DCIT, Udupi v. M/s. Syndicate Bank, Manipal

MA 22/BANG/2010 | 2003-2004
Pronouncement Date: 09-07-2010 | Result: Allowed

Appeal Details

RSA Number 2221124 RSA 2010
Bench Bangalore
Appeal Number MA 22/BANG/2010
Duration Of Justice 4 month(s) 21 day(s)
Appellant DCIT, Udupi
Respondent M/s. Syndicate Bank, Manipal
Appeal Type Miscellaneous Application
Pronouncement Date 09-07-2010
Appeal Filed By Department
Order Result Allowed
Bench Allotted A
Tribunal Order Date 09-07-2010
Date Of Final Hearing 01-11-2013
Next Hearing Date 01-11-2013
Assessment Year 2003-2004
Appeal Filed On 18-02-2010
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH : BANGALORE BEFORE SMT. P. MADHAVI DEVI JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY ACCOUNTANT MEMBER M.P.NOS.21 TO 23/BANG/2010 (IN ITA NOS. 225 TO 227/BANG/2008) ASSESSMENT YEARS : 2002-03 TO 2004-05 THE ASST. COMMISSIONER OF INCOME-TAX CIRCLE 1 UDUPI. : APPLICANT VS. SYNDICATE BANK CENTRAL ACCOUNTS DEPT. TAX CELL MANIPAL. : RESPONDENT APPELLANT BY : SMT. JACINTA ZIMIK VASHAI ADDL. CIT (DR) RESPONDENT BY : SHRI K.P. KUMAR O R D E R PER A. MOHAN ALANKAMONY ACCOUNTANT MEMBER THESE MISCELLANEOUS PETITIONS ARE FILED BY THE R EVENUE SEEKING RECALL OF THE ORDER OF THE TRIBUNAL DATED 5.9.2008 IN ITA NOS. 225 TO 227/BANG/08 FOR THE ASSESSMENT YEARS 2002-03 TO 200 4-05. 2. IT WAS SUBMITTED BY THE LD. DR THAT THE TRIBUNAL VIDE ORDER DATED 5.9.2008 HAD DISMISSED THESE APPEALS FOR WANT OF CO D APPROVAL. THE COD APPROVAL FOR FILING OF APPEALS BY THE REVENUE B EFORE THE TRIBUNAL WAS MP NO.21 TO 23/BANG/10 PAGE 2 OF 3 OBTAINED AS PER THE MINUTES OF MEETING DATED 20.10. 08 OF THE COD HELD ON 30.9.2008 COPY OF WHICH IS PLACED ON RECORD. IT W AS POINTED OUT THAT THE TRIBUNAL HAD ALLOWED THE MISCELLANEOUS PETITION FIL ED BY THE ASSESSEE HEREIN AND RESTORED THE APPEALS FOR HEARING VIDE IT S ORDER DATED 16.1.2009 IN M.P.NOS. 124 TO 126/BANG/2008. IT WAS THEREFORE PRAYED THAT THE ORDER OF THE TRIBUNAL DATED 5.9.2008 BE RECALLED AND APPE ALS BE POSTED FOR HEARING ON MERITS. 3. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL ON RECORD. WE FIND FROM THE MINUTES OF THE MEETING OF THE COMMITTEE ON DISPUTES HELD ON 30.9.2008 ISSUED BY THE DY. SECRET ARY CABINET SECRETARIAT VIDE CIRCULAR DATED 20.10.2008 THAT THE COD HAS PERMITTED THE REVENUE TO PURSUE THE APPEALS BEFORE THE ITAT ONLY IN RESPECT OF THE FOLLOWING ISSUES INVOLVED IN THE APPEALS: (1) WHETHER THE DEDUCTION CLAIMED TOWARDS BAD AND DOUBTFUL DEBTS WITHOUT MAKING PROVISIONS IS ALLOWABLE. (2) WHETHER INTEREST ON ZERO COUPON BONDS WILL FORM PART OF BOOK PROFIT UNDER SECTION 115JB/JA. (3) WHETHER PENALTY PAID TO RBI IS ALLOWABLE UNDER SECTION 37 OF THE ACT. 4. WE THEREFORE RECALL THE ORDER OF THE TRIBUNAL DA TED 5.9.2008 AND RESTORE THE APPEALS FOR HEARING ONLY IN RESPECT OF THE ABOVE ISSUES FOR WHICH COD HAS GRANTED PERMISSION TO PROSECUTE THE A PPEALS. IT IS ORDERED ACCORDINGLY. MP NO.21 TO 23/BANG/10 PAGE 3 OF 3 5. IN THE RESULT THE MISCELLANEOUS PETITIONS FILED BY THE REVENUE ARE ALLOWED. PRONOUNCED IN THE OPEN COURT ON THIS 9 TH DAY OF JULY 2010. SD/- SD/- ( SMT. P. MADHAVI DEVI ) (A. MOHAN ALANKAMONY ) JUDICIAL MEMBER ACCOUNTANT MEMBER BANGALORE DATED THE 9 TH JULY 2010. DS/- COPY TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR ITAT BANGALORE. 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR ITAT BANGALORE.