DCIT 2(3), MUMBAI vs. DENA BANK, MUMBAI

On the facts and in the circumstances of the case and in law, the Ld CIT (A) erred in holding that the provision of section 115JB of the Income Tax Act, 1961 were not applicable to the assessee bank relying on the decision in the case of Union Bank of India in 49 SOT 32 (Mum) 2011 which has not been accepted by the Department and appeal on this issue in the case has been filed before the Hon’ble High Court of Bombay vide ITA No.546 of 2012.”

At the outset, Ld Counsel for the assessee briefly narrated the facts of the case and bringing our attention to the order of the Tribunal in ITA No.3675/M/2012 (AY 2007-08), dated 5.2.2014, he mentioned that vide para 15 of the said order, the Tribunal quashed the revision order dated 29.3.2012 of the CIT made u/s 263 of the Act. Therefore, considering the said Tribunal’s order (supra), the fresh assessment order made u/s 143(3) r.w.s 263 of the Act, dated 13.3.2013 becomes infructuous.

After hearing both the parties and on perusal of the said Tribunal’s order (supra), dated 5.2.2014, we find, vide para 15, the Tribunal set aside the revision order of the CIT. Considering the significance of the said order for the sake of completeness of this order, the relevant lines are extracted as under:- “15. We have heard the parties, and perused the material on record. The appeal, as would be apparent, would become infructuous in view of our decision in the assessee’s appeal on quantum, following the consistent view of the Tribunal, that section 115JB is not applicable to the assessee company. We, accordingly, set aside the impugned order.............”

Considering the above decision of the Tribunal, the fresh assessment order made by the AO does not have legs to stand. Accordingly, the appeal filed by the Revenue becomes infructuous. Thus, the appeal filed by the Revenue is dismissed as infructuous.

In the result, appeal of the Revenue is dismissed. Order pronounced in the open court on 16th March, 2016. (RAM LAL NEGI) ACCOUNTANT MEMBER भुंफई Mumbai; ददनांक 16.3.2016 व.नन.स./ OKK , Sr. PS आदेश की प्रतिलऱपि अग्रेपिि/Copy of the Order forwarded to : अऩीराथी / The Appellant 1. प्रत्मथी / The Respondent. 2. आमकय आमुक्त(अऩीर) / The CIT(A)- 3. 4. आमकय आमुक्त / CIT ववबागीम प्रनतननधध, आमकय अऩीरीम अधधकयण, भुंफई / DR,

ITAT, Mumbai 6. गार्ड पाईर / Guard file. सत्मावऩत प्रनत ////