YES BANK LTD, V. DCIT 7(3),

MA 269/MUM/2015

• Counselvise Citation: [2016] 124 COUNSELVISE.COM (IT) 4348 (ITAT-MUMBAI)
• Duration Of Justice: 4 month(s) 18 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 06-04-2016
• Appeal Filed By: Assessee
• Bench Allotted: G
• Assessment Year: 2007-2008
• Appeal Filed On: 18-11-2015
• Court: TRIBUNAL
• Department Lawyers: PRAKASH L PATHADE
• Assessee Lawyers: NIMESH JAIN
• Keywords: Depreciation
• Section: 68; 6; 2

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL G , BENCH MUMBAI BEFORE SHRI R. C. SHARMA , A M & SHRI AMIT SHUKLA , J M MISCELLANEOUS APPLICATION NO S . 2 6 8 &269 / MUM/20 1 5 (ARISING OUT OF ITA NO . 5910 &2629 /MUM/201 4 ) ( / ASSESSMENT YEAR : 20 0 6 - 20 07 &2007 - 08 ) YES BANK LIMITED, 9 TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA BUILDING, DR. A.B.ROAD, WORLI, MUMBAI - 400018 VS. DCIT - 7(3), MUMBAI ./ ./ PAN/GIR NO. : A AACY 2068 D /ASSESSEE BY : SHRI NIMESH JAIN /REVENUE BY : SHRI PRAKASH L. PATHADE / DATE OF HEARING : 1 9/0 2 /2016 / DATE OF PRONOUNCEMENT : 06/04 / 2016 / O R D E R PER R. C.SHARMA ( A .M.) : COMMON GRIEVANCE OF THE ASSESSEE IN BOTH THE MISCELLANEOUS APPLICATIONS FOR THE ASSESSMENT YEAR S 2006 - 07 & 2007 - 08 PERTAINS TO SOME TYPOGRAPHICAL ERROR IN THE ORDER OF THE TRIBUNAL DATED 21 - 1 - 2015. 2. LD. AR DREW OUR ATTENTION TO THE TYP OGRAPHICAL ERROR IN PARA 9 OF THE ORDER. 3. WE HAVE GONE THROUGH THE ORDER AND FOUND THAT IN PLACE OF NET APPRECIATION, THE WORD NET DEPRECIATION HAS BEEN TYPED. ACCORDINGLY, WE DIRECT THAT IN PARA 9 , WHERE IT HAS BEEN TYPED AS NET APPRECIATION, IT BE READ AS NET DEPRECIATION. 4. LD. AR ALSO POINTED OUT THAT IN CONCLUDING PARA 13, GROUND NO.1 OF THE ASSESSEES APPEAL WAS SET ASIDE TO THE AO . AS PER THE OPENING WORDS IN PARA 13, THE ISSUE SHOULD BE DECIDED IN ITS FAVOUR, INSOFAR AS THE TRIBUNAL HAS O BSERVED THAT LOWER AUTHORITIES WERE NOT JUSTIFIED IN DISALLOWING LOSS AROSE ON THE YEAR AND REVALUATION OF SECURITIES. M A NO. 26 8 &269 / 20 15 2 5. WE HAVE GONE THROUGH THE ORDER OF THE TRIBUNAL AND FOUND THAT IN PARA 1 3 , THE TRIBUNAL DECIDED AS UNDER : - 13. IN VIEW OF THE ABOVE, WE DO NOT FIND ANY MERIT IN THE ACTION OF LOWER AUTHORITIES FOR DISALLOWING LOSS AROSE ON THE YEAR END REVALUATION OF SECURITIES. OUR VIEW IS SUPPORTED BY DECISION OF HONBLE BOMBAY HIGH COURT IN THE CASE OF CIT VS. HDFC BANK LTD., PASSED IN ITA NO.330 O F 2012; UNITED COMMERCIAL BANK VS. CIT, 240 ITR 355(SC); INVESTMENT LTD. VS. CIT, 77 ITR 533 (SC); AND CIT VS. BANK OF BARODA, 262 ITR 334 (BOM) . RESPECTFULLY FOLLOWING THE DECISION OF HONBLE SUPREME COURT AND HONBLE BOMBAY HIGH COURT AND CONSIDERING THE CLASSIFICATION OF SECURITY SO MADE AND THE LOSS AROSE ON ACCOUNT OF REVALUATION OF SECURITIES ARE REQUIRED TO BE ALLOWED. ACCORDINGLY, WE SET ASIDE THE ORDER OF BOTH THE LOWER AUTHORITIES AND MATTER IS RESTORED BACK TO THE FILE OF AO FOR DECIDING AFRESH I N THE LIGHT OF OUR ABOVE OBSERVATION. WE DIRECT ACCORDINGLY. WE DO NOT FIND ANY MISTAKE MUCH LESS AN APPARENT MISTAKE IN PARA 13 OF THE ORDER OF THE TRIBUNAL INSOFAR AS NOT FINDING ANY MERIT IN THE ACTION OF LOWER AUTHORITIES, THE SAME WAS SET ASIDE AND MATTER WAS RESTORED BACK TO THE FILE OF THE AO FOR DECIDING AFRESH IN THE LIGHT OF THE DECISION OF HON BLE SUPREME COURT IN THE CASE OF UNITED COMMERCIAL BANK 240 ITR 355 AND DECISION OF HONBLE BOMBAY HIGH COURT IN THE CASE OF H DFC BANK LTD., ITA NO.330 O F 2012 . ACCORDINGLY THERE IS NO MISTAKE MUCH LESS AN APPARENT MISTAKE IN PARA 13 OF THE ORDER OF TRIBUNAL WHEREIN MATTER HAS BEEN RESTORED TO THE FILE OF AO. 6 . IN THE RESULT, BOTH THE MISCELLANEOUS APPLICATION S ARE ALLOWED IN PART IN TERMS INDICATED HEREI NABOVE. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 06/04 / 201 6 SD/ - SD/ - AMIT SHUKLA R.C.SHARMA JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI ; DATED 06/04 / 201 6 . . /PKM , . / PS M A NO. 26 8 &269 / 20 15 3 / COPY OF THE ORDER FORWARDED TO : / BY ORDER, ( ASSTT. REGISTRAR) , / ITAT, M UMBAI 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A), MUMBAI. 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE. //TRUE COPY//