLE SUPREME COUR T IN ELECTRONICS CORPORATION OF INDIA LTD. VS. UNION OF INDIA & ORS. [(2011) 332 ITR 58 (SC)] FOR THE PROPOSITION THAT THE COD PERMISSION IS NO LONGER RE QUIRED TO BE TAKEN AND THUS REQUESTED THAT THE IMPUGNED ORDER BE RECALLED. THE LEARNED DEPARTMENTAL REPRESENTATIVE DID NOT RAISE ANY SERIOUS OBJECTION TO THE ARGUMENTS ADVANCED ON BEHALF OF THE ASSESSEE. MA NO.193/MUM/2011 M/S.UTI ASSET MANAGEMENT CO. LIMITED. 2 3. AFTER CONSIDERING THE RIVAL SUBMISSIONS AND PERU SING THE RELEVANT MATERIAL ON RECORD IT IS NOTICED THAT THE HONBLE SUPREME COURT IN THE CASE OF ELECTRONICS CORPORATION OF INDIA LTD. (SUPRA) HAS HELD THAT THE EARLIER JUDGEMENTS ON THE POINT INCLUDING ONGC VS. CCE [(1992) 104 CTR (SC) 31] REQUIRING THE PERMISSION TO BE TAKEN FROM COD AS A PRE-CONDITION TO PROSECUTE T HE APPEALS, HAVE OUTLIVED THEIR UTILITY IN THE CHANGED SCENARIO AS THE MECHANISM HA S NOT ACHIEVED THE DESIRED RESULTS RATHER HAS LED TO MORE LITIGATION. THE SAID EARLIER JUDGEMENTS HAVE BEEN RECALLED BY THE HONBLE SUPREME COURT IN THE LATTE R JUDGEMENT IN ELECTRONICS CORPORATION OF INDIA (SUPRA) . IN THE LIGHT OF THIS LATTER JUDGEMENT RENDERED BY THE HONBLE APEX COURT, NOW THERE IS NO MORE ANY REQUIR EMENT TO SEEK PERMISSION FROM COD. AS SUCH, PARTIES CANNOT BE IMPRESSED UPON TO OBTAIN THE APPROVAL FROM COD FOR PROSECUTING THEIR APPEALS BEFORE THE TRIBUN AL. THE IMPUGNED ORDER IS, THEREFORE, RECALLED AND THE REGISTRY IS DIRECTED T O FIX THIS APPEAL FOR HEARING IN DUE COURSE. 4. IN THE RESULT, THE MISCELLANEOUS APPLICATION IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 16 TH DAY OF SEPTEMBER, 2011. SD/- SD/- (VIJAY PAL RAO) (R.S.SYAL) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI : 16 TH SEPTEMBER, 2011. DEVDAS* COPY TO : 1. THE APPLICANT. 2. THE RESPONDENT. 3. THE CIT CONCERNED 4. THE CIT(A) X, MUMBAI. 5. THE DR/ITAT, MUMBAI. 6. GUARD FILE. MA NO.193/MUM/2011 M/S.UTI ASSET MANAGEMENT CO. LIMITED. 3 TRUE COPY. BY ORDER ASSISTANT REGISTRAR, ITAT, MUMBAI.