The Assistant Commissioner of Income Tax, Circle - 1(1) & TPS, Mangalore V. M/s The Mangalore Catholic Co-operative Bank Limited, Mangalore

MA 6/PAN/2022

AI Insights

The case involves the Deputy Commissioner of Income Tax, Circle \\u2013 2(1), Mangalore as the applicant and M/s. The Mangalore Catholic Co-operative Bank Ltd. as the respondent. The Revenue filed a Miscellaneous Application against the Tribunal's earlier order, which had not addressed a specific ground related to the amortization of premium on government securities. The Tribunal acknowledged the oversight and recalled the original order to decide on this specific issue.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 136933 (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: 2014-2015
• 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

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.6/PUN/2022 (arising out of ITA No.172/PAN/2018) Assessment Year : 2014-15 DCIT, Circle – 2(1), Mangalore Vs. M/s. The Mangalore Catholic Co- operative Bank Ltd. 16-06-686, St. Aloysius College Rd, Hampankatta, Mangalore, PAN : AAAAT5268Q Applicant) (Respondent) Assessee by : None 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’) on 01.04.2022 in relation to the assessment year 2014-15. 2. The case of the Revenue is that ground No.4 taken in the Memorandum of Appeal against deletion of addition towards amortization of premium paid on government securities, was not disposed off by the Tribunal. M.A.No.06/PAN/2022 2 3. We have heard the ld. DR and gone through the material on record. It is noticed that the issue of amortization of premium paid on government securities was taken note of by the Tribunal on page 2 of its order as the issue under challenge. However, it remained to be decided. In the given circumstances, we recall the original order passed u/s 254(1) for the limited purpose of disposal of ground challenging the deletion of addition of Rs.10,10,915/- on account of amortization of premium paid on government securities held under the category ‘Held At Maturity’. 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 M.A.No.06/PAN/2022 3 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 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. *