2017 (11) TMI 679

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....ee's own case (copy of the said order was furnished which is placed on record). 4. The ld. CIT DR although supported the order of the AO but could not controvert the aforesaid contention of the ld. Counsel for the assessee. 5. We have considered the submissions of both the parties and perused the material available on the record. In the present case, it is noticed that the ld. CIT(A) while allowing the claim of the assessee followed the aforesaid referred to order of the ITAT in assessee's own case and the relevant findings have been given in paras 11 to 12 of the impugned order which read as under: "11. I have duly considered the facts and circumstances of the case. The assessee has enclosed a judgement of the Hon'ble ITAT in the assessee s own case in ITA No. 3936, 3937 and 3928/Del/2013 in the case of DCIT(TDS), Dehradun Vs. State Bank of India, Tel Bhawan, Dehradun and ITA No. 3924, 3194 and 3195/Del/2013 in State Bank of India, Tel Bhawan, Dehradun Vs. DCIT (TDS), Dehradun for the A.Yrs. 2010-11, 2011-12 and 2012-13 pronounced by the Hon'ble ITAT vide a common judgement dated 18.7.2014. On going through the judgment it is seen that the Hon'ble Tribun....

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.... in, a scheme (hereafter in this section referred to as the scheme) approved in this behalf by the Government of India in the Ministry of Petroleum and Natural Gas; or (b) deposited any amount in an account (hereafter in this section referred to as the Site Restoration Account) opened by the assessee in accordance with, and for the purposes specified in, a scheme framed by the Ministry referred to in clause (a) (hereafter in this section referred to as the deposit scheme), The assessee shall, subject to the provisions of this section, be allowed a deduction (such deduction being allowed before the loss, if any, brought forward from earlier years is set off under section 72) of- (i) a sum equal to the amount or the aggregate of the amounts so deposited; or (ii) a sum equal to twenty per cent of the profits of such business (computed under the head "Profits and gains of business or profession" before making any deduction under this section), Whichever is less: Provided further that where any deduction, in respect of any amount deposited in the special account, or in the Site Restoration Account, has been allowed under this subsection in an....

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....The definition/meaning of time deposit' is given in section 194A and, therefore, it cannot be assigned a general meaning as submitted by Id. CIT(DR). There is no room for any interpretation/construction in tax laws, when there is no ambiguity in the language of section. When the plain words of statute clearly and directly convey no other meaning, then there is no need for any interpretation. Therefore, Ld. CIT(DR)'s contention that this withdrawal notice itself implies that the deposit is for fixed period cannot be accepted in the backdrop of specific definition given under the Act. 17.7 Further, it is not necessary that entire amount is to be withdrawn one go and with the withdrawal the scheme will close. On the contrary there are stipulations u/s 33ABA read with the Scheme to ensure that ONGC withdraws the squired amount only for utilizing the amount as per the scheme. In order to clarify this aspect, we produce hereunder certain clauses from the Scheme. 17.8 Clauses 8&9 of the Scheme read as under:- "8 Withdrawal and utilization of the amount deposited: A depositor shall be entitled to withdraw from the amount standing to the credit of the acco....

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....ere during any financial year any part of the deposit is withdrawn, the interest payable on the deposits shall be calculated on the basis of the minimum monthly balance in the account during each of the months in the financial year. (3) The interest payable for any financial year, or part thereof, shall only be credited to the account and shall not be payable to the depositor except as part of withdrawal for utilization in terms of paragraph 9 or part of a payment of balance on closure of account in terms of paragraph 12. (4) The gross interest credited to the account in a financial year shall be evidenced by a certificate issued in- Form C, by the deposit office and the amount of such gross interest shall be deemed to be a deposit made by the depositor under this scheme in that financial year." 17.11 Sub-clause (2) of clause 6 of the Scheme makes it clear that withdrawal can be made in any financial year and, therefore, it cannot be a case of fixed period. Ld. Sr. counsel in the course of hearing pointed out that not even single paise has been withdrawn for the last 12 years from the corpus of the fund that has now swelled approximately to Rs. Eleven thousand cro....