TaxTMI 
TaxTMI 
TaxTMI 
2018 (11) TMI 1171
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....e CIT(A)"). The proceedings before learned CIT(A) has arisen from two separate order(s) passed by learned Assessing Officer dated 18.03.3014 and 25.03.2015 respectively to give effect to two separate appellate orders passed by learned CIT(A) for AY 2007-08 and 2009-10 respectively. 2. First, we shall take up appeal of the Revenue in ITA no. 2907/Mum/2017 for AY 2007-08 .The grounds of appeal raised by the assessee in the memo of appeal filed with the Income-Tax Appellate Tribunal, Mumbai (hereinafter called "the tribunal") read as under:- "1. Whether on the facts and in the circumstances of the case, the ld. CIT(A) was correct in law, in holding that the provisions of section 115JB of the Income Tax Act,1961 , are not applicable to asses....
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.... 244A of the Income Tax Act, 1961 so as to grant benefit not envisaged in the section." 5. " For these and other ground that may be urged at the time of hearing, the decision of the CIT(A) may be set aside and that of the AO restored." 3. The brief facts of the case are that the assessee is a public sector bank engaged in the business of banking and other related financial activities. The first issue as is raised by Revenue in ground number 1 and 2 in its appeal for AY 2007-08 filed with tribunal concerns itself with applicability of provisions of Section 115JB of the 1961 Act to the assessee bank for the impugned assessment year 2007-08. Consequent to the order giving effect dated 18.03.2014 passed by the AO , the income under normal pr....
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....rly called as "MAT") on book profits u/s 115JB of the 1961 Act in the case of banks in favour of the assessee vide appellate orders passed by the tribunal in assessee"s own case in ITA no. 1498/Mum/2011 , vide orders dated 09.04.2014 for AY 2001-02 and orders passed by tribunal in ITA no. 3002/Mum/2014 for AY 2005-06, vide orders dated 03.08.2016. While deciding appeal for AY 2001-02 , the tribunal has also considered the amendment brought in the Section 115JB of the 1961 Act by Finance Act,2012 w.e.f. 01.04.2013 which was held to be not applicable to the assessment year under consideration before the tribunal viz. AY 2001-02 in ITA no. 1498/Mum/2011. The impugned assessment year before us is AY 2007-08 which is also prior to amendment in S....
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....ith the First Schedule of the Act,that insurance companies are required to prepare accounts as per the IA and the regulations of the IRDA and not as per Parts II and III of Schedule VI of the Companies Act. The Assessee prepares its accounts as per the IRDA principles.The IRDA Regulations govern the preparation of the auditor's report. 56. Consequently, the question framed in ITA No.447/2015 is answered in the affirmative, i.e. in favour of the Assessee and against the Revenue by holding that Section115JB of the Act does not apply to insurance companies." We are reproducing the order of the tribunal for AY 2005-06 in assessee"s own case in ITA no. 3002/Mum/2014 , as under: "2. This appeal has been preferred by the assessee before the L....
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....hese ground no. 1 and 2 stood dismissed. We order accordingly. 7. The next ground number 3 and 4 raised by Revenue in its appeal for AY 2007-08 relates to computation of grant of interest u/s 244A of the 1961 Act payable to the assessee , on refund arising out of the order giving effect to order of the appellate authority or consequent to order passed u/s 154 of the 1961 Act. The identical issue is also recurring issue in assessee"s own case wherein tribunal has restored the issue back to the AO with certain directions. The tribunal order in assessee"s own case for AY 2005-06 in ITA no. 3002/Mum/2014 , vide orders dated 03.08.2016 is reproduced hereunder: "5. The next issue contested by the assessee relates to the granting of interest u/....
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....e with the direction to examine this issue afresh by following the decision rendered in the case of India Trade Promotion organisation (supra)." Respectfully following the decision of the tribunal in assessee"s own case for AY 2005-06, we restore this issue to the file of the AO with similar directions as were given by tribunal for AY 2005-06 in ITA no. 3002/Mum/2014 more particularly in the light of decision of Hon"ble Delhi High Court in the case of India Trade Promotion Organisation (supa), vide orders dated 03.08.2016. The ground no. 3 and 4 raised by Revenue are allowed for statistical purposes.We order accordingly. 8. Ground No. 5 raised by Revenue in its appeal is general in nature and is accordingly dismissed. 9. In the result ap....