Indian Overseas Bank, CHENNAI V. ACIT LTU 1, CHENNAI

MA 228/CHNY/2019

• Counselvise Citation: [2019] 111 COUNSELVISE.COM (IT) 5612 (ITAT-CHENNAI)
• Duration Of Justice: 2 month(s) 22 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 04-12-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2012-2013
• Appeal Filed On: 12-09-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: J PAVITRAN KUMAR
• Keywords: Bad and doubtful debts; Set aside

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, CHENNAI ... , ! ' # , % #& BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER '' / M.P. NO.228/CHNY/2019 (IN I.T.A. NO.1881/CHNY/2017) ( )( / ASSESSMENT YEAR : 2012-13 M/S INDIAN OVERSEAS BANK, TAX COMPLIANCE & PAYMENT CELL, BALANCE SHEET MANAGEMENT DEPARTMENT, 763, ANNA SALAI, CHENNAI - 600 002. PAN : AAACI 1223 J V. THE ASSISTANT COMMISSIONER OF INCOME TAX, LARGE TAXPAYER UNIT 1, CHENNAI. (+,( /PETITIONER) (+-,./ RESPONDENT) +,( 0 1 /PETITIONER BY : SHRI C. NARESH, CA +-,. 0 1 / RESPONDENTS BY : SHRI J. PAVITRAN KUMAR, JCIT 2 0 3% / DATE OF HEARING : 15.11.2019 45) 0 3% / DATE OF PRONOUNCEMENT : 04.12.2019 / O R D E R PER N.R.S. GANESAN, JUDICIAL MEMBER : THE ASSESSEE HAS FILED THE PRESENT MISCELLANEOUS PETITION ON THE GROUND THAT THERE IS AN ERROR IN THE ORDER OF THIS TRIBUNAL DATED 26.07.2019. 2 M.P. NO.228/CHNY/19 2. SHRI C. NARESH, THE LD. REPRESENTATIVE FOR THE A SSESSEE, SUBMITTED THAT THE APPEAL WAS DISPOSED OF BY AN ORD ER DATED 26.07.2019. FOR THE ASSESSMENT YEAR 2013-14, THE ISSUE WITH REG ARD TO BAD DEBT WAS DECIDED IN FAVOUR OF THE ASSESSEE IN I.T.A. NO.776 & 947/CHNY/2018 DATED 28.02.2019. HOWEVER, THE TRIBUNAL OBSERVED T HAT IT WAS DECIDED AGAINST THE ASSESSEE FOR ASSESSMENT YEAR 2013-14. PLACING RELIANCE ON THE ORDER OF THIS TRIBUNAL IN I.T.A. NO.776/CHNY/20 18 DATED 28.02.2019, THE LD. REPRESENTATIVE SUBMITTED THAT THE TRIBUNAL AFTER REPRODUCING THE ORDER IN I.T.A. NO.35/MDS/2017 DATED 03.04.2017, AL LOWED THE GROUND TAKEN BY THE ASSESSEE. TO THAT EXTENT, THERE IS AN ERROR IN THE ORDER OF THIS TRIBUNAL DATED 26.07.2019 WHICH NEEDS TO BE RE CTIFIED. 3. WE HEARD SHRI J. PAVITRAN KUMAR, THE LD. DEPARTM ENTAL REPRESENTATIVE ALSO. THE LD. D.R. VERY FAIRLY SUBM ITTED THAT FOR THE ASSESSMENT YEAR 2013-14, THIS TRIBUNAL ALLOWED THE GROUND WITH REGARD TO BAD DEBT WRITTEN OFF. THEREFORE, ACCORDING TO T HE LD. D.R., TO THAT EXTENT THERE IS AN ERROR IN THE ORDER OF THIS TRIBU NAL DATED 26.07.2019. 4. HAVING HEARD THE LD. REPRESENTATIVE FOR THE ASSE SSEE AND THE LD. D.R., THIS TRIBUNAL FINDS THAT THERE IS AN APPARENT ERROR AT PARA 7.8 IN THE ORDER OF THIS TRIBUNAL DATED 26.07.2019. AS RIGHTL Y SUBMITTED BY THE LD. REPRESENTATIVE FOR THE ASSESSEE AND THE LD. D.R., FOR THE ASSESSMENT YEAR 2013-14, THIS TRIBUNAL FOLLOWING ITS OWN ORDER IN I.T.A. NO.35/CHNY/2017 DATED 03.04.2017, ALLOWED THE IDENT ICAL CLAIM OF THE 3 M.P. NO.228/CHNY/19 ASSESSEE. THEREFORE, THE ERROR CREPT AT PARA 7.8 O F THE ORDER NEEDS TO BE RECTIFIED. ACCORDINGLY, THE ORDER OF THIS TRIBUNAL DATED 26.07.2019 IS RECTIFIED AS FOLLOWS:- IN PARA 7.8, FOLLOWING SHALL BE DELETED:- 7.8 NOW COMING TO RECOVERY OF BAD DEBTS WRITTEN OFF IN RESPECT OF RURAL BRANCHES, THIS ISSUE ALSO DECIDED AGAINST THE ASSESSEE BY THIS TRIBUNAL FOR THE ASSESSMENT YE AR 2013-14. FOR THE REASONS STATED BY THIS TRIBUNAL FOR THE ASSESSMENT YEAR 2013-14, THIS TRIBUNAL DO NOT FIND AN Y REASON TO INTERFERE WITH THE ORDER OF THE LOWER AUT HORITY. ACCORDINGLY THE SAME IS CONFIRMED. INSTEAD, THE FOLLOWING SHALL BE INCORPORATED AS PAR A 7.8: 7.8 NOW COMING TO RECOVERY OF BAD DEBTS WRITTEN O FF IN RESPECT OF RURAL BRANCHES, ADMITTEDLY, THIS TRIBUNA L EXAMINED THE SAME FOR THE ASSESSMENT YEAR 2013-14 I N I.T.A. NO.776/CHNY/2018. THIS TRIBUNAL BY PLACING ITS RELIANCE IN I.T.A. NO.35/CHNY/2017 DATED 03.04.2017 , ALLOWED THE IDENTICAL CLAIM OF THE ASSESSEE. SINCE THE FACTS ARE IDENTICAL AS THAT OF ASSESSMENT YEAR 2013 -14, FOR THE REASON STATED BY THIS TRIBUNAL FOR ASSESSMENT Y EAR 2013-14, THE CLAIM OF THE ASSESSEE NEEDS TO BE ALLO WED. ACCORDINGLY, THE ORDERS OF BOTH THE AUTHORITIES BEL OW ARE SET ASIDE AND THE ISSUE WITH REGARD TO BAD DEBT WRI TTEN OFF IS ALLOWED. 4 M.P. NO.228/CHNY/19 5. THE ORDER OF THIS TRIBUNAL DATED 26.07.2019 IS R ECTIFIED ACCORDINGLY. 6. WITH THE ABOVE OBSERVATION, THE MISCELLANEOUS PE TITION FILED BY THE ASSESSEE STANDS ALLOWED. ORDER PRONOUNCED IN THE COURT ON 4 TH DECEMBER, 2019 AT CHENNAI. SD/- SD/- ( ! ' # ) ( ... ) (INTURI RAMA RAO) (N.R.S. GANE SAN) % / ACCOUNTANT MEMBER /JUDICIAL MEMBER /CHENNAI, 7 /DATED, THE 4 TH DECEMBER, 2019. KRI. 0 +38' 9')3 /COPY TO: 1. +,( / PETITIONER 2. +-,. /RESPONDENT 3. 2 :3 () /CIT(A) 4. 2 :3 /CIT 5. '; +3 /DR 6. <( = /GF.