DDIT (IT) 3(1), MUMBAI vs. OMAN INTERNATIONAL BANK S.A. O.G, MUMBAI

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ITA 3154/MUM/2014Status: DisposedITAT Mumbai30 August 2021AY 2008-095 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal permitted the assessee to withdraw its appeal and cross objections, stating it would not have precedence value for other assessment years. The revenue's appeal was dismissed as not maintainable.

What were the facts?

The assessee sought to withdraw its appeal and cross objections due to the smallness of the amounts involved. The revenue also agreed to dismiss its appeal as not maintainable based on a CBDT circular regarding tax effect.

What were the issues?

Whether the assessee's appeal and cross objections should be allowed to be withdrawn. Whether the revenue's appeal is maintainable based on CBDT circulars.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144C(13)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘J‘ BENCH

Before: SHRI M.BALAGANESH & SHRI AMARJIT SINGH

For Appellant: Shri Kunal Vora
For Respondent: Shri Vodal Raj Singh, Shri Kunal Vora
Hearing: 30/08/2021Pronounced: 30/08/2021

आदेश / O R D E R PER BENCH: These Cross appeals in ITA Mo.3431/Mum/2014 & CO No.169/Mum/2015 for A.Y.2008-09 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-15, Mumbai in appeal No.CIT(A)-15/Arr-193/13-14 dated 18/02/2014 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) r.w.s. 144C(13) of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 09/02/2012 by the ld. Joint Director of Income Tax (International Taxation), Range-4, Mumbai (hereinafter referred to as ld. AO).

Doha Bank QSC, India Branches (Successor to HSBC Bank Oman S.A.O.G.)

(A.Y.2008-09) & CO No.169/Mum/2015 (A.Y.2008-09)

2.

At the outset, we find that assessee has placed a letter dated 27/08/2021 on record stating that it wishes to withdraw its appeal in and Cross Objections in CO No.169/Mum/2015 considering the smallness of amounts involved in dispute. The assessee had also specifically pleaded that the said withdrawal should not be construed as acceptance of the additions made by the ld. AO and shall not have any precedence value for any other assessment year.

3.

Considering the contentions raised by the assessee vide its letter dated 27/08/2021, we permit the assessee to withdraw its appeal and its cross objections considering the smallness of the amounts involved in dispute. We also categorically hold that the said withdrawal shall not have any precedence value for other assessment years and the said withdrawal shall not be considered as acceptance of the additions made by the ld. AO.

4.

Accordingly, the appeal of the assessee together with its cross objections are dismissed as withdrawn.

5.

Both the parties before us mutually agreed that this revenue appeal is to be dismissed as not maintainable in view of the recent Circular issued by the CBDT dated 08/08/2019 wherein the revenue has been directed to withdraw the appeal preferred by it before the Tribunal if the tax effect

1.

Doha Bank QSC, India Branches (Successor to HSBC Bank Oman S.A.O.G.) on the disputed issues is less than or equal to Rs.50,00,000/-. It is well settled that this Circular is binding on the revenue authorities.

6.

Respectfully following the said Circular, the appeal filed by the revenue is dismissed as not maintainable.

7.

Incase, if the revenue is able to provide evidence that the case falls under any of the exceptions provided in the circular issued by the CBDT, then the revenue may prefer miscellaneous application for recalling of this order, if they so desire, in which circumstance this order shall be recalled by this Tribunal.

8.

In the result, appeal filed by the revenue is dismissed as not maintainable.

9.

In the result, appeal of the assessee, cross objection of the assessee and appeal of the Revenue are dismissed.

Order pronounced in open Court on 30/08/2021

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