The Assistant Commissioner of Income Tax, Circle-1 (1) & TPS, Mangalru V. M/s The South Canara District Central Co-op. Bank Ltd., Mangalore

MA 5/PAN/2022

AI Insights

The case involves the Income Tax Department (Revenue) and M/s. The South Canara District Central Co Operative Bank Ltd. concerning the assessment year 2013-14. The Revenue filed a Miscellaneous Application against the Tribunal's earlier order, which had not addressed a specific ground related to the deletion of addition on account of interest accrued on Government securities. The Tribunal acknowledged the oversight and recalled the original order to address this specific issue.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 136932 (ITAT-PANAJI)
• Duration Of Justice: 11 month(s) 29 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 08-10-2023
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: WT(D)
• Next Hearing Date: 05-10-2023
• Assessment Year: 2013-2014
• Appeal Filed On: 09-10-2022
• Laws Referred To: Income-tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: P.S. SHIVSHANKAR
• Section: 254(2)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI (AT e-Court, PUNE) BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SHRI S.S.VISWANETHRA RAVI, JUDICIAL MEMBER Miscellaneous Application No.5/PUN/2022 (arising out of Miscellaneous Application No.01/PAN/2018 and ITA No.18/PAN/2017) Assessment Year : 2013-14 ACIT, Circle – 2(1), Mangalore Vs. M/s. The South Canara District Central Co Operative Bank Ltd., 14-7-1011, Post Box No.721, Sadashiva Sahakara Sadana, Kodialbail, Mangalore, Karnataka – 575003 PAN : AABAT6621N Applicant) (Respondent) Assessee by : Smt. Sheetal Revenue by : Shri P.S. Shivshankar, CIT DR Date of Hearing : 06-10-2023 Date of Pronouncement : 09-10-2023 ORDER PER R.S.SYAL, VP : This Miscellaneous application has been filed by the Revenue against the order passed by the Tribunal u/s 254(1) of the Income-tax Act, 1961 (hereinafter also called ‘the Act’) read with order passed u/s 254(2) in relation to the assessment year 2013-14. 2. The grievance projected in this Miscellaneous Application is that ground No.2 taken by the Revenue in its original M.A.No.05/PAN/2022 The South Canara Dist Central Coop Bank Ltd. 2 Memorandum of Appeal against the deletion of addition on account of interest accrued on investment on Government securities remained to be disposed off in the order passed u/s 254(1). 3. We have heard both the sides and perused the material on record. It is an undisputed position that the Revenue raised ground No.2 in Memorandum of Appeal against deletion of the addition on account of interest accrued on Government securities amounting to Rs.14.65 crores. The said ground was not disposed off by the Tribunal. Thereafter, the Revenue filed Miscellaneous Application urging this ground, along with other grounds, remained to be adjudicated upon. In the first order passed u/s 254(2), the Tribunal took note of other grounds and omitted to dispose of the issue of interest on government securities. That is how, the Revenue has come in the Miscellaneous Application against the original order read with the first order u/s 254(2) of the Act, which got merged in the original order u/s 254(1). The ld. AR fairly admitted that this ground of Revenue’s appeal was not decided by the Tribunal in the order u/s 254(1) and it remained to be considered in the M.A.No.05/PAN/2022 The South Canara Dist Central Coop Bank Ltd. 3 order passed u/s 254(2) though such issue was raised before the Tribunal. In the given circumstances, we recall the original order passed u/s 254(1) for the limited purpose of disposal of ground No.2 of the Revenue’s appeal against deletion of addition on account of interest accrued on investment on Government securities amounting to Rs.14.65 crores. The Registry is directed to fix the appeal for hearing in due course after notice to both the sides. 4. In the result, the Miscellaneous Application is allowed. Order pronounced in the Open Court on 09 th October, 2023. Sd/- Sd/- (S.S.VISWANETHRA RAVI) (R.S.SYAL) JUDICIAL MEMBER VICE PRESIDENT प ु णे Pune; दिन ांक Dated : 09 th October, 2023 GCVSR आदेश की प्रतिलिपि अग्रेपिि / Copy of the Order is forwarded to : 1. अपील र्थी / The Appellant; 2. प्रत्यर्थी / The Respondent; 3. The Pr.CIT , Panaji 4. DR, ITAT, Panaji Bench, Panaji 5. ग र्ड फ ईल / Guard file आदेशान ु सार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अधिकरण ,पुणे / ITAT, Pune M.A.No.05/PAN/2022 The South Canara Dist Central Coop Bank Ltd. 4 Date 1. Draft dictated on 06-10-2023 Sr.PS 2. Draft placed before author 09-10-2023 Sr.PS 3. Draft proposed & placed before the second member JM 4. Draft discussed/approved by Second Member. JM 5. Approved Draft comes to the Sr.PS/PS Sr.PS 6. Kept for pronouncement on Sr.PS 7. Date of uploading order Sr.PS 8. File sent to the Bench Clerk Sr.PS 9. Date on which file goes to the Head Clerk 10. Date on which file goes to the A.R. 11. Date of dispatch of Order. *