The Co. Op. Bank of Rajkot Ltd., RAJKOT-GUJARAT V. The Assistant Commr. Income Tax,Cir-1, RAJKOT-GUJARAT

MA 7/RJT/2015

• Counselvise Citation: [2016] 124 COUNSELVISE.COM (IT) 4151 (ITAT-RAJKOT)
• Duration Of Justice: 8 month(s) 29 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 04-03-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2011-2012
• Appeal Filed On: 05-06-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: DM RINDANI

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL RAJKOT BENCH, RAJKOT [CONDUCTED THROUGH E-COURT AT AH MEDABAD] (BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER & SHRI S.S. GODARA, JUDICIAL MEMBER) M.A. NOS: 5, 6 & 7/RJT/2015 (IN ITA NOS. 308, 36 & 543/RJT/2014 (ASSESSMENT YEARS: 2009-10 TO 2011-12) THE CO-OPERATIVE BANK OF RAJKOT LTD., RAJKOT THE CO-OPERATIVE BANK OF RAJKOT LTD., RAJKOT V/S V/S THE A.C.I.T., CIRCLE-1, RAJKOT THE D.C.I.T., CRICLE- 1,RAJKOT (APPELLANT) (RESPONDENT) PAN: AAAAT2423R APPELLANT BY : SHRI D.M. RINDANI, C.A. RESPONDENT BY : SHRI YOGESH PANDEY, CIT/ D.R . ( )/ ORDER DATE OF HEARING : 03 -03-201 6 DATE OF PRONOUNCEMENT : 04 -03-2016 PER N.K. BILLAIYA, ACCOUNTANT MEMBER: 1. THESE MISCELLANEOUS APPLICATIONS BY THE ASSESSEE AR E DIRECTED TOWARDS THE ORDER OF THE TRIBUNAL IN ITA NOS. 308, 36 & 543 /RJT/2014 DATED 27.03.2015. M.A NOS. 5, 6 & 7/RJT/2015 (IN ITA NOS. 308, 36 & 543/RJT/2014) . A.Y. 2009- 10 TO 2011-12 2 2. THE SUM AND SUBSTANCE OF THE GRIEVANCE OF THE ASSES SEE IS THAT THE TRIBUNAL HAS NOT CONSIDERED THE DECISION OF THE HON BLE GUJARAT HIGH COURT AND ALSO THE DECISION OF THE TRIBUNAL IN ASSE SSEES OWN CASE. THE LD. COUNSEL PLEADED THAT BY NOT CONSIDERING THE DEC ISIONS AN ERROR HAS CREPT IN THE ORDER OF THE TRIBUNAL WHICH NEED TO BE RECTIFIED. 3. PER CONTRA, THE LD. D.R. STRONGLY OPPOSED TO THE CO NTENTS OF THE MISCELLANEOUS APPLICATIONS OF THE ASSESSEE. 4. THE LD. D.R. STRONGLY CONTENDED THAT IN THE DECISIO N OF THE HONBLE JURISDICTIONAL HIGH COURT IN THE CASE OF RAJKOT DIS T. CO-OP. BANK LTD. 222 TAXMAN 240. THE HONBLE HIGH COURT DIRECTED THA T CLAUSE (VII) OF INSTRUCTION 17 OF 2008 OF CBDT IS BINDING ON REVENU E. THE LD. D.R. CONTINUED BY STATING THAT THE TRIBUNAL HAS CLEARLY GIVEN A FINDING THAT THE GOVERNMENT SECURITIES UNDER CONSIDERATION ARE S TOCK IN TRADE. THEREFORE, THERE IS NO MERIT IN THESE MISCELLANEOUS APPLICATIONS OF THE ASSESSEE. 5. WE HAVE HEARD THE RIVAL SUBMISSIONS AND HAVE GIVEN A THOUGHTFUL CONSIDERATION TO THE ALLEGATIONS MADE BY THE LD. CO UNSEL AND THE REPLY OF THE LD. D.R. AT THE VERY OUTSET, WE HAVE TO STAT E THAT IN THESE MISCELLANEOUS APPLICATIONS, WE ARE NOT GOING TO DEC IDE THE ISSUE ON MERITS OF THE CASE. THE ONLY ISSUE BEFORE US IS WHE THER THE TRIBUNAL HAS CONSIDERED THE DECISION OF THE HONBLE JURISDIC TIONAL HIGH COURT (SUPRA) WHILE DELIVERING ITS JUDGMENT? 6. IN OUR CONSIDERED OPINION, THE TRIBUNAL HAS NOT CON SIDERED THE SAID DECISION OF THE JURISDICTIONAL HIGH COURT NOR THERE IS ANY REFERENCE TO M.A NOS. 5, 6 & 7/RJT/2015 (IN ITA NOS. 308, 36 & 543/RJT/2014) . A.Y. 2009- 10 TO 2011-12 3 THE DECISION OF THE TRIBUNAL IN ASSESSEES OWN CASE FOR EARLIER YEARS. THEREFORE, IN OUR UNDERSTANDING OF THE LAW, THE ORD ER OF THE TRIBUNAL NEEDS TO BE RECTIFIED. WE, THEREFORE, RECALL THE OR DER OF THE TRIBUNAL AND DIRECT THE REGISTRY TO RE-FIX THE APPEALS ON 16 TH MAY, 2016. SINCE THE DATE IS ANNOUNCED IN THE OPEN COURT AND IS IN T HE KNOWLEDGE OF BOTH THE PARTIES. THERE IS NO NEED TO SERVE THE NOT ICE. 7. IN THE RESULT, THESE MISCELLANEOUS APPLICATIONS ARE ALLOWED AND THE APPEALS WILL BE HEARD AFRESH ON THE AFOREMENTIONED DATE. ORDER PRONOUNCED IN OPEN COURT ON 04 - 03 - 201 6. SD/- SD/- (S. S. GODARA) (N. K. BILLAIYA) JUDICIAL MEMBER ACCOUNTANT MEMBER AHMEDABAD: TRUE COPY RAJESH COPY OF THE ORDER FORWARDED TO: - 1. THE APPELLANT. 2. THE RESPONDENT. 3. THE CIT (APPEALS) 4. THE CIT CONCERNED. 5. THE DR., ITAT, AHMEDABAD. 6. GUARD FILE. BY ORDER DEPUTY/ASSTT.REGISTRAR ITAT, RAJKO T