DCIT, Udupi V. M/s Syndicate Bank, Manipal

MA 32/BANG/2012

• Counselvise Citation: [2012] 123 COUNSELVISE.COM (IT) 8889 (ITAT-BANGALORE)
• Duration Of Justice: 4 month(s) 14 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 04-09-2012
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 16-11-2012
• Assessment Year: misc
• Appeal Filed On: 20-04-2012
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: FARHAT HUSSAIN QURESHI CITII
• Section: 154

Judgement Text

PAGE 1 OF 3 M.P. NOS.29 TO 32/BANG/2012 1 IN THE INCOME TAX APPELLATE TRIBUNAL, BANGALORE BENCH B BEFORE SHRI GEORGE GEORGE K, J.M AND SHRI JASON P BOAZ, ACCOUNTANT MEMBER M.P.NOS.29 TO 32/BANG/2012 (IN ITA NOS.366 TO 367 & 377 TO 378/BANG/2010) (ASSESSMENT YEARS 1984-85, 1987-88, 1990-91 & 1999-2 000) THE DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-1, UDUPI. VS M/S SYNDICATE BANK, HEAD OFFICE, MANIPAL. PA NO.AACCA 3591P (APPELLANT) (RESPONDENT) DATE OF HEARING : 31.08.2012 DATE OF PRONOUNCEMENT : 04.09.2012 APPELLANT BY : SHRI SANDEEP HUILGOL, ADVOCATE RESPONDENT BY : SHRI FARHAT HUSSAIN QURESHI, CI T-II OR DER PER GEORGE GEORGE K : THE MISCELLANEOUS PETITIONS FILED BY THE DEPARTME NT ARE FOR RECALLING THE ORDERS OF THE TRIBUNAL IN ITA NOS .366, 367, 377 & 378/BANG/2010 DATED 20/07/2010. 2. BRIEF FACTS ARE AS FOLLOWS:- THE ASSESSEE, A NATIONALIZED BANK, IS A PUBLIC S ECTOR UNDERTAKING. THE ASSESSING OFFICER REJECTED THE A PPELLANTS APPLICATION FOR RECTIFICATION UNDER SECTION 154 PRA YING TO GRANT OF INTEREST ON INTEREST ON THE GROUND THAT THERE WAS N O SPECIFIC PROVISION IN THE INCOME TAX ACT FOR PAYMENT OF SUCH INTEREST. PAGE 2 OF 3 M.P. NOS.29 TO 32/BANG/2012 2 3. AGGRIEVED, THE ASSESSEE HAD FILED APPEALS BEFOR E THE CIT(A). 4. THE CIT(A) VIDE HIS ORDER DATED 08/01/2010 ALLO WED THE ASSESSEES APPEALS. 5. ON FURTHER APPEAL BY THE REVENUE, THE TRIBUNAL V IDE ITS ORDER DATED 20/7/2010 IN ITA NOS.366, 367, 377 & 37 8/2010, DISMISSED THE APPEALS FOR WANT OF COD APPROVAL. 6. THE LEARNED DR DURING THE COURSE OF HEARING OF THE MISCELLANEOUS PETITION SUBMITTED THAT IN THE LIGHT OF THE JUDGEMENT OF THE HONBLE APEX COURT IN THE CASE OF ELECTRONICS C ORPORATION OF INDIA LTD. V UNION OF INDIA AND OTHERS IN CIVIL APPEAL NO .1883 OF 2011; IT WAS NOT NECESSARY PRE-REQUISITE FOR OBTAINING CLEARANCE FROM THE COMMITTEE ON DISPUTES (COD) FOR FILING THE APPEAL. THE LEARNED DR SUBMITTED THAT IN ITA NO. 366/2010, THE DEPARTMENT HAD OBTAINED CLEARANCE FROM COD SUBSEQUENT TO THE TRIBUNAL ORDER DATED 20/7/2010. 7. THE LEARNED AR WAS DULY HEARD. HE SUBMITTED THA T HE HAD NO OBJECTION IN RECALLING THE ORDERS OF THE TRI BUNAL DATED 20/7/2010 PROVIDED THE COD HAD NOT REJECTED THE DEP ARTMENTS APPLICATION PRIOR TO THE JUDGEMENT OF THE HONBLE S UPREME COURT IN THE CASE OF ELECTRONICS CORPORATION OF INDIA LTD. V UNION OF INDIA AND OTHERS REPORTED IN 332 ITR 58. PAGE 3 OF 3 M.P. NOS.29 TO 32/BANG/2012 3 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 REPORTED IN 332 ITR 58 HAD HELD THAT THE MECHANISM OF THE COMMITTEE ON DISPUTES SUGGESTED BY THE SUPREME COURT HAS OUTLIVED ITS UTILITY, AND IN VIEW OF THE CHANGED SCENARIO THE EARLIER ORDERS OF THE SUPREME COURT IN THE CASE OF ONGC ETC. ARE REQU IRED TO BE RECALLED. IN THE LIGHT OF THE ABOVE SUPREME COURT JUDGEMENT, APPROVAL FROM THE COD AS A NECESSARY PRE-REQUISITE F OR FILING THE APPEAL FOR DISPUTES BETWEEN GOVT. UNDERTAKINGS AND THE GOVT. IS NOT REQUIRED. THEREFORE, WE RECALL OUR ORDERS DATED 20 /7/2010 IN ITA NOS.366, 367, 377 & 378/BANG/2010 AND POST THE SAME FOR HEARING IN THE REGULAR COURSE. THE REGISTRY IS DIRECTED TO ISS UE NOTICE TO THE RESPECTIVE PARTIES. 9. IN THE RESULT, THE MISCELLANEOUS PETITIONS FILE D BY THE REVENUE ARE ALLOWED. SD/- SD/- (JASON P BOAZ) (GEORGE GEORGE K) ACCOUNTANT MEMBER JUDICIAL MEMBER BANGALORE, DT. 04/09/2012 COPY TO : 1. THE REVENUE 2. THE ASSESSEE 3. THE C IT CONCERNED. 4. THE CIT(A) CONCERNED. 5. DR 6. GF MSP/ BY ORDER SENIOR PRIVATE SECRETARY, ITAT, BANGALO RE.