Income Tax Appellate Tribunal - Mumbai
Indian Corporate Loan Securitisation ... vs Ito 19(3)(2), Mumbai on 22 February, 2017
IN THE INCOME TAX APPELLATE TRIBUNAL
"F" Bench, Mumbai
Before Shri Jason P. Boaz, Accountant Member
and Shri Sandeep Gosain, Judicial Member
ITA No. Appellant Respondent A.Y./PAN
5513/Mum/2014 Income Tax Officer- IRE Loan Trust
19(3)(2) 2007-09
5758/Mum/2014 IRE Loan Trust Income Tax Officer- AAATI5498L
19(3)(2)
5511/Mum/2014 Income Tax Officer IGHCC 2 Loan Trust
19(3)(2) 2007-08
5742/Mum/2014 IGHCC 2 Loan Trust Income Tax Officer AAATI5212Q
19(3)(2)
5512/Mum/2014 Income Tax Officer IGHCC Loan Trust
19(3)(2) 2007-08
5741/Mum/2014 IGHCC Loan Trust Income Tax Officer AAATI5039H
19(3)(2)
5510/Mum/2014 Income Tax Officer IGHCC 3 Loan Trust
19(3)(2) 2007-08
5740/Mum/2014 IGHCC 3 Loan Trust Income Tax Officer AAATI5213R
19(3)(2)
5517/Mum/2014 Income Tax Officer KGE Loan Trust
19(3)(2) 2007-08
5737/Mum/2014 KGE Loan Trust Income Tax Officer AABTK1391D
19(3)(2)
5516/Mum/2014 Income Tax Officer Long Bond Receivables
19(3)(2) Trust 2006 Series III
2007-08
5739/Mum/2014 Long Bond Income Tax Officer
AAATL5420F
Receivables Trust 19(3)(2)
2006 Series III
5515/Mum/2014 Income Tax Officer IPGE Loan Trust
19(3)(2) 2007-08
5759/Mum/2014 IPGE Loan Trust Income Tax Officer AAATI5595A
19(3)(2)
5761/Mum/2014 KJS Loan Trust Income Tax Officer 2007-08
19(3)(2) AABTK1729R
5760/Mum/2014 Long Bond Income Tax Officer-
2007-08
Receivables Trust 19(3)(2)
AAATL5666R
2007 Series V
2 ITA 5513&5758/Mum/2014 & others
IRE Loan Trust
5514/Mum/2014 Income Tax Officer Long Bond Receivables
19(3)(2) Trust 2006 Series IV
2007-08
5762/Mum/2014 Long Bond Income Tax Officer
AAATL5556A
Receivables Trust 19(3)(2)
2006 Series IV
1140/Mum/2014 Income Tax Officer- India Commercial Loan
19(3)(2) Turst Series-II 2008
2009-10
1440/Mum/2014 India Commercial Income Tax Officer-
AAATI6347L
Loan Trust Series II 19(3)(2)
2008
2721/Mum/2014 Income Tax Officer Long Bond Receivable
19(3)(2) Trust 2007 Series V
2009-10
3626/Mum/2014 Long Bond Income Tax Officer
AAATL5666R
Receivable Trust 19(3)(2)
2007 Series V
2720/Mum/2014 Income Tax Officer Long Bond Receivable
19(3)(2) Trust 2006 Series IV
2009-10
3069/Mum/2014 Long Bond Income Tax Officer
AAATL5557A
Receivable Trust 19(3)(2)
2006 Series IV
1141/Mum/2014 Income Tax Officer- India Commercial Loan
19(3)(2) Turst Series-III 2008
2009-10
1441/Mum/2014 India Commercial Income Tax Officer-
AAATI6346M
Loan Trust Series III 19(3)(2)
2008
464/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitization Trust
2008 Series-13 2009-10
1186/Mum/2014 Indian Corporate Income Tax Officer- AAATI6926K
Loan Securitizatoin 19(3)(2)
Trust 2008 Series 13
4341/Mum/2013 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series 22
2009-10
4040/Mum/2013 Indian Corporate Income Tax Officer-
AAATI6924M
Loan Securitisation 19(3)(2)
Trust 2008 Series
22
465/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitizatoin Trust
2008 Series LXI
2009-10
1190/Mum/2014 Indian Corporate Income Tax Officer-
AAATI7007H
Loan Securitizatoin 19(3)(2)
Trust 2008 Series
LXI
3 ITA 5513&5758/Mum/2014 & others
IRE Loan Trust
3330/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2010-11
2008 Series 37
AAATI7009K
3618/Mum/2014 ICLS Trust 2008 Income Tax Officer-
Series 37 19(3)(2)
2719/Mum/2014 Income Tax Officer Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series LVI
2010-11
3616/Mum/2014 Indian Corporte Income Tax Officer-
AAATI6748P
Loan Securitization 19(3)(2)
Trust 2008, Series
LVI
3332/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series VII
2010-11
3614/Mum/2014 Indian Corporte Income Tax Officer-
AAATI6919A
Loan Securitization 19(3)(2)
Trust 2008, Series
VII
3930/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series LX 2010-11
3775/Mum/2014 Indian Corporate Income Tax Officer- AAATI6971Q
Securitisation Loan 19(3)(2)
Trust 20 Series LX
3926/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series 12 2010-11
3694/Mum/2014 Indian Corporate Income Tax Officer- AAATI7011D
Loan Securitisation 19(3)(2)
Trust Series 12
3928/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008Series 23 2010-11
3696/Mum/2014 Indian Corporate Income Tax Officer- AAATI6934K
Loan Securitisation 19(3)(2)
Trust 2008 Series 23
3929/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series 28 2010-11
3698/Mum/2014 Indian Corporate Income Tax Officer- AAATI6704K
Loan Securitisation 19(3)(2)
Trust 2008 Series 28
4 ITA 5513&5758/Mum/2014 & others
IRE Loan Trust
3744/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3(2) Securitisation Trust
2008 Series 25 2010-11
3697/Mum/2014 Indian Corporate Income Tax Officer- AAATI6931N
Loan Securitisation 19(3)(2)
Trust 2008 Series 25
3925/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series VIII 2010-11
3774/Mum/2014 Indian Corporate Income Tax Officer- AAATI7008J
Loan Securitisation 19(3)(2)
Trust Series VIII
3335/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series 18
2010-11
3617/Mum/2014 Indian Corporte Income Tax Officer-
AAATI6933Q
Loan Securitization 19(3)(2)
Trust 2008, Series
18
5275/Mum/2014 Income Tax Officer Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series IX 2010-11
5719/Mum/2014 Indian Corporate Income Tax Officer AAATI6921Q
Loan Securitisation 19(3)(2)
Trust 2008 Series IX
3934/Mum/2014 Income Tax Officer- India Commercial Loan AAATI6749n
19(3)(2) Trust Series VII 2008
4104/Mum/2014 Indian Commercial Income Tax Officer- AAATI6749N
Loan Trust Series 19(3)(2)
VII 2008
3731/Mum/2014 Income Tax Officer- Indian Commerical
19(3)(2) Loan Trust Series IX
2008 2010-11
3776/Mum/2014 Indian Commercial Income Tax Officer- AAATI6913L
Loan Trust Series 19(3)(2)
IX 2008
3743/Mum/2014 Income Tax Officer- India Commercial Loan
19(3)(2) Trust Series I-2009
2010-11
3777/Mum/2014 India Commercial Income Tax Officer-
AAATI7906B
Loan Trust Series I 19(3)(2)
2009
2724/Mum/2014 Income Tax Officer IBH Loan Trust
19(3)(2) 2010-11
3623/Mum/2014 IBH Loan Trust Income Tax Officer AAATI6599J
19(3)(2)
5 ITA 5513&5758/Mum/2014 & others
IRE Loan Trust
3948/Mum/2014 Income Tax Officer KSE Loan Trust
19(3)(2) 2010-11
3704/Mum/2014 KSE Loan Trust Income Tax Officer AABTK3186G
19(3)(2)
3945/Mum/2014 Income Tax Officer- IPL Loan Trust
19(3)(2) 2010-11
3771/Mum/2014 IPL Loan Trust Income Tax Officer AAATI6573Q
19(3)(2)
3741/Mum/2014 Income Tax Officer KEC Loan Trust
19(3)(2) 2010-11
3773/Mum/2014 KEC Loan Trust Income Tax Officer AABTK2892B
19(3)(2)
3944/Mum/2014 Income Tax Officer- IOP Loan Trust
19(3)(2) 2010-11
3772/Mum/2014 IOP Loan Trust Income Tax Officer AAATI6597G
19(3)(2)
5454/Mum/2014 Income Tax Officer PFL Loan Trust
19(3)(3) 2010-11
5720/Mum/2014 PFL Loan Trust Income Tax Officer AABTP4902D
19(3)(3)
3733/Mum/2014 Income Tax Officer Long Bond Receivable
19(3)(2) Trust 2007 Series V
2010-11
4103/Mum/2014 Long Bond Income Tax Officer-
AAATL5666R
Receivable Trust 19(3)(2)
2006 Series V
3732/Mum/2014 Income Tax Officer Long Bond Receivable
19(3)(2) Trust 2006 Series IV
2010-11
4102/Mum/2014 Long Bond Income Tax Officer-
AAATL5556A
Receivable Trust 19(3)(2)
2006 Series IV
2723/Mum/2014 Income Tax Officer Indian Loan Receivable
19(3)(2) Trust February 2008
2010-11
3611/Mum/2014 Indian Loan Income Tax Officer-
AAATI6493F
Receivable Trust 19(3)(2)
February 2008
5272/Mum/2014 Income Tax Officer Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series 13 2010-11
5725/Mum/2014 Indian Corporate Income Tax Officer AAATI6926K
Loan Securitisation 19(3)(2)
Trust 2008 Series 13
6 ITA 5513&5758/Mum/2014 & others
IRE Loan Trust
3736/Mum/2014 Income Tax Officer Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series 22
2010-11
3695/Mum/2014 Indian Corporate Income Tax Officer-
AAATI6924M
Loan Securitisation 19(3)(2)
Trust 2008 Series
22
3334/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series LXI
2010-11
3620/Mum/2014 Indian Corporte Income Tax Officer-
AAATI7007H
Loan Securitization 19(3)(2)
Trust 2008, Series
LXI
5271/Mum/2014 Income Tax Officer Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series XLVII
2010-11
5726/Mum/2014 Indian Corporate Income Tax Officer
AAATI6930P
Loan Securitisation 19(3)(2)
Trust 2008 Series
XLVII
2717/Mum/2014 Income Tax Officer Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series 20
2010-11
3612/Mum/2014 Indian Corporte Income Tax Officer-
AAATI6920R
Loan Securitization 19(3)(2)
Trust 2008, Series
20
5273/Mum/2014 Income Tax Officer Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series 24 2010-11
5723/Mum/2014 Indian Corporate Income Tax Officer AAATI6932R
Loan Securitisation 19(3)(2)
Trust 2008 Series 24
3333/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series 27
2010-11
3615/Mum/2014 Indian Corporte Income Tax Officer-
AAATI6710R
Loan Securitization 19(3)(2)
Trust 2008, Series
27
3336/Mum/2014 Income Tax Officer- ICLS Trust 2008 Series
19(3)(2) XLI 2010-11
3619/Mum/2014 ICLS Trust 2008, Income Tax Officer- AAATI6923N
Series XLI 19(3)(2)
7 ITA 5513&5758/Mum/2014 & others
IRE Loan Trust
3742/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series 33 2010-11
3699/Mum/2014 Indian Corporate Income Tax Officer- AAATI6916B
Loan Securitisation 19(3)(2)
Trust 2008 Series 33
3927/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008Series XI 2010-11
3693/Mum/2014 Indian Corporate Income Tax Officer- AAATI7010C
Loan Securitisation 19(3)(2)
Trust 2008 Series XI
2718/Mum/2014 Income Tax Officer Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series 40 2010-11
3607/Mum/2014 Indian Corportae Income Tax Officer- AAATI6784R
Loan Securitisation 19(3)(2)
Trust Series-40
3331/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series 39 2010-11
3613/Mum/2014 Indian Corporte Loan Income Tax Officer- AAATI6790F
Securitization Trust 19(3)(2)
2008, Series 39
3745/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series 38 2010-11
3700/Mum/2014 Indian Corporate Income Tax Officer AAATI6928H
Loan Securitisation 19(3)(2)
Trust 2008 Series 38
3935/Mum/2014 Income Tax Officer- India Commercial Loan
19(3)(2) Trust Series VIII 2008
2010-11
3951/Mum/2014 Indian Commercial Income Tax Officer-
AAATI6912M
Loan Trust 19(3)(2)
SeriesVIII 2008
3946/Mum/2014 Income Tax Officer- IEL Loan Trust
19(3)(2) 2010-11
3703/Mum/2014 IEL Loan Trust Income Tax Officer AAATI6596H
19(3)(2)
2726/Mum/2014 Income Tax Officer KBA Loan Trust
19(3)(2) 2010-11
3621/Mum/2014 KBA Loan Trust Income Tax Officer AABTK2888F
19(3)(2)
8 ITA 5513&5758/Mum/2014 & others
IRE Loan Trust
5455/Mum/2014 Income Tax Officer PSE Loan Trust
19(3)(3) 2010-11
5718/Mum/2014 PSE Loan Trust Income Tax Officer AABTP4903C
19(3)(3)
5715/Mum/2014 ISH Loan Trust Income Tax Officer 2010-11
19(3)(2) AAATI6569C
2725/Mum/2014 Income Tax Officer IKR Loan Trust
19(3)(2) 2010-11
3622/Mum/2014 IKR Loan Trust Income Tax Officer AAATI6574L
19(3)(2)
3178/Mum/2014 Income Tax Officer PES Loan Trust
19(3)(3) 2009-10
3624/Mum/2014 PES Loan Trust Income Tax Officer AABTP5019M
19(3)(2)
5453/Mum/2014 Income Tax Officer PES Loan Trust
19(3)(3) 2010-11
5716/Mum/2014 PES Loan Trust Income Tax Officer AABTP5019M
19(3)(3)
471/Mum/2014 Income Tax Officer- Indian Loan Receivable
19(3)(2) Trust February 2008
2009-10
1188/Mum/2014 Indian Loan Income Tax Officer-
AAATI6493F
Receivable Trust 19(3)(2)
February 2008
4339/Mum/2013 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series 9 2009-10
3988/Mum/2013 Indian Corporate Income Tax Officer- AAATI6932R
Loan Securitisation 19(3)(2)
Trust 2008 Series 9
4333/Mum/2013 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series 37 2009-10
4041/Mum/2013 Indian Corporate Income Tax Officer- AAATI7009K
Loan Securitisation 19(3)(2)
Trust 2008 Series 37
467/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitizatoin Trust
2008 Series LVI
2009-10
1182/Mum/2014 Indian Corporate Income Tax Officer-
AAATI6784P
Loan Securitizatoin 19(3)(2)
Trust 2008 Series
LVI
9 ITA 5513&5758/Mum/2014 & others
IRE Loan Trust
4342/Mum/2013 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series VII
2009-10
4038/Mum/2013 Indian Corporate Income Tax Officer-
AAATI6919A
Loan Securitisation 19(3)(2)
Trust 2008 Series
VII
4335/Mum/2013 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series 18 2009-10
4036/Mum/2013 Indian Corporate Income Tax Officer- AAATI6933Q
Loan Securitisation 19(3)(2)
Trust 2008 Series 18
4946/Mum/2013 Income Tax Officer IML Loan Trust
19(3)(2) 2009-10
4785/Mum/2013 IML Loan Trust Income Tax Officer AAATI6595E
19(3)(2)
4945/Mum/2013 Income Tax Officer IWH Loan Trust
19(3)(2) 2009-10
4783/Mum/2013 IWH Loan Trust Income Tax Officer AAATI6707L
19(3)(2)
1621/Mum/2014 Income Tax Officer- IBH Loan Trust
19(3)(2) 2009-10
1443/Mum/2014 IBH Loan Trust Income Tax Officer AAATI6799J
19(3)(2)
2727/Mum/2014 Income Tax Officer KUL Loan Trust
19(3)(2) 2009-10
3608/Mum/2014 KUL Loan Trust Income Tax Officer AABTK2887L
19(3)(2)
944/Mum/2014 Income Tax Officer KSE Loan Trust
19(3)(2) 2009-10
1444/Mum/2014 KSE Loan Trust Income Tax Officer AABATK3186
19(3)(2)
4781/Mum/2013 Income Tax Officer PFL Loan Trust
19(3)(3) 2009-10
4784/Mum/2013 PFL Loan Trust Income Tax Officer AABTP4902D
19(3)(3)
4093/Mum/2014 KAG Loan Trust Income Tax Officer 2009-10
19(3)(2) AABTP3092R
4338/Mum/2013 Income Tax Officer- ICLS Trust 2008 Series
19(3)(2) VI 2009-10
4034/Mum/2013 ICLS Trust 2008 Income Tax Officer- AAATI6822Q
Series VI 19(3)(2)
10 ITA 5513&5758/Mum/2014 & others
IRE Loan Trust
541/Mum/2014 Income Tax Officer- ICLS Trust 2008 Series
19(3)(2) III
2009-10
1189/Mum/2014 Indian Corporate Income Tax Officer-
AAATI6824J
Loan Securitisation 19(3)(2)
Trust 2008 Series III
4340/Mum/2013 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series II 2009-10
4039/Mum/2013 Indian Corporate Income Tax Officer- AAATI6823R
Loan Securitisation 19(3)(2)
Trust 2008 Series II
472/Mum/2014 Income Tax Officer- Indian Loan Receivable
19(3)(2) Trust May 2008
2009-10
1191/Mum/2014 IndiaLoan Income Tax Officer
AAATI6570P
Receivable Trust 19(3)(2)
May 2008
447/Mum/2014 Income Tax Officer- Loan Receivable Trust
19(3)(2) April 2008 2009-10
1187/Mum/2014 Loans Receivable Income Tax Officer- AAATI6480D
Trust April 2008 19(3)(2)
3735/Mum/2014 Income Tax Officer Indian Corporate Loan
19(3)(2) Securitisation Trust
2009-10
2008 Series LXII
AAATI6929G
4096/Mum/2014 ICLS Trust 2008 Income Tax Officer-
Series LXII 19(3)(2)
466/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitizatoin Trust
2008 Series XLVII
2009-10
1183/Mum/2014 Indian Corporate Income Tax Officer-
AAATI6930P
Loan Securitizatoin 19(3)(2)
Trust 2008 Series
XLVII
4337/Mum/2013 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series 20 2009-10
4035/Mum/2013 Indian Corporate Income Tax Officer- AAATI6920R
Loan Securitisation 19(3)(2)
Trust 2008 Series 20
4334/Mum/2013 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series 24 2009-10
4037/Mum/2013 Indian Corporate Income Tax Officer- AAATI6932R
Loan Securitisation 19(3)(2)
Trust 2008 Series 24
11 ITA 5513&5758/Mum/2014 & others
IRE Loan Trust
4336/Mum/2013 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series 27 2009-10
3987/Mum/2013 Indian Corporate Income Tax Officer- AAATI6710R
Loan Securitisation 19(3)(2)
Trust 2008 Series 27
943/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series XLI
2009-10
1437/Mum/2014 Indian Corporate Income Tax Officer-
AAATI6923N
Loan Securitisation 19(3)(2)
Trust 2008 Series
XLI
4943/Mum/2013 Income Tax Officer IEL Loan Trust
19(3)(2) 2009-10
4781/Mum/2013 IEL Loan Trust Income Tax Officer AAATI6596H
19(3)(2)
4947/Mum/2013 Income Tax Officer KBA Loan Trust
19(3)(2) 2009-10
4786/Mum/2013 KBA Loan Trust Income Tax Officer AABTK2888F
19(3)(2)
4066/Mum/2014 Income Tax Officer PSE Loan Trust
19(3)(3) 2009-10
4092/Mum/2014 PSE Loan Trust Income Tax Officer AABTP4903C
19(3)(3)
4944/Mum/2013 Income Tax Officer IKR Loan Trust
19(3)(2) 2009-10
4782/Mum/2013 IKR Loan Trust Income Tax Officer AAATI6574K
19(3)(2)
468/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitizatoin Trust
2008 Series 33 2009-10
1184/Mum/2014 Indian Corporate Income Tax Officer- AAATI6918B
Loan Securitizatoin 19(3)(2)
Trust 2008 Series 33
3734/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series XI 2009-10
4091/Mum/2014 Indian Corporate Income Tax Officer- AAATI7010C
LoanSecuritisation 19(3)(2)
Trust 2008 Series XI
942/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust 2009-10
2008 Series 40
12 ITA 5513&5758/Mum/2014 & others
IRE Loan Trust
1438/Mum/2014 Indian Corporate Income Tax Officer-
Loan Securitisation 19(3)(2) AAATI6784R
Trust 2008 Series 40
542/Mum/2014 Income Tax Officer- Indian Corporate Loan
19(3)(2) Securitisation Trust
2008 Series 39 2009-10
1185/Mum/2014 Indian Corporate Income Tax Officer- AAATI6790F
Loan Securitisation 19(3)(2)
Trust 2008 Series 39
3746/Mum/2014 Income Tax Officer Long Bond Receivable
19(3)(2) Trust 2006 Series III
2010-11
4101/Mum/2014 Long Bond Income Tax Officer-
AAATL5420F
Receivable Trust 19(3)(2)
2006 Series III
3939/Mum/2014 Income Tax Officer- India Structural Asset
19(3)(2) Trust Series VII
2010-11
3780/Mum/2014 India Structur ed Income Tax Officer-
AAATI6915N
Asset Trust Series 19(3)(2)
VII
5979/Mum/2014 Indian Corporate Income Tax Officer
2010-11
Loan Securitisation 19(3)(2)
AAATI6824J
Trust 2008 Series III
5980/Mum/2014 Indian Corporate Income Tax Officer
2010-11
Loan Securitisation 19(3)(2)
AAATI6822Q
Trust 2008 Series VI
5724/Mum/2014 Income Tax Officer ICLS Trust 2008 Series
19(3)(2) II
2010-11
5717/Mum/2014 Indian Corporate Income Tax Officer
AAATI6347L
Loan Securitisation 19(3)(2)
Trust 2008 Series II
3747/Mum/2014 Income Tax Officer- India Commercial Loan
19(3)(2) Trust Series -II 2010
2010-11
3778/Mum/2014 Indian Commercial Income Tax Officer-
AAATI7695F
Loan Trust Series II 19(3)(2)
2010
3933/Mum/2014 Income Tax Officer- India Commercial Loan
19(3)(2) Trust Series VI 2009
2010-11
3953/Mum/2014 Indian Commercial Income Tax Officer-
AAATI7603M
Loan Trust Series 19(3)(2)
VI 2009
3954/Mum/2014 Indian Commercial Income Tax Officer-
Loan Trust Series III 19(3)(2) 2010-11
2010
13 ITA 5513&5758/Mum/2014 & others
IRE Loan Trust
3931/Mum/2014 Income Tax Officer- India Commercial Loan 2010-11
19(3)(2) Trust Series III 2009 AAATI7698J
3739/Mum/2014 Income Tax Officer- India Commercial Loan
19(3)(2) Trust Series II 2009
2010-11
3701/Mum/2014 Indian Commercial Income Tax Officer-
AAATI7438N
Loan Trust Series II 19(3)(2)
2009
3932/Mum/2014 Income Tax Officer- India Commercial Loan
19(3)(2) Trust Series IV 2009
2010-11
3952/Mum/2014 Indian Commercial Income Tax Officer-
AAATI7464E
Loan Trust Series 19(3)(2)
IV 2009
3947/Mum/2014 Income Tax Officer KAG Loan Trust
19(3)(2) 2010-11
3956/Mum/2014 KAG Loan Trust Income Tax Officer AABTK3092R
19(3)(2)
3941/Mum/2014 Income Tax Officer- Indian Loan
19(3)(2) Receivable Trust April
II - 2009 2010-11
3779/Mum/2014 Indian Loan Income Tax Officer- AAATI7908R
Receivable Trust 19(3)(2)
April II 2009
3738/Mum/2014 Income Tax Officer India Commercial Loan
19(3)(2) Trust Series V 2009 2010-11
3702/Mum/2014 ICL Trust Series V Income Tax Officer- AAATI7907A
2009 19(3)(2)
3180/Mum/2014 Income Tax Officer- Bond Receivable Trust
19(4)(2) 2006 Series I 2009-10
3625/Mum/2014 Bond Receivable Income Tax Officer- AABTB0670J
Trust 2006 Series I 19(4)(2)
5576/Mum/2014 Income Tax Officer Bond Receivable Trust
2010-11
19(3)(2) 2006 Series I
5721/Mum/2014 Bond Receivable Income Tax Officer-
AABTB0670J
Trust 2006 Series I 19(3)(2)
3940/Mum/2014 Income Tax Officer- India Structural Asset
19(3)(2) Trust Series XI 2010-11
4097/Mum/2014 India Structured Income Tax Officer AAATI7291R
Asset Trust Series XI 19(3)(2)
4111/Mum/2014 Income Tax Officer SME Retail Pool IV
19(3)(2) Trust 2010-11
4100/Mum/2014 SME Retail Pool IV Income Tax Officer AAHTS4971R
Trust 19(3)(2)
14 ITA 5513&5758/Mum/2014 & others
IRE Loan Trust
3737/Mum/2014 Income Tax Officer India Structured Asset
19(3)(2) Trust Series V 2009-10
4094/Mum/2014 Indian Structural Income Tax Officer- AAATI6917Q
Asset Trust Series V 19(3)(2)
1142/Mum/2014 Income Tax Officer- India Structural Asset
19(3)(2) Turst Series-VIII
2009-10
1442/Mum/2014 India Structural Income Tax Officer-
AAATI6916R
Asset Turst Series- 19(3)(2)
VIII
1139/Mum/2014 Income Tax Officer- India Structured Asset
19(3)(2) Trust Series-III 2009-10
1439/Mum/2014 India Structured Income Tax Officer- AAATI6792H
Asset Trust Series-III 19(3)(2)
4948/Mum/2013 Income Tax Officer- India Structured Asset
19(3)(2) Trust Series IV 2009-10
5067/Mum/2013 India Structured Income Tax Officer- AAATI6783J
Asset Trust Series IV 19(3)(2)
1138/Mum/2014 Income Tax Officer- India Structured Asset
19(3)(2) Trust Series-II 2009-10
1436/Mum/2014 India Structured Income Tax Officer- AAATI6793G
Asset Trust Series-II 19(3)(2)
5577/Mum/2014 Income Tax Officer Bond Receivable Trust
19(3)(2) 2006 Series II 2010-11
5722/Mum/2014 Bond Receivable Income Tax Officer- AABTB0669H
Trust 2006 Series II 19(3)(1)
4113/Mum/2014 Income Tax Officer SME Retails Pool II
19(3)(2) Trust 2009-10
4095/Mum/2014 SME Retails Pool II Income Tax Officer- AAHTS4356C
Trust 19(3)(4)
2722/Mum/2014 Income Tax Officer Indian Loan Receivable
19(3)(2) Trust May 2008
2010-11
3610/Mum/2014 Indian Loan Income Tax Officer-
AAATI6570P
Receivable Trust 19(3)(2)
May 2008
3938/Mum/2014 Income Tax Officer- India Structural Asset
19(3)(2) Trust Series 6 2010-11
3955/Mum/2014 India Structured Income Tax Officer- AAATI6911J
Asset Trust Series-6 19(3)(2)
3937/Mum/2014 Income Tax Officer- India Structured Asset
19(3)(2) Trust Series III 2010-11
3962/Mum/2014 India Structured Income Tax Officer- AAATI6792H
Asset Trust Series-III 19(3)(2)
15 ITA 5513&5758/Mum/2014 & others
IRE Loan Trust
3936/Mum/2014 Income Tax Officer- India Structured Asset
19(3)(2) Trust Series II 2010-11
3691/Mum/2014 India Structured Income Tax Officer- AAATI6793G
Asset Trust Series II 19(3)(2)
5270/Mum/2014 Income Tax Officer India Structured Asset
19(3)(2) Trust Series IV 2010-11
5274/Mum/2014 India Structured Income Tax Officer AAATI6783J
Asset Trust Series IV 19(3)(2
4112/Mum/2014 Income Tax Officer SME Retails Pool II
19(3)(2) Trust 2010-11
4099/Mum/2014 SME Retails Pool II Income Tax Officer AAHTS4356C
Trust 19(3)(2)
4114/Mum/2014 Income Tax Officer SME Loan Receivables
19(3)(2) Trust August 2007
2010-11
4098/Mum/2014 SME Loan Income Tax Officer
AAITS3969E
Receivables Trust 9(30(2)
August 2007
7677/Mum/2013 KES Loan Trust Income Tax Officer 2008-09
19(3)(4) AABTK2334E
1611/Mum/2013 ITBL Loan Trust Income Tax Officer- 2009-10
19(3)(2) AAATI6745A
3942/Mum/2014 Income Tax Officer- ITBL Loan Trust
19(3)(2) 2010-11
4089/Mum/2014 ITBL Loan Trust Income Tax Officer- AAATI6745A
19(3)(2)
3943/Mum/2014 Income Tax Officer- ITCCL Loan Trust
19(3)(2) 2010-11
4088/Mum/2014 ITCCL Loan Trust Income Tax Officer- AAATI6709E
19(3)(2)
Assessee by: Shri S.E. Dastur &
Shri Madhur Agarwal
Revenue by: Smt. S. Pandya
Date of Hearing: 15.12.2016
Date of Pronouncement: 22.02.2017
ORDER
Per Bench These are a bunch of 248 appeals, 128 by various assessee's and 120 by Revenue, most of which are cross appeals, directed against the orders 16 ITA 5513&5758/Mum/2014 & others IRE Loan Trust passed by their respective CIT(Appeals) for relevant assessment years 2007-08 to 2010-11 as indicated in the list of cases (supra).
2. In all these cases it is not in dispute that the facts and circumstances and issues involved have been examined and brought out by the respective Assessing Officers (AO) in the orders of assessment that were passed. On appeals filed by the assessee, the learned CIT(Appeals) concerned have rendered findings that, after considering the facts and legal issues involved in these appeals, they are found to be similar/ identical to those that have been duly considered in the group of securitisation cases of IL&FS Trust Co. Ltd., i.e. case of Indian Corporate Loan Securitisation Trust -2008, Series-14 for A.Y. 2009-10. The respective CIT(Appeals) also went on to hold that there being no change of basic facts on the issues involved in different assessment years, the findings rendered for A.Y. 2009-10 would also be applicable for the other assessment years involved.
3. Before us, both the learned senior counsel for the assessee and the learned CIT-DR for Revenue, after due verification agreed that the issues raised in the grounds of appeal in these appeals are identical to those raised in the lead matter, i.e. the cross appeals in the case of Indian Corporate Loan Securitization Trust - 2008 Series -14 in ITA Nos. 3986 & 4343/Mum/2013 of IL&FS Trust Co. Ltd. group of cases and therefore the findings rendered by the Coordinate Bench on the various issues in the cross appeals in the lead case would be applicable to all these appeals.
4.1 In the course of hearings the learned senior counsel for the assessee submitted that; except in assessee's appeal in KES Loan Trust (ITA No. 7677/Mum/2013 for A.Y. 2008-09); wherever the other assessees have raised additional grounds of appeals in their appeals the same are not being pressed by the concerned assessees. Such additional grounds are, inter alia, in respect of:
(i) Retrospectivity of amendment by Finance Act, 2013 inserting section 10(23DA) of the Act and Chapter XII EA for taxation of securitization Trusts;
17 ITA 5513&5758/Mum/2014 & others IRE Loan Trust
(ii) Allowance of loss; and
(iii) Any other additional ground raised.
In effect all additional grounds raised by the assessees, other than in the case of KES Loan Trust (supra), are not being pressed in these appeals preferred by the assessee. In that view of the matter, since the additional grounds raised by these assessee's in the other 128 appeals are not pressed, they are rendered infructuous and we accordingly dismiss the additional grounds raised.
5.1 Revenue has also preferred additional grounds in some of their 107 appeals/cases which are almost identical to the consolidated grounds 1, 2, 3 and 4 raised by it in ITA No. 4343/Mum/2013 in the lead case Indian Corporate Loan Securitization Trust - 2008, Series 14 for A.Y. 2009-10. It is prayed by the learned CIT-DR that the same be admitted for hearing as they go to the very root of the matter and in this regard have relied on the decision of the Hon'ble Apex Court in the case of National Thermal Power Corporation (229 ITR 383) (SC).
5.2 The assessee KES Loan Trust in its appeal in ITA No. 7677/Mum/2013 for A.Y. 2008-09 has raised an additional ground NO. 5 claiming deduction of payment to PTC holders as expenses which was not raised before the CIT(A) inadvertently. It is prayed that the same be admitted for consideration as it goes to the root of the matter in the issue involved in these appeals and in this regard have relied on the decision of the Hon'ble Apex Court in the case of National Thermal Power Corporation (supra).
5.3 The learned senior counsel for the assessee strongly objected to the admission of the additional grounds raised in Revenue's appeals and simultaneously the learned CIT-DR objected to admission of the ground raised by KES Loan Trust for A.Y. 2008-09.
5.4.1 We have heard the rival contentions and perused and carefully considered the material on record; including the judicial pronouncements cited. Following the ratio of the decision of the Hon'ble 18 ITA 5513&5758/Mum/2014 & others IRE Loan Trust Apex Court in the case of National Thermal Power Corporation (supra) we admit for consideration the additional grounds raised by Revenue in those appeals in which it has been raised and the additional ground No. 5 raised by KES Loan Trust in its appeal in ITA No. 7677/Mum/2013 for A.Y. 2008-09.
6.1 We have heard the learned senior counsel for the assessee and the learned CIT-DR, who after due examination and verification, have agreed that since all the grounds of appeal raised in these appeals by both the assessee and Revenue are similar/identical to the grounds raised in the lead matter; i.e. the cross appeals in the case of Indian Corporate Loan Securitization Trust - 2008 Series -14 in ITA Nos. 3986 & 4343/Mum/ 2013, for A.Y. 2009-10, which is part of IL&FS Trust Co. Ltd. group of cases, the findings rendered by this Tribunal on various issues therein should be applied uniformly to all the 248 appeals in these cases. In these factual and legal circumstances, not only the learned CIT(A)s in all these cases, but also the learned counsel's for both parties are agreed that the issues involved in these appeals across assessment years are similar and have been duly considered in the group cases of the IL&FS Trust Co. Ltd., of which group the lead matter is Indian Corporate Loan Securitization Trust - 2008, Series 14 in ITA Nos. 3986 & 4343/Mum/ 2013 for A.Y. 2009-10. Having decided grounds I, II, III and IV of the assessee's appeal in the case of Indian Corporate Loan Securitisation Trust 2008 Series-14 in ITA No. 3986/Mum/2013 vide order dated 17.02.2017 in favour of the assessee Trust, the factual differences pointed out would have no bearing on the issues raised in appeals. Following the decision of this Bench of the Tribunal in the case of Indian Corporate Loan Securitization Trust - 2008, Series 14 in ITA Nos. 3986 & 4343/Mum/2013 dated 17.02.2017 (a copy of which will form part of this order), we hold and direct that the decision/findings rendered therein on various issues will accordingly apply mutatis mutandis to all these appeals for the assessment years concerned. The AO is accordingly directed.
19 ITA 5513&5758/Mum/2014 & others IRE Loan Trust
7. In the result, the 128 appeals by the assessees are partly allowed and the 120 appeals of Revenue are dismissed.
8. Order pronounced in the open court on 22nd February, 2017.
Sd/- Sd/-
(Sandeep Gosain) (Jason P. Boaz)
Judicial Member Accountant Member
Mumbai, Dated: 22nd February, 2017
Copy to:
1. Assessee: The IL&FS Financial Centre, Plot No. C-22, G. Block, BKC, Bandra (E), Mumbai 400051
2. Revenue: Income Tax Officer 19(3)(2), Mumbai
3. The CIT(A) -30, Mumbai
4. The CIT - 19, Mumbai
5. The DR, "F" Bench, ITAT, Mumbai By Order //True Copy// Assistant Registrar ITAT, Mumbai Benches, Mumbai n.p.