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Income Tax Appellate Tribunal, ‘B‘ BENCH
Before: SHRI M.BALAGANESH, AM & SHRI RAVISH SOOD, JM
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-11/JCIT-2(1)(1)/2018-19 dated 12/06/2019 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) r.w.s. 254 of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 28/03/2018 by the ld. Jt. Commissioner of Income Tax (OSD)- 2(1)(1), Mumbai (hereinafter referred to as ld. AO).
The ground Nos.1 & 2 raised by the Revenue are challenging the action of the ld. CIT(A) holding that the provisions of Section 115JB of the Act are not applicable to be assessee bank for the year under consideration.
We have heard rival submissions and perused the materials available on record. We find that this issue is already covered in favour of the assessee by the decision of Hon’ble Jurisdictional High Court in the case of CIT vs. Union Bank of India in Income Tax Appeal No.1196 of 2013 with Income Tax Appeal No.1175 of 2013 dated 16/04/2019, among other assessees, wherein it had been categorically held that for the A.Y.2005-06, the provisions of Section 115JB of the Act would not be applicable to an assessee, being a banking company. The Hon’ble Jurisdictional High Court in the said case also held that the accounts of the banking company would be prepared in accordance with the provisions of Banking Regulation Act 1949 and not in accordance with Part II & III of Schedule VI of the Companies Act, 1956. Accordingly, it held that the provisions of Section 115 JB of the Act could not be made applicable for A.Y.2005-06 to a banking company. The said decision shall apply mutatis mutandis to the assessee bank herein and that too for the A.Y.2004-05 i.e. the year under consideration. Respectfully following the said decision of the Hon’ble Jurisdictional High Court, we have no hesitation to dismiss the ground Nos. 1 & 2 raised by the Revenue before us.
The ground Nos. 3 & 4 raised by the Revenue 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.
4.1. We have heard rival submissions and perused the materials available on record. We find that this issue has been the subject matter of adjudication by this Tribunal in assessee’s own case for A.Y.2003-04 in dated 10/04/2019. The relevant operative potion of the order has already been reproduced in the order of the ld. CIT(A) vide pages 7-9 thereon and hence, the same are not reproduced herein for the sake of brevity. Since, the issue is already covered by the order of this Tribunal in its own case for the A.Y.2003-04, we do not find any infirmity in the order of the ld. CIT(A) granting relief to the assessee. Accordingly, the ground Nos. 3 & 4 raised by the Revenue are dismissed.
The ground No.5 raised by the Revenue is general in nature and does not require any specific adjudication.
In the result, appeal of the Revenue is dismissed.
Order pronounced on 08/03/2021 by way of proper mentioning in the notice board.