DCIT Circle 14 (1), New Delhi v. Punjab National Bank, New Delhi

MA 3/DEL/2011 | 2005-2006
Pronouncement Date: 04-03-2011 | Result: Allowed

Appeal Details

RSA Number 320124 RSA 2011
Assessee PAN AAACP0165G
Bench Delhi
Appeal Number MA 3/DEL/2011
Duration Of Justice 1 month(s) 17 day(s)
Appellant DCIT Circle 14 (1), New Delhi
Respondent Punjab National Bank, New Delhi
Appeal Type Miscellaneous Application
Pronouncement Date 04-03-2011
Appeal Filed By Department
Order Result Allowed
Bench Allotted B
Tribunal Order Date 04-03-2011
Assessment Year 2005-2006
Appeal Filed On 17-01-2011
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL DELHI DELHI DELHI DELHI BENCH BENCH BENCH BENCH E EE E : NEW DELHI : NEW DELHI : NEW DELHI : NEW DELHI BEFORE SHRI C.L.SETHI JM AND SHRI SHAMIM YAHYA AM BEFORE SHRI C.L.SETHI JM AND SHRI SHAMIM YAHYA AM BEFORE SHRI C.L.SETHI JM AND SHRI SHAMIM YAHYA AM BEFORE SHRI C.L.SETHI JM AND SHRI SHAMIM YAHYA AM MISCELLANEOUS APPLICATION MISCELLANEOUS APPLICATION MISCELLANEOUS APPLICATION MISCELLANEOUS APPLICATION NO. NO. NO. NO. 03/DEL/2011 03/DEL/2011 03/DEL/2011 03/DEL/2011 (IN ITA NO.2873/DEL/2007) (IN ITA NO.2873/DEL/2007) (IN ITA NO.2873/DEL/2007) (IN ITA NO.2873/DEL/2007) ASSESSMENT YEAR : ASSESSMENT YEAR : ASSESSMENT YEAR : ASSESSMENT YEAR : 2005 2005 2005 2005 - -- - 06 0606 06 ASSTT.COMMISSIONER OF ASSTT.COMMISSIONER OF ASSTT.COMMISSIONER OF ASSTT.COMMISSIONER OF INCOME TAX INCOME TAX INCOME TAX INCOME TAX CIRC CIRC CIRC CIRCLE LELE LE- -- -14(1) 14(1) 14(1) 14(1) NEW DELHI. NEW DELHI. NEW DELHI. NEW DELHI. VS. VS. VS. VS. M/S PUNJAB NATIONAL BANK M/S PUNJAB NATIONAL BANK M/S PUNJAB NATIONAL BANK M/S PUNJAB NATIONAL BANK 5 SANSAD MARG 5 SANSAD MARG 5 SANSAD MARG 5 SANSAD MARG NEW DELHI. NEW DELHI. NEW DELHI. NEW DELHI. PAN NO.AAACP0165G. PAN NO.AAACP0165G. PAN NO.AAACP0165G. PAN NO.AAACP0165G. (APPELLANT) (RESPONDENT) MISCELLANEOUS APPLICATION MISCELLANEOUS APPLICATION MISCELLANEOUS APPLICATION MISCELLANEOUS APPLICATION NO. NO. NO. NO. 04/DEL/2011 04/DEL/2011 04/DEL/2011 04/DEL/2011 (IN ITA NO.2873/DEL/2007) (IN ITA NO.2873/DEL/2007) (IN ITA NO.2873/DEL/2007) (IN ITA NO.2873/DEL/2007) ASSESSMENT YEAR : ASSESSMENT YEAR : ASSESSMENT YEAR : ASSESSMENT YEAR : 2005 2005 2005 2005 - -- - 06 0606 06 M/S PUNJAB NATIONAL M/S PUNJAB NATIONAL M/S PUNJAB NATIONAL M/S PUNJAB NATIONAL BANK BANK BANK BANK 5 SANSAD MARG 5 SANSAD MARG 5 SANSAD MARG 5 SANSAD MARG NEW DELHI. NEW DELHI. NEW DELHI. NEW DELHI. PAN NO.AAACP0165G. PAN NO.AAACP0165G. PAN NO.AAACP0165G. PAN NO.AAACP0165G. VS. VS. VS. VS. DY.COMMISSIONER OF DY.COMMISSIONER OF DY.COMMISSIONER OF DY.COMMISSIONER OF INCOME TAX INCOME TAX INCOME TAX INCOME TAX CIRCLE CIRCLE CIRCLE CIRCLE- -- -14(1) 14(1) 14(1) 14(1) NEW DELHI. NEW DELHI. NEW DELHI. NEW DELHI. (APPELLANT) (RESPONDENT) REVENUE BY : MS.SRUJANI MOHANTY SR.DR. ASSESSEE BY : SHRI K.SAMPATH ADVOCATE. ORDER ORDER ORDER ORDER PER C.L PER C.L PER C.L PER C.L.SETHI .SETHI .SETHI .SETHI J J J JM : M : M : M : BOTH REVENUE AND ASSESSEE HAVE FILED THESE MISCELLANEOUS APP LICATIONS WITH REFERENCE TO TRIBUNALS ORDER DATED 12.5.2008 PASSED IN TH E ABOVE CAPTIONED APPEALS PERTAINING TO AY 2005-06. MA-3 & 4/DEL/2011 2 2. IN THE MISCELLANEOUS APPLICATION FILED BY THE REVENUE T HE REVENUE HAS STATED THAT THE REVENUES APPEAL WAS DISMISSED FOR WANT OF COD APPROVAL BY THE TRIBUNAL BUT IN THE MEANTIME THE COD APPROVAL IN THE MA TTER HAS BEEN OBTAINED. A COPY OF COD APPROVAL HAS ALSO BEEN FILED BEFORE US. I T IS FURTHER STATED THAT FOLLOWING ISSUES WERE APPROVED BY THE COD FOR TRIBUNALS DECISION:- ISSUE INVOLVED CODS DECISION 1. ADDITION ON A/C OF PRIOR PERIOD EXPENSES. THE COMMITTEE PERMITTED CBDT TO PURSUE BEFORE THE ITAT THE FIRST ISSUE IN VIEW OF QUESTION OF FACTS AND LAW INVOLVED. 2. RESTRICTING ADDITION MADE UNDER SECTION 14A. THE COMMITTEE PERMITTED CBDT TO PURSUE BEFORE THE ITAT THE SECOND ISSUE IN VIEW OF QUESTION OF FACTS AND LAW INVOLVED. 3. ADDITION MADE ON A/C OF DEPRECIATION ON INVESTMENT. THE COMMITTEE PERMI TTED CBDT TO PURSUE BEFORE THE ITAT THE THIRD ISSUE IN VIEW OF QUESTION OF FACTS AND LAW INVOLVED. 4. ADDITION ON A/C OF DIFFERENCE BETWEEN OUTSTANDING BALANCES IN INTEREST NOT DUE. THE COMMITTEE DECLINED PERMISSION TO CBDT TO PURSUE BEFORE THE ITAT FOURTH ISSUE AS IT WAS OF THE VIEW THAT THERE IS NO INFIRMITY IN THE DECISIONS OF THE CIT(A) IN RESPECT OF THIS ISSUE. 3. AFTER HEARING BOTH THE PARTIES AND PERUSING ITEM NO.21 OF THE CODS APPROVAL LETTER DATED 6.5.2008 WE FIND THAT COD HAS PER MITTED DEPARTMENT TO PURSUE BEFORE US FIRST SECOND AND THIRD ISSUE OUT OF TH E FOUR ISSUES. IN THE LIGHT OF THE APPROVAL BEING GRANTED BY THE COD WE RECALL OUR ORDER DATED 12.5.2008 AND RESTORE THIS APPEAL TO ITS FILE FOR FRESH DISPOSAL ON MER ITS. REGISTRY IS HEREBY DIRECTED TO FIX THIS APPEAL FOR FRESH HEARING IN DUE COURSE OF T IME. 4. IN THE ASSESSEES MISCELLANEOUS APPLICATION THE ASSESSEE HAS ALSO REQUESTED TO RECALL OUR AFORESAID ORDER AS ON DATE THE COD HAS ACC ORDED APPROVAL TO PURSUE THIS APPEAL BY THE DEPARTMENT. MA-3 & 4/DEL/2011 3 5. IN THE LIGHT OF OUR ORDER PASSED IN MISCELLANEOUS APP LICATION FILED BY THE REVENUE THE ASSESSEES MISCELLANEOUS APPLICATION HAS BECOME R EDUNDANT INASMUCH AS THE APPEAL FILED BY THE REVENUE STANDS RECALLED FOR FRESH HEARING. 6. IN THE RESULT THE MISCELLANEOUS APPLICATION FILED BY THE REVENUE IS ALLOWED AND THAT OF THE ASSESSEE IS DISMISSED AS INFRUCTUOUS. DECISION PRONOUNCED IN THE OPEN COURT ON CONCLUSION OF HEARING ON 4 TH MARCH 2011. SD/- SD/- (SHAMIM YAHYA (SHAMIM YAHYA (SHAMIM YAHYA (SHAMIM YAHYA ) )) ) (C.L.SETHI (C.L.SETHI (C.L.SETHI (C.L.SETHI ) )) ) ACCOUNT ACCOUNT ACCOUNT ACCOUNT ANT MEMBER ANT MEMBER ANT MEMBER ANT MEMBER JUDICIAL MEMBER JUDICIAL MEMBER JUDICIAL MEMBER JUDICIAL MEMBER DATED : 04.03.2011. VK. COPY FORWARDED TO: - 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR ITAT ASSISTANT REGISTRAR MA-3 & 4/DEL/2011 4