DCIT, New Delhi V. M/s Global Trust Bank Limited, New Delhi

MA 384/DEL/2010

• Counselvise Citation: [2011] 123 COUNSELVISE.COM (IT) 6040 (ITAT-DELHI)
• Duration Of Justice: 5 month(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 07-01-2011
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: F
• Assessment Year: 2004-2005
• Appeal Filed On: 06-08-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: MANISH GUPTA
• Keywords: Depreciation

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL [ DELHI BENCH F DELHI ] BEFORE SHRI C. L. SETHI, JM & SHRI K. D. RA NJAN, AM MISC. APP. NO. 384 (DEL) OF 2010. [ IN I. T. APPEAL NO. 474 (DEL) OF 2009 ] ASSESSMENT YEAR : 200405. DY. COMMISSIONER OF INCOME-TAX, M/S. G LOBAL TRUST BANK LTD., CIRCLE : 13 (1), VS. [NOW KNO WN AS ORIENTAL BANK OF COMMERCE] N E W D E L H I. F - 14, 4 TH FLOOR, COMPETENT HOUSE, CONNAUGHT PLACE, NEW DELHI 110 001. PAN / G I R NO. AAA CG 7477 L. ( APPLICANT ) ( RE SPONDENT ) ASSESSEE BY : SHRI K. V. S. R. KRISHNA, C. A. ; DEPARTMENT BY : SHRI MANISH GUPTA, SR. D. R.; O R D E R. PER K. D. RANJAN, AM : THIS MISC. APPLICATION BY THE REVENUE HAS BEEN FILE D AGAINST THE ORDER DATED 17TH JUNE, 2009 PASSED BY THE TRIBUNAL. 2. IN THIS CASE REVENUE FILED APPEAL BEFORE THIS TR IBUNAL WHICH CAME UP FOR HEARING ON 17/06/2009. ON THIS DATE REVENUES APPEAL WAS DISM ISSED VIDE ORDER DATED 17/06/2009 IN ITA. 2 MISC. APP. NO. 384 (DEL) OF 2010. NO. 174 (DEL) OF 2009 ON THE GROUND THAT M/S. GLOBA L TRUST BANK LTD., BEING A PUBLIC SECTOR UNDERTAKING OF THE GOVT. OF INDIA, THE REVENUE WAS REQUIRED TO OBTAIN COD APPROVAL FOR PERUSING THE MATTER BEFORE THIS TRIBUNAL. REVENUE VIDE MISC. APPLICATION FILED ON 6/08/2010 HAS REQUESTED TO RECALL THE ORDER AS COD APPROVAL HAS B EEN RECEIVED. 3. WE HAVE HEARD BOTH THE PARTIES AND GONE THROUGH THE MATERIAL AVAILABLE ON RECORD. WE HAVE GONE THROUGH THE COD APPROVAL DATED 30 TH APRIL, 2010. AS PER ITEM 14, THE CENTRAL BOARD OF DIRECT TAXES HAS BEEN PERMITTED TO PURSUE THE SE COND APPEAL BEFORE THE ITAT IN RESPECT OF ALLOWABILITY OF DEPRECIATION @ 60% ON LAN / WAN, AT M ETC. THE REVENUE HAS NOT BEEN PERMITTED TO PURSUE THE APPEAL IN RESPECT OF DISALL OWANCE DELETED BY THE LD. CIT (A) UNDER SECTION 14-A READ WITH RULE 8-D AND ALSO ADDITION O N ACCOUNT OF INTEREST FOR BROKEN PERIOD AMOUNTING TO RS.3,69,00,000/- HELD TO BE MATURITY OR INVESTMENT. IN VIEW OF THE ABOVE, WE RECALL THE ORDER DATED 17 TH JUNE, 2009 TO THE EXTENT OF THE APPROVAL GRANTED B Y THE COD. THE REGISTRY IS DIRECTED TO FIX THE CASE IN DUE COURSE. 4. IN THE RESULT, THE MISC. APPLICATION FILED BY TH E REVENUE IS ALLOWED, IN THE TERMS INDICATED ABOVE. ORDER PRONOUNCED IN THE OPEN COURT ON : 07 TH JANUARY, 2011 . SD/- SD/- [ C. L. SETHI ] [ K. D. RANJAN ] JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 07 TH JANUARY, 2011 . *MEHTA * COPY OF THE ORDER FORWARDED TO : - 1. APPLICANT. 3 MISC. APP. NO. 384 (DEL) OF 2010. 2. RESPONDENT. 3. CIT, 4. CIT (APPEALS), 5. DR, ITAT, NEW DELHI. TRUE COPY. BY ORDER. ASSISTANT REGISTRAR, ITAT.