Income Tax Appellate Tribunal - Mumbai
Idbi Bank Ltd ( Erstwhile Indl ... vs Addl Cit Rg 3(1), Mumbai on 25 September, 2020
आयकर अपीलीय अधिकरण "C" न्यायपीठ मुंबई में ।
IN THE INCOME TAX APPELLATE TRIBUNAL "C" BENCH, MUMBAI
श्री महावीर स हिं , उपाध्यक्ष एविं श्री राजेश कुमार, लेखा दस्य के मक्ष ।
BEFORE SRI MAHAVIR SINGH, VP AND SRI RAJESH KUMAR, AM
विविि आिेदन. / M A No. 180/Mum/2020
( Arising in ITA No. 3908/ Mum/2009 f or A.Y:2004-05)
विविि आिेदन. / M A No. 181/Mum/2020
( Arising in ITA No. 2488/ Mum/2010 f or A.Y:2006-07)
विविि आिेदन. / M A No. 182/Mum/2020
( Arising in ITA No. 1105/ Mum/2012 f or A.Y:200 8-09)
विविि आिेदन. / M A No. 183/Mum/2020
( Arising in ITA No. 2290/ Mum/2014 f or A.Y:2009-10)
विविि आिेदन. / M A No. 184/Mum/2020
( Arising in ITA No. 5500/ Mum/2014 f or A.Y:2010 -11)
Industrial Developm ent Bank of India,
Taxat ion Cell, 3 r d Floor, IDBi Tower, W TC ...... (आवेदक / Applicant)
Complex, Cuff e Parade, Mumbai -400 005
Vs.
The Addl. Commissioner of Income Tax, LTU
29 t h Floor, Centre-1, W TC Complex, Cuff ee ...... (p`%yaqaaI- / Respondent)
Parade, Mumbai-400 005
स्थायी ले खा िं . / PAN NO. AAACI1105R
आवेदक की ओर े / Applicant by : Satish Mody & Meena Jain, ARs'
प्रत्यथी की ओर े / Respondent by : Kavita P. Kaushik , DR
न
ु वाई की तारीख / Date of hearing: 25.09.2020
घोषणा की तारीख / Date of pronouncement: 25.09.2020
Page | 2
MA Nos.180 to 184/Mum/2020
Industrial Bank of India
आदे श / O R D E R
राजेश कुमार, लेखा दस्य के द्वारा /
PER RAJESH KUMAR, AM:
By way these Miscellaneous Applications, the assessee has requested for rectification of the Tribunal order dated 02.01.2020.
2. The learned Counsel for the assessee firstly pointed out that the assessee has challenged disallowance under section 14A r.w.r. 8D of the Rules for seven assessment years i.e. AYs 2004-05 to 2010-11, however, the tribunal has decided only for three AYs i.e. 2005-06 to 2007-08 in Para 53 of the order. Secondly, the learned Counsel for the assessee also pointed out that in the same Para i.e. Para No. 53, the ITA No. for Assessment Year 2006-07 has been inadvertently mentioned as 2488/Mum/2020 in place of 2488/Mum/2010. Thirdly, the learned Counsel for the assessee pointed out that in Para 54(ii), it is mentioned that appeal for Assessment Year 2008-09 is partly allowed for statistical purposes whereas, the two grounds of appeal have been allowed in favour of assessee and only the additional ground raised by assessee has been allowed for statistical purposes. Hence, the assessee has requested to rectify the order dated 02.01.2020 as the mistake is apparent in the said order.
3. We have heard rival contentions and gone through the facts and circumstances of the case. We find that there is an inadvertent mistake apparent from record as only three years were adjudicated whereas, the identical issue was raised in 7 years. Thus, there is no Page | 3 MA Nos.180 to 184/Mum/2020 Industrial Bank of India mention of four Assessment Years in the said order. Further, there is also a typographical error in mentioning the ITA No. for Assessment Year 2006-07 in the said order. In our opinion, the order dated 02.01.2020 requires rectification to that extent. Accordingly, the Para No.53 is being rectified and the same may be read as under: -
"53. The assessee has also challenged order of CIT(A) confirming the disallowance under Section 14A r.w.r. 8D in ITA Nos. 3908/Mum/2009, 1105/Mum/2012, 2290/Mum/2014, 5500/Mum/2014, 3909/Mum/2009, 2488/Mum/2010 and 13/Mum/2011 for assessment years 2004-05 to 2010-11 respectively. Since we have already decided this issue in para 26 of this order wherein we have held that assessee's own funds was far more than the investments in shares and securities and, therefore, the investments in shares and securities were made out of own funds available with the assessee and deleted the disallowance, our finding in the said para would apply to these three years also on the issue of disallowance under Section 14A of the Act. Accordingly, the Assessing Officer is directed to delete the addition and assessee succeeds on this ground of appeal."
In so far as, Para No.54(ii) of the said order is concerned, the same stands rectified as under: -
"54(ii) Appeal of assessee for Assessment Year 2008-09 is allowed except the additional ground which is partly allowed for statistical purposes."
Page | 4 MA Nos.180 to 184/Mum/2020 Industrial Bank of India We would like to mention that with the above rectification ratio already laid in the order is not going to change. The order dated 02.01.2020 stands modified to the above extent.
4. In the result, the MAs of the assessee are allowed.
Order pronounced in the open court on 25.09.2020.
Sd/- Sd/-
(महावीर स ह
िं /MAHAVIR SINGH) (राजेश कुमार / RAJESH KUMAR)
(उपाध्यक्ष / VICE PRESIDENT) (लेखा दस्य / ACCOUNTANT MEMBER)
मब
ुिं ई, ददनािंक/ Mumbai, Dated: 25.09.2020 सदीप सरकार, ि.ननजी सधिि / Sudip Sarkar, Sr.PS आदे श की प्रनिललवप अग्रेविि / Copy of the Order forwarded to :
1. अपीलाथी / The Appellant
2. प्रत्यथी / The Respondent.
3. आयकर आयक् ु त(अपील) / The CIT(A)
4. आयकर आयक् ु त / CIT
5. ववभागीय प्रतततनधि, आयकर अपीलीय अधिकरण, मुिंबई / DR, ITAT, Mumbai
6. गार्ड फाईल / Guard file आदे शानसार/ BY ORDER, त्यावपत प्रतत //True Copy// उप / सहायक पुंजीकार /Asst. Registrar आयकर अपीलीय अधिकरण, मुिंबई / ITAT, Mumbai