DDIT (IT) 3(2), V. BEAR STEARNS & CO. INC.,

MA 88/MUM/2014

• Counselvise Citation: [2014] 124 COUNSELVISE.COM (IT) 2158 (ITAT-MUMBAI)
• Duration Of Justice: 3 month(s) 18 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 06-06-2014
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2007-2008
• Appeal Filed On: 17-02-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Rectification of order
• Section: 143(3); 154

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, MUMBAI . . , !'#$ , % &' BEFORE SHRI H.L. KARWA, PRESIDENT AND SHRI N.K. BILLAIYA, AM M.A. NO. 88/MUM/2014 (ARISING OUT OF I.T.A. NO.6148/MUM/2010) ( ( / ASSESSMENT YEAR :2007-08 THE DDIT ( (INTERNATIONAL TAXATION) 3(2), MUMBAI M/S. BEAR STEARNS & CO. INC., C/O CITIBANK N.A., TRENT HOUSE, 3 RD FLOOR, G BLOCK, PLOT NO. 60, NEXT TO CITIBANK NA, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI-400 051 ') % ./ *+ ./PAN/GIR NO. : AABCB 9868J ( ), /APPELLANT ) .. ( -.), / RESPONDENT ) ), / / APPLICANT BY : ` SHRI MAURYA PRATAP -.), 0 / /RESPONDENT BY : SHRI NISHANT THAKKAR 0 12% / DATE OF HEARING :06.06.2014 34( 0 12% / DATE OF PRONOUNCEMENT :06.06.2014 &5 / O R D E R PER N.K. BILLAIYA, AM: THIS MISCELLANEOUS APPLICATION BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF THE TRIBUNAL IN ITA NO. 6148/M/10 DT. 12.9.2013 FOR ASSESSMENT YEAR 2007-08. M.A. NO. 88/M/2014 2 2. IT IS THE CLAIM OF THE REVENUE THAT INTEREST U/S . 234D WAS TO BE LEVIED MANDATORILY AND THE TRIBUNAL HAS HELD OTHERW ISE THEREFORE THERE IS AN APPARENT MISTAKE FROM THE TRIBUNAL WHICH NEEDS T O BE RECTIFIED. 3. WE HAVE HEARD THE RIVAL SUBMISSIONS. IN THIS CA SE, THE ASSESSMENT U/S. 143(3) OF THE ACT WAS MADE ON 29.12.2009 ON WH ICH NO INTEREST WAS LEVIED U/S. 234D OF THE ACT. THE AO RECTIFIED THE ORDER U/S. 154 OF THE ACT AND LEVIED INTEREST U/S. 234D. 4. THE ASSESSEE PREFERRED AN APPEAL BEFORE THE LD. CIT(A) AND SIMULTANEOUSLY MOVED AN APPLICATION U/S. 154 OF THE ACT BEFORE THE AO. THE AO VIDE ORDER DT. 25.5.2010 WITHDREW THE LEVY OF INTEREST U/S. 234D AND ALLOWED THE RECTIFICATION APPLICATION OF THE AS SESSEE PREFERRED U/S. 154 OF THE ACT. HOWEVER, THE LD. CIT(A) CONFIRMED THE LEVY OF INTEREST U/S. 234D OF THE ACT. THE AO WHILE GIVING EFFECT TO THE ORDER OF THE LD. CIT(A) ONCE AGAIN CHARGED INTEREST U/S. 234D OF THE ACT. 5. THE TRIBUNAL WHILE PASSING THE ORDER HAS CONSIDE RED ALL THESE FACTS AND FINALLY HELD THAT : THE AO HIMSELF HAS CANCELLED THE LEVY OF INTEREST BY HIS RECTIFICATION ORDER DT. 25.5.2010. WE, THEREFORE, DO NOT FIND ANY REASON FOR THE LEVY OF INTEREST U/S. 234D OF THE AC T. 6. THIS BEING THE FACT OF THE MATTER, WE DO NOT FIN D ANY ERROR WHICH IS APPARENT FROM THE RECORD WHICH NEEDS RECTIFICATION. M.A. NO. 88/M/2014 3 7. IN THE RESULT, THE MISCELLANEOUS APPLICATION FIL ED BY THE REVENUE IS DISMISSED. . ORDER PRONOUNCED IN THE OPEN COURT ON 6TH JUNE, 20 14. SD/- SD/- (H.L. KARWA ) (N.K . BILLAIYA ) / PRESIDENT % &' / ACCOUNTANT MEMBER MUMBAI; 6& DATED 6 TH JUNE, 2014 . . ./ RJ , SR. PS &5 &5 &5 &5 0 00 0 -1! -1! -1! -1! 7!(1 7!(1 7!(1 7!(1 / COPY OF THE ORDER FORWARDED TO : 1. ), / THE APPELLANT 2. -.), / THE RESPONDENT. 3. 8 ( ) / THE CIT(A)- 4. 8 / CIT 5. !9: -1 , , / DR, ITAT, MUMBAI 6. :; < / GUARD FILE. &5 &5 &5 &5 / BY ORDER, .!1 -1 //TRUE COPY// = == = / > > > > * * * * (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI