DEPUTY COMMISSIONER OF INCOME TAX- 3(1), INDORE vs. M/S MADHYA PRADESH FINANCIAL CORPORATION, INDORE

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ITA 625/IND/2017Status: DisposedITAT Indore23 October 2018AY 2000-015 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal confirmed the orders of the CIT(A) as the issues were squarely covered by previous decisions of the ITAT and jurisdictional High Court in the assessee's own case. The Revenue could not present any contrary material.

What were the facts?

The Revenue appealed against the CIT(A)'s orders deleting additions made in respect of rebate, decompounding, waiver of interest, and applicability of MAT provisions. The assessee contended that these issues were covered by previous ITAT and High Court decisions in their own case.

What were the issues?

Whether additions made on account of rebate, decompounding, waiver of interest, and applicability of MAT provisions were justified. Whether previous ITAT/High Court decisions in the assessee's own case covered these issues.

Which sections of the Income-tax Act were involved?

Section 115JA,Section 115JB

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, INDORE BENCH, INDORE

Before: SHRI KUL BHARAT & SHRI MANISH BORAD

For Respondent: Smt. Ashima Gupta, CIT, Shri Ashish Goyal and Shri N.D. Patwa, Advocates
Hearing: 18.10.2018Pronounced: 23.10.2018

ITA Nos.625 to 627 of 2017 1 MPFC, Indore IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE

BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER And SHRI MANISH BORAD, ACCOUNTANT MEMBER

ITA Nos. 625, 626 & 627/Ind/2017 A.Ys. 2000-01, 2001-02 & 2005-06

DCIT-3(1), Indore :: Appellant

Vs

M/s. Madhya Pradesh Financial Corporation, Indore PAN – AADCM 6480 C :: Respondent

Department by Smt. Ashima Gupta, CIT Assessees by Shri Ashish Goyal and Shri N.D. Patwa, Advocates Date of hearing 18.10.2018 Date of pronouncement 23.10.2018

O R D E R Per Shri Kul Bharat, JM These three appeals are filed by the Revenue against the orders of

ld. CIT(A)-I, Indore dated 15.6.2017.

ITA Nos.625 & 626/Ind/2017 (A.Ys. 2000-01 & 2001-02)

2.

Both these appeals are filed by the Revenue raising the following

common grounds:

1.

Whether on the facts and in circumstances of the case, ld. CIT(A) is justified in directing to delete the additions of

ITA Nos.625 to 627 of 2017 2 MPFC, Indore Rs.4,48,44,418/- & Rs.5,01,17,340/- for the assessment years 2000-01 & 2001-02, respectively, made by the Assessing Officer in respect of rebate, decompounding and waiver of interest etc. without appreciating facts of the case in totality.

2.

Whether on the facts and in circumstances of the case, ld. CIT(A) was justified in holding that taxation as per MAT provisions u/s 115JA/115JB were not applicable to the assessee in the years under consideration.

3.

At the outset of the hearing, ld. counsel for the assessee

contended that the above issue is squarely covered by the decision of

ITAT, Indore in assessee’s own case vide order dated 16.8.2016 which

was followed by this very Bench in assessee’s own case vide order

dated 26.7.2018 in ITA Nos.50 & 144/Ind/2017. Ld. CIT/DR conceded

the fact that the same issue has been decided against the Revenue by

the ITAT, Indore.

4.

We have heard both the parties and perused the orders of lower

authorities. We find that issue is squarely covered against the Revenue

by the decision of ITAT, Indore in assessee’s own case vide order dated

16.8.2016 in ITA Nos. 117 to 119/Ind/2016 & order dated 26.7.2018 in

ITA Nos.50 & 144/Ind/2017 (copies of the orders are filed before us). Ld.

CIT/DR could not controvert this fact by bringing any contrary material

on record. Thus, the issue is against the Revenue and by following the

aforesaid orders of the ITAT, Indore, we confirm the orders of the ld.

ITA Nos.625 to 627 of 2017 3 MPFC, Indore CIT(A) in the present assessment years. Thus, departmental appeals

for both the assessment years are dismissed.

ITA Nos.627/Ind/2017 (A.Y. 2005-06)

5.

This appeal is filed by the Revenue raising the following common

grounds:

1.

Whether on the facts and in circumstances of the case, ld. CIT(A) is justified in deleting the addition made by the Assessing Officer under normal provisions of Act on account of interest income of Rs.14,84,685/- for the period prior to 31.3.1990 and claimed as deduction even when the assessee is following cash system of accounting, therefore he should have shown the income which has been received by the assessee during the F.Y. 2004-05.

2.

Whether on the facts and in circumstances of the case, ld. CIT(A) is justified in directing to delete the addition of Rs.45,45,91,163/- made by the Assessing Officer in respect of rebate, decompounding and waiver of interest etc. without appreciating facts of the case in totality.

3.

Whether on the facts and in circumstances of the case, ld. CIT(A) was justified in deleting the addition made by the Assessing Officer on account of interest income of Rs.14,84,685/- without appreciating the factual position of the issue under the MAT provisions.

4.

Whether on the facts and in circumstances of the case, ld. CIT(A) is justified in deleting the addition made by the Assessing Officer on account of rebate, decompounding and waiver of interest of Rs.45,45,91,163/- without appreciating the factual position of the issue under the MAT provisions.

ITA Nos.625 to 627 of 2017 4 MPFC, Indore 6 At the outset of the hearing, ld. counsel for the assessee

contended that the ground no.1 in respect of interest income is squarely

covered against the Revenue in assessee’s own case by the decision of

jurisdictional High Court vide order dated 13.4.2007 reported in (2008)

173 Taxman 44 (MP) which was followed by this very Bench in

assessee’s own case vide order dated 26.7.2018 in ITA Nos.50 &

144/Ind/2017. Ground No.2 in respect of rebate, decompounding and

waiver of interest is squarely covered against the Revenue in assessee’s

own case by the decision of ITAT, Indore vide order dated 19.10.2006 in

ITA Nos.739 to 743/Ind/2005 which was followed by this very Bench in

assessee’s own case vide order dated 26.7.2018 in ITA Nos.50 &

144/Ind/2017. And ground nos. 3 & 4 in respect of applicability of MAT is

also squarely covered by the decision of ITAT, Indore in assessee’s own

case vide order dated 16.8.2016 which was followed by this very Bench

in assessee’s own case vide order dated 26.7.2018 in ITA Nos.50 &

144/Ind/2017. Ld. CIT/DR conceded the fact that these grounds have

been decided against the Revenue by the ITAT, Indore.

7.

We have heard both the parties and perused the orders of lower

authorities. We find that the above issues are squarely covered against

the Revenue by the aforesaid decisions of the jurisdictional High Court

or ITAT, Indore, as the case may be, in assessee’s own case (copies of

ITA Nos.625 to 627 of 2017 5 MPFC, Indore the orders are filed before us). Ld. CIT/DR could not controvert this fact

by bringing any contrary material on record. Thus, the issues are against

the Revenue and by following the aforesaid orders, we confirm the order

of the ld. CIT(A) in the present assessment year. Thus, departmental

appeal for this year too is dismissed.

8.

Finally, all three departmental appeals are dismissed.

Order was pronounced in the open court on 23.10.2018.

Sd/- Sd/- ( MANISH BORAD) (KUL BHARAT) ACCOUNTANT MEMBER JUDICIAL MEMBER

Dated : 23.10.2018 !vyas! Copy to: Appellant/Respondent/CIT(A)/Pr.CIT/DR, Indore

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