Income Tax Appellate Tribunal - Mumbai
National Institute Of Bank Management, vs Assessee on 19 August, 2016
IN THE INCOME TAX APPELLATE TRIBUNAL "B" BENCH, MUMBAI BEFORE SRI MAHAVIR SINGH, JUDICIAL MEMBER AND SRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER S. A. Nos.265, 266 & 267/Mum/2016 (In ITA Nos.2913, 2914 & 2915/Mum/2016 -AY: 2010-11, 2011-12 and 2012-13) National Institute of Bank Management, S-14, Pemino, Altamount Road, Mumbai 400 026 Vs. The Asst. Director of Income Tax (E)-II (2), Mumbai PAN:AAATN 0040P Applicant .. Respondent Applicant by .. Shri S. Ananthan and Mrs. Lalitha Rameswaram, ARs Respondent by .. Shri M. Rajan, DR Date of hearing .. 19-08-2016 Date of pronouncement .. 19-08-2016 O R D E R PER MAHAVIR SINGH, JM:
By way of these Stay Petitions the assessee has requested for stay of the balance demand of Rs.3,30,55,710/- for assessment year 2010-11, Rs.1,95,15,391/- for assessment year 2011-12 and Rs.2,31,24,690/- for assessment year 2012-13 respectively.
2. The learned Counsel for the assessee before us stated that the assessee is an Educational Institute with the object of non-profit motive permitted by the Reserve Bank of India for education and training of employees of other Public Sector Banks. According to him, it carries educational activities in the form of training, research and consultancy in the field of banking and finance in India. He further stated that for assessment year 2008-09 the CIT (A) has already allowed the claim of the assessee and the matter is pending before ITAT on appeal by the Revenue. According to the learned Counsel for the assessee, even after proviso to Section 2(15) of the Income Tax Act (hereinafter "the Act"), exemption u/s 10 (23C) (iv) of the Act cannot be denied. He also stated that the assessee is registered u/s 12A of the Act. The learned Counsel for the assessee tried to make a prima facie case on the above facts. On query from the Bench, the learned Counsel for the assessee stated that the assessee is ready to pay a sum of Rs.25 lacs for all the three assessment years in total. On query from the Bench, the learned Sr. DR in view of condition of payment of Rs.25 lacs conceded the position.
3. After going through the facts and circumstances of the case, we are of the view that this is a fit case for grant of stay, in case the assessee pays this amount of Rs.25 lacs on or before 15th September, 2016. In terms of the above, the stay of balance demand for all the three assessment years is granted. The appeals will come up for hearing on 28th September, 2016 and this was announced in the open court in presence of both the parties. Hence, no further notice will be sent to either of the parties.
4. In the result, the Stay Applications of the assessee are allowed in terms of the above. Order pronounced in the open court on 19/08/2016.
Sd/- Sd/-
(MANOJ KUMAR AGGARWAL)
(MAHAVIR SINGH)
ACCOUNTANT MEMBER
JUDICIAL MEMBER
Mumbai, Dated: 19/08/2016
Lakshmikanta Deka/Sr.PS
Copy of the Order forwarded to:
1.
The Appellant
2.
The Respondent.
3.
The CIT (A), Mumbai.
4.
CIT
5.
DR, ITAT, Mumbai
6.
Guard file.
//True Copy//
BY ORDER,
Assistant Registrar
ITAT, MUMBAI
Date
Initial
Dictation pad attached with the Draft Order Yes
1. Draft dictated on 19/8/16 Sr.PS
2. Draft placed before author 19/8/16 Sr.PS
3. Draft proposed & placed before the second member JM
4. Draft discussed/approved by Second Member.
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 file goes to the AR
9. Date on which file goes to the Head Clerk.
10. Date of dispatch of Order.
PAGE 2 S.A. No.265, 266 & 267/Mum/2016 (In ITA No.2913, 2914 & 2915/Mum/2016)