ACIT, CHENNAI V. M/s. Bharat Overseas Bank Ltd., CHENNAI

MA 70/CHNY/2012

• Counselvise Citation: [2012] 123 COUNSELVISE.COM (IT) 8573 (ITAT-CHENNAI)
• Duration Of Justice: 18 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 13-07-2012
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2002-2003
• Appeal Filed On: 25-06-2012
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: DR YOGESH KAMATH

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, CHENNAI BEFORE SHRI ABRAHAM P. GEORGE, ACCOUNTANT MEMBER AND SHRI V. DURGA RAO, JUDICIAL MEMBER .. M.P. NOS. 70 & 71/MDS/2012 (IN I.T.A. NOS. 830 & 831/MDS/2010) ASSESSMENT YEARS : 2002-03 & 2007-08 THE ASSISTANT COMMISSIONER OF INCOME TAX, COMPANY CIRCLE I(2), CHENNAI - 600 034 . (PETITIONER) V. M/S BHARAT OVERSEAS BANK LTD., (NOW MERGED WITH INDIAN OVERSEAS BANK), ACCOUNTS DEPARTMENT, 763, ANNA SALAI, CHENNAI - 600 002. PAN : AAACB1374M (RESPONDENT) PETITIONER BY : DR. YOGESH KAMATH, JCIT RESPONDENT BY : NONE DATE OF HEARING : 13.07.2012 DATE OF PRONOUNCEMENT: 13.07.2012 O R D E R PER ABRAHAM P. GEORGE, ACCOUNTANT MEMBER : THROUGH THESE MISCELLANEOUS PETITIONS, REVENUE SUB MITS THAT THE TRIBUNAL ORDER DATED 6.1.2011 NEEDS TO BE RECAL LED IN VIEW OF THE DECISION OF HONBLE APEX COURT IN THE CASE OF ELECT RONICS CORPORATION OF INDIA LTD. V. UNION OF INDIA (332 ITR 58). M.P. NOS. 70&71/MDS/12 2 2. NO ONE APPEARED ON BEHALF OF ASSESSEE. WE HAVE HEARD LEARNED D.R. HONBLE APEX COURT IN THE CASE OF ELE CTRONICS CORPORATION OF INDIA LTD. (SUPRA) HAS HELD THAT APP ROVAL FROM COD IS NO MORE REQUIRED FOR PUBLIC SECTOR UNDERTAKINGS AND PARTIES COULD PREFER APPEALS WHEN THEY WERE AGGRIEVED AND THE MEC HANISM OF COD HAD OUTLIVED ITS UTILITY. IN VIEW OF THIS DECI SION OF HONBLE APEX COURT, WE ARE OF THE OPINION THAT THE ORDER DATED 6 TH JANUARY, 2011 HAS TO BE RECALLED. THE SAID ORDER IS RECALLED AND APPEALS IN I.T.A. NOS. 830 & 831/MDS/10 ARE POSTED FOR HEARING ON 3 RD SEPTEMBER, 2012. SINCE NONE APPEARED ON BEHALF OF ASSESSEE, N OTICE OF HEARING HAS TO BE ISSUED TO ASSESSEE. 3. IN THE RESULT, BOTH THE MISCELLANEOUS PETITIONS FILED BY THE REVENUE ARE ALLOWED. THE ORDER WAS PRONOUNCED IN THE COURT ON FRIDAY, TH E 13 TH OF JULY, 2012. SD/- SD/- (V. DURGA RAO) (ABRAHAM P. GEORGE) JUDICIAL MEMBER ACCOUNTANT MEMBER CHENNAI, DATED THE 13 TH JULY, 2012. KRI. COPY TO: PETITIONER/RESPONDENT/CIT(A)/CIT/D.R./GUA RD FILE