ACIT 12(1), V. HEMENDRA M. KOTHARI,

MA 555/MUM/2009

• Counselvise Citation: [2010] 123 COUNSELVISE.COM (IT) 4288 (ITAT-MUMBAI)
• Duration Of Justice: 5 month(s) 15 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 27-01-2010
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 1998-1999
• Appeal Filed On: 11-08-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: NAVEEN GUPTA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH A, MUMBAI. BEFORE SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER AN D SMT. MADHAVI DEVI, JUDICIAL MEMBER. M.A. NO. 555/MUM/2009 (IN ITA NO. 4650/MUM/2005) ASSESSMENT YEAR : 1998-99. ASSTT. COMMISSIONER OF SHRI HEMENDRA M. KOTHARI, INCOME TAX-12(1), VS. 1103, STOCK EXCHANGE TOWER, MUMBAI. DALAL STREET, FORT, MUMBAI 400 001. PAN ABOPK8771E APPLICANT RESPONDENT APPLICANT BY : SHRI NAVEEN GUPTA. RESPONDENT BY : SHRI NITESH JOSHI. O R D E R PER J. SUDHAKAR REDDY, A.M. BY THIS MISCELLANEOUS APPLICATION, THE REVENUE SU BMITS THAT THIS BENCH OF THE TRIBUNAL HAS NOT DISPOSED OF GROU ND NOS. (1) AND (1)(B) OF THE GROUNDS OF APPEAL WHICH WERE AS UNDER : (1) ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT(A) ERRED IN DIRECTING THE AO TO CREDIT THE TAXE S PAID OF RS.7.5 CRORES FOR AY 1997-98 AGAINST TAXES DUE FOR AY 1998 -99 AND REWORK INTEREST U/S 220(2). (1)(B) WHILE DOING SO THE LD. CIT(A) FAILED TO APP RECIATE THAT THERE IS NO PROVISION IN THE INCOME TAX ACT,1961 FOR CREDITI NG THE TAXES PAID IN ONE YEAR AGAINST THE TAXES PAYABLE FOR ANOTHER YEAR . THE SAME CAN ONLY BE ADJUSTED. 2 2. WE HAVE HEARD SHRI NAVEEN GUPTA, LEARNED DR, ON BEHALF OF THE REVENUE AND SHRI NITESH JOSHI, LEARNED COUNSEL, ON BEHALF OF THE ASSESSEE. 3. IT HAS BROUGHT TO OUR NOTICE THAT IN THE QUANTU M PROCEEDINGS THE ISSUE IS HELD IN FAVOUR OF THE ASSESSEE AND THE RE IS NO TAX LIABILITY. UNDER THESE CIRCUMSTANCES, ADJUDICATION OF THE ISSU E AS TO HOW INTEREST IS QUANTIFIABLE IS PURELY AN ACADEMIC MATTER. THUS GRO UND NO. (1) AND (1)(B) OF THE REVENUES APPEAL NEED NOT BE ADJUDICATED AS NO SUCH LIABILITY TO PAY INTEREST ARISES CONSEQUENT TO ALLOWING OF ASSE SSEES APPEAL ON QUANTUM. 4. IN THE RESULT, THE MISCELLANEOUS APPLICATION IS DISMISSED. ORDER PRONOUNCED ON THI S 27 TH DAY OF JANUARY, 2010. SD/- SD/- (MADHAVI DEVI) (J. SUDHAKAR REDDY) JUDICIAL MEMBER. ACCOUNTANT MEMBER. MUMBAI, DATED : 27 TH JANUARY, 2010. WAKODE COPY FORWARDED TO : 1. APPLICANT 2. RESPONDENT 3. C.I.T. 4. CIT(A) 5. DR, A-BENCH (TRUE COPY) BY ORDER ASSTT.REGISTRAR, ITAT, MUMBAI BENCHES 3