ITO WD 19(3)(2), MUMBAI vs. IBH LOAN TRUST, MUMBAI

18 ITA 5513&5758/Mum/2014 & others IRE Loan Trust Apex Court in the case of National Thermal Power Corporation (supra) we admit for consideration the additional grounds raised by Revenue in those appeals in which it has been raised and the additional ground No. 5 raised by KES Loan Trust in its appeal in for A.Y. 2008-09. 6.1 We have heard the learned senior counsel for the assessee and the learned CIT-DR, who after due examination and verification, have agreed that since all the grounds of appeal raised in these appeals by both the assessee and Revenue are similar/identical to the grounds raised in the lead matter; i.e. the cross appeals in the case of Indian Corporate Loan Securitization Trust – 2008 Series -14 in ITA Nos. 3986 & 4343/Mum/ 2013, for A.Y. 2009-10, which is part of IL&FS Trust Co. Ltd. group of cases, the findings rendered by this Tribunal on various issues therein should be applied uniformly to all the 248 appeals in these cases. In these factual and legal circumstances, not only the learned CIT(A)s in all these cases, but also the learned counsel’s for both parties are agreed that the issues involved in these appeals across assessment years are similar and have been duly considered in the group cases of the IL&FS Trust Co. Ltd., of which group the lead matter is Indian Corporate Loan Securitization Trust – 2008, Series 14 in ITA Nos. 3986 & 4343/Mum/ 2013 for A.Y. 2009-10. Having decided grounds I, II, III and IV of the assessee’s appeal in the case of Indian Corporate Loan Securitisation Trust 2008 Series-14 in ITA No. 3986/Mum/2013 vide order dated 17.02.2017 in favour of the assessee Trust, the factual differences pointed out would have no bearing on the issues raised in appeals. Following the decision of this Bench of the Tribunal in the case of Indian Corporate Loan Securitization Trust – 2008, Series 14 in ITA Nos. 3986 & 4343/Mum/2013 dated 17.02.2017 (a copy of which will form part of this order), we hold and direct that the decision/findings rendered therein on various issues will accordingly apply mutatis mutandis to all these appeals for the assessment years concerned. The AO is accordingly directed.