KRUNG THAI BANK PCL, MUMBAI v. ADIT (IT) 3(1), MUMBAI

ITA 3958/MUM/2008 | 2005-2006
Pronouncement Date: 19-01-2011 | Result: Allowed

Appeal Details

RSA Number 395819914 RSA 2008
Assessee PAN AAACK3475E
Bench Mumbai
Appeal Number ITA 3958/MUM/2008
Duration Of Justice 2 year(s) 7 month(s) 15 day(s)
Appellant KRUNG THAI BANK PCL, MUMBAI
Respondent ADIT (IT) 3(1), MUMBAI
Appeal Type Income Tax Appeal
Pronouncement Date 19-01-2011
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted A
Tribunal Order Date 19-01-2011
Date Of Final Hearing 23-02-2010
Next Hearing Date 23-02-2010
Assessment Year 2005-2006
Appeal Filed On 04-06-2008
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH A MUMBAI BEFORE SHRI R.S. SYAL (AM) & SHRI R.S. PADVEKAR (J M) I.T.A.NO.3958/MUM/08 (A.Y. 2005-06) KRUNG THAI BANK PCL 62 MAKER CHAMBERS-VI 6 TH FLOOR NARIMAN POINT MUMBAI-400 021. PAN: AAACK3475E VS. ADIT (IT)-3(1) SCINDIA HOUSE BALLARD ESTAT MUMBAI. APPELLANT RESPONDENT APPELLANT BY SHRI GAJENDRA GOLCHHA. RESPONDENT BY SHRI R. S. SRIVASTAVA. O R D E R PER R.S. SYAL AM : THIS APPEAL BY THE ASSESSEE ARISES OUT OF THE ORDE R PASSED BY THE CIT(A) ON18-03-2008 IN RELATION TO THE ASSTT. YEAR 2005-06 . 2. THE FIRST GROUND IS AGAINST THE CONFIRMATION OF APPLICABILITY OF MAT PROVISIONS U/S.115JB OF THE ACT. 3. AT THE VERY OUTSET THE LD. COUNSEL FOR THE ASSE SSEE PLACED ON RECORD A COPY OF THE ORDER PASSED BY THE TRIBUNAL IN ITS OWN CASE FOR THE IMMEDIATELY PRECEDING YEAR IN ITA NO.3390/MUM/09. IT WAS STATED THAT THE TRIBUNAL HAS DECIDED THIS ISSUE IN ASSESSEES FAVOUR BY HOLDING THAT THE PROVISIONS OF SEC. 115JB DO NOT APPLY TO THE BANKING COMPANY. THE LD. D.R. FAIRLY CONCEDED THE FACTUAL POSITION IN THIS REGARD. RESPECTFULLY FOLLO WING THE PRECEDENT WE OVERTURN THE IMPUGNED ORDER ON THIS ISSUE. THIS GROUND IS AL LOWED. 4. THE SECOND GROUND ABOUT THE CHARGING OF INTERES T U/S.234B IS ADMITTED TO BE CONSEQUENTIAL. THIS GROUND IS ACCORDINGLY DISMIS SED. ITA 6610 & 6836M/08 BAJAJ AUTO HOLDINGS LTD. 2 5. IN THE RESULT THE APPEAL IS ALLOWED IN THE ABOV E TERMS. ORDER PRONOUNCED ON THE 19TH DAY OF JANUARY 201 1. SD/- SD/- ( R.S. PADVEKAR) (R.S. SYAL) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI: 19TH JANUARY 2011. NG: COPY TO : 1. ASSESSEE. 2. DEPARTMENT 3 CIT(A)-XXXIII MUMBAI. 4 DIT(INTL.TAXN) MUMBAI. 5.DR A BENCH MUMBAI. 6.MASTER FILE. (TRUE COPY) BY ORDER ASST.REGISTRAR ITAT MUMBAI. ITA 6610 & 6836M/08 BAJAJ AUTO HOLDINGS LTD. 3 DETAILS DATE INITIALS DESIGNA TION 1. DRAFT DICTATED ON 12-01-2011 SR.PS/ 2. DRAFT PLACED BEFORE AUTHOR 13-01-2011 SR.PS/ 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER JM/ AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS/ 6. KEPT FOR PRONOUNCEMENT ON SR.PS/ 7. FILE SENT TO THE BENCH CLERK SR.PS/ 8. DATE ON WHICH THE FILE GOES TO THE HEAD CLERK 9. DATE ON WHICH FILE GOES TO THE AR 10. DATE OF DISPATCH OF ORDER