CITICORP FINANCE (I) LTD,MUMBAI vs. DCIT RG 10(1), MUMBAI

PDF · subscribers
ITA 7060/MUM/2014Status: DisposedITAT Mumbai16 June 2016AY 2009-103 pages

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

AI SummaryDismissed

What did the Tribunal hold?

The CIT(A) held that no interest was chargeable under Section 234C, and the addition made by the AO was to be deleted. Consequently, the assessee sought to withdraw the appeal.

What were the facts?

The assessee's appeal challenged the levy of interest under Section 234C. The assessee later filed a rectification application under Section 154, which was allowed by the CIT(A).

What were the issues?

The primary issue was the correctness of the interest levied under Section 234C. The appeal became infructuous after the CIT(A) rectified the order.

Which sections of the Income-tax Act were involved?

Section 234C,Section 154,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” BENCH, MUMBAI

For Respondent: Shri Naveen Gupta, DR

PER MAHAVIR SINGH, JM:

1.

This appeal by the assessee is arising out of the order of the CIT (A)-21, Mumbai passed in appeal No. CIT (A)-21/IT/186/2013-14 dated 13-08-2014. Assessment was framed by the DCIT, Circle-10(1), Mumbai for assessment year 2009-10 vide his order passed u/s 143(3) of the Income Tax Act, 1961 (hereinafter referred to as the (“Act”).

2.

At the outset, the learned Counsel for the assessee stated that the only issue under challenge in this appeal is levy of interest u/s 234C of the Act and the same has been rectified by the CIT (A) u/s 154 of the Act vide his order dated 22-12-2014. The assessee filed the following application: “We refer to the Company‟s Appeal No.7060/Mum/2014 in respect of our above clients for the captioned assessment year which is fixed for hearing before the Hon‟ble members of „C‟ Bench of the Tribunal on16 June 2016. The said appeal was filed against the order dated 13 August 2014 passed by the Commissioner of Income-tax (Appeals)- 21, Mumbai [CIT(A)] disposing appeal filed against the order dated 30 March 2013 passed under section 143(3) of the Income-tax Act.

The only ground raised in the appeal before the Hon‟ble Tribunal was against the action of the CIT (A) in holding that the interest of Rs.3m36,16,666 charged under section 234C is consequential in nature not appreciating that Nil interest is chargeable as per return of income. In this connection it is submitted that on an application being filed by the appellants under section 154 of the Act, the CIT (A) has passed an order dated 22 December 2014 disposing the application under section 154 of the Act. In the said order the CIT (A) has held that no interest is chargeable under section 234C and accordingly the addition made by the AO is to be deleted. Thus the ground of appeal has been allowed (copy enclosed). In view of the above, our clients wish to withdraw the aforesaid appeal No.7060/Mum-2014”. Accordingly, the learned Counsel for the assessee requested for withdrawal of the appeal. On query from the Bench the learned Sr. DR has not objected to the withdrawal of the appeal. In terms of the above, we permit the withdrawal and dismissed the same as withdrawn.

3. In the result, the appeal of the assessee is dismissed as withdrawn. Order pronounced in the open court on 16/06/2016.

More judgments on Section 234C

All 6,043 judgments and leading authorities on Section 234C →

Recent GST High Court judgments

Search GST case law →