TaxTMI 
TaxTMI 
2017 (12) TMI 750
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....assessment years contest separate orders of first appellate authority. Since common issues are involved, we dispose-off the same by way of this common order for the sake of convenience & brevity. First we take up ITA No. 210/Mum/2016 for Assessment Year [AY] 2008-09 which contest the order of Ld. Commissioner of Income Tax (Appeals)-2 [CIT(A)], Mumbai dated 26/11/2015 by raising the following grounds of appeal:- 1.On the facts and in the circumstances of the case and in law the learned CIT(A) erred in confirming the addition of Rs. 4,02,00,000/- on account of Amortization of Depreciation (March 2005) totally ignoring the decision of the Hon'ble Bombay High Court in the case of Commissioner of Income Tax-2, Mumbai V/s HDFC Bank L....
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....eduction in value was provided for in the books by way of amortization charges. The transfer was permissible once in a year as per RBI guidelines and accordingly the assessee on 11/02/2005 shifted bonds having book value of Rs. 218.96 crores to HTM category. However, the assessee did not provided the depreciation since it had approached RBI for amortizing losses incurred on their bond portfolios. Pursuant to same, the assessee started amortizing the same to the extent of 20% of the losses of Rs. 20.09 Crores from AY 2005-06 and accordingly, amortized the same for Rs. 4.02 Crores in the impugned AY. Similar amortization amounting to Rs. 1.60 Crores was claimed against certain other investments. However, not convinced Ld. AO, disallowed the a....
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....tter, we restore the matter to the file of Ld. AO for completion of all formalities as envisaged by Section 158A. Needless to say that the matter on merits shall be kept in abeyance till the outcome of the decision of Hon'ble Court in the cited appeals. Resultantly, the assessee's appeals stands allowed for statistical purposes. 5. We find that the identical ground is sole ground in ITA No.1621/Mum/2015 for AY 2009-10 & ITA No. 829/Mum/2016 for AY 2010-11. The Ld. AR has pleaded on similar lines to apply the provisions of Section 158A to the same. Hence, the matter is restored back to Ld. AO with similar directions including completion of necessary formalities in this regard. Resultantly, these two appeals also stands allowed for statist....
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.... considered by Ld. AO u/s 154. Aggrieved, the assessee is in further appeal before us. 9. We find that matter to be factual one and hence, deem it fit to restore the matter back to the file of Ld. AO with a direction to the assessee to file the requisite details including assessment orders & appellate orders for the relevant years etc. to substantiate his claim in this regard. The Ld. AO is directed to re-consider the assessee's claim as per law after providing adequate opportunity of being heard to the assessee. Resultantly, this ground of assessee's appeal stands allowed for statistical purposes. 10. Finally, the assessee's appeal stands allowed for statistical purposes. ITA No. 1619/Mum/2015 for AY 1986-87 11. The assessee ha....
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....hereupon aggregating in all to Rs. 21.02 Lacs was granted to the assessee on 10/05/2012. By way of this appeal, the assessee is seeking compensatory interest on interest component on the premise that inordinate delay took place in granting refund to the assessee by placing reliance on Apex Court judgment in Sandvik Asia Limited Vs Commissioner of Income Tax and others 280 ITR 643 (SC). Per contra, revenue has placed reliance on subsequent judgment of Apex Court rendered in CIT vs Gujarat Fluoro Chemicals [2014] 43 taxmann.com 350 (SC). 13. Upon perusal of the same, we find that there is no provision in the Income Tax Act to grant interest on interest, whatsoever of any nature and whatsoever are the circumstances. We, as a quasi-judicial ....
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.... 8. Further it is brought to our notice that the Legislature by the Act No. 4 of 1988 (w.e.f. 01.04.1989) has inserted Section 244A to the Act which provides for interest on refunds under various contingencies. We clarify that it is only that interest provided for under the statute which may be claimed by an assessee from the Revenue and no other interest on such statutory interest. 9. With the aforesaid clarification we now refer back all the matters before a Two Judge Bench of this Court to consider each case independently and take an appropriate decision one way or the other. Therefore, respectfully following the same and in view of the statutory provisions as contained in Section 244A, we are of the considered opinion that ....