ACIT-2(1)(1), MUMBAI vs. M/S BANK OF BARODA, MUMBAI

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ITA 5618/MUM/2019Status: DisposedITAT Mumbai08 March 2021AY 2004-053 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 held that the issue of interest on refund and its computation under Section 244A had already been decided in the assessee's own case for a previous assessment year. Respectfully following that precedent, the Tribunal found no infirmity in the CIT(A)'s order.

What were the facts?

The Revenue appealed against an order of the CIT(A) concerning the grant and computation of interest on refund under Section 244A of the Income Tax Act. The CIT(A) had granted relief to the assessee, M/s. Bank of Baroda.

What were the issues?

The key issue was the correctness of the CIT(A)'s decision regarding the grant and method of computation of interest on refund under Section 244A of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 244A,Section 154

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘B‘ BENCH

For Appellant: Shri Rahul Raman
For Respondent: Shri C. Naresh
Hearing: 03/03/2021Pronounced: 08/03/2021

आदेश / O R D E R PER M. BALAGANESH (A.M): This appeal in A.Y.2004-05 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-4, Mumbai in appeal No.CIT(A)-4/e-file-118/ACIT 2(1)(1)/2018-19 dated 12/06/2019 (ld. CIT(A) in short) against the order of assessment passed u/s.154 of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 31/10/2018 by the ld. Asst. Commissioner of Income Tax, Circle 2(1)(1), Mumbai (hereinafter referred to as ld. AO).

2.

The ground Nos. 1 & 2 is with regard to grant of interest of refund u/s.244A of the Act and the method of computation of interest u/s.244A thereon.

3.

We have heard rival submissions and perused the materials available on record. We find that the issue has already been the subject matter of adjudication by this Tribunal in assessee’s own case for A.Y.1995-96 in and 2565/Mum/2017 dated 20/12/2018, authored by the undersigned, which has been relied upon by the ld. CIT(A) while granting relief to the assessee. The operative portion of the said order is reproduced together with the facts by the ld. CIT(A) in his order from pages 3 to 13 thereon. Hence, the same is not reproduced herein for the sake of brevity. Respectfully following the decision of this Tribunal in assessee’s own case for A.Y.1995-96 referred to supra, we find no infirmity in the order of the ld. CIT(A) in this regard. Accordingly, the ground Nos. 1 & 2 raised by the Revenue are dismissed.

4.

In the result, appeal of the Revenue is dismissed.

Order pronounced on 08/03/2021 by way of proper mentioning in the notice board.

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