DCIT, Mangalore V. M/s Corporation Bank, Mangalore

MA 27/BANG/2012

• Counselvise Citation: [2012] 123 COUNSELVISE.COM (IT) 8545 (ITAT-BANGALORE)
• Duration Of Justice: 5 month(s) 20 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 20-07-2012
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2006-2007
• Appeal Filed On: 31-01-2012
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: S K AMBASTHA II TAT
• Keywords: Depreciation; Bad and doubtful debts
• Section: 143(3)

Judgement Text

PAGE 1 OF 3 M.P. NO.27/BANG/2012 1 IN THE INCOME TAX APPELLATE TRIBUNAL, BANGALORE BENCH A BEFORE SHRI GEORGE GEORGE K, J.M AND SHRI JASON P BOAZ, ACCOUNTANT MEMBER M.P.NO.27/BANG/2012 (IN ITA NO.496/BANG/2010) (ASSESSMENT YEAR 2006-2007) THE DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-2(1), MANGALORE. VS M/S CORPORATION BANK, MANGALADEVI TEMPLE ROAD, PANDESHWAR, MANGALORE. PA NO.AAACC7245E (APPELLANT) (RESPONDENT) DATE OF HEARING : 20.07.2012 DATE OF PRONOUNCEMENT : 20.07.2012 APPELLANT BY : SHRI S K AMBASTHA, CIT(DR-I),I TAT RESPONDENT BY : SHRI S ANANTHAN, C.A. OR DER PER GEORGE GEORGE K : THE MISCELLANEOUS PETITION FILED BY THE DEPARTMEN T IS FOR RECALLING THE ORDER OF THE TRIBUNAL IN ITA NO.496/B ANG/2010 DATED 21/9/2010. 2. BRIEF FACTS ARE AS FOLLOWS:- THE ASSESSEE IS A NATIONALIZED BANK, A PUBLIC SE CTOR UNDERTAKING. THE ORIGINAL RETURN WAS FILED DECLARI NG A TOTAL INCOME OF RS.394,76,28,632/-. ASSESSMENT ORDER WAS PASSED UN DER SECTION 143(3) OF THE ACT ON 29.12.2008 DETERMINING THE TOT AL INCOME AT PAGE 2 OF 3 M.P. NO.27/BANG/2012 2 RS.561,91,72,770/-. THE ASSESSING OFFICER HAD DISA LLOWED THE CLAIM OF BAD DEBTS AND DEPRECIATION CLAIMED ON INVESTMENT PORTFOLIO. 3. AGGRIEVED, THE ASSESSEE HAD FILED APPEAL BEFORE THE CIT(A). 4. THE CIT(A) VIDE HIS ORDER DATED 3/2/2010 PARTLY ALLOWED THE ASSESSEES APPEAL. 5. ON FURTHER APPEAL BY THE DEPARTMENT, THE TRIBUN AL VIDE ITS ORDER DATED 21/9/2010 IN ITA NO.496/2010, DISMI SSED THE APPEAL FILED BY THE DEPARTMENT FOR WANT OF COD APPROVAL. 6. THE DEPARTMENT HAS FILED MISCELLANEOUS PETITION STATING THAT IN THE LIGHT OF THE JUDGEMENT OF THE HONBLE A PEX COURT IN THE CASE OF ELECTRONICS CORPORATION OF INDIA LTD. V UNI ON OF INDIA AND OTHERS IN CIVIL APPEAL NO.1883 OF 2011, IT WAS NOT NECESSARY PRE- REQUISITE FOR OBTAINING CLEARANCE FROM THE COMMITTE E ON DISPUTES (COD) FOR FILING THE APPEAL. 7. THE LEARNED AR WAS DULY HEARD. HE SUBMITTED THA T HE HAD NO OBJECTION IN RECALLING THE ORDER OF THE TRIB UNAL DATED 21/9/2010. 8. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE MATERIALS ON RECORD. THE HONBLE SUPREME COURT IN THE CASE OF ELECTRONICS CORPORATION OF INDIA LTD. V UNION OF IN DIA AND OTHERS 332 ITR 58 HAD HELD THAT THE MECHANISM OF THE COMMITTEE ON DISPUTES PAGE 3 OF 3 M.P. NO.27/BANG/2012 3 SUGGESTED BY THE SUPREME COURT HAS OUTLIVED ITS UTIL ITY, AND IN VIEW OF THE CHANGED SCENARIO THE EARLIER ORDERS OF THE SUPR EME COURT IN THE CASE OF ONGC ETC. ARE REQUIRED TO BE RECALLED. IN THE LIGHT OF THE ABOVE SUPREME COURT JUDGEMENT, APPROVAL FROM THE CO D AS A NECESSARY PRE-REQUISITE FOR FILING THE APPEAL FOR DI SPUTES BETWEEN GOVT. UNDERTAKINGS AND THE GOVT. IS NOT REQUIRED. THEREFORE, WE RECALL OUR ORDER DATED 21/9/2010 IN ITA NO.496/BANG /2010 AND POST THE SAME FOR HEARING IN THE REGULAR COURSE. THE RE GISTRY IS DIRECTED TO ISSUE NOTICE TO THE RESPECTIVE PARTIES. 9. IN THE RESULT, THE MISCELLANEOUS PETITION FILED BY THE DEPARTMENT IS ALLOWED. SD/- SD/- (JASON P BOAZ) (GEORGE GEORGE K) ACCOUNTANT MEMBER JUDICIAL MEMBER BANGALORE, DT. 20/07/2012 COPY TO : 1. THE REVENUE 2. THE ASSESSEE 3. THE CIT CONCERNE D. 4. THE CIT(A) CONCERNED. 5. DR 6. GF MSP/ BY ORDER SENIOR PRIVATE SECRETARY, ITAT, BANGALO RE.