ACIT 12(1), v. HEMENDRA M. KOTHARI,

MA 555/MUM/2009 | 1998-1999
Pronouncement Date: 27-01-2010 | Result: Dismissed

Appeal Details

RSA Number 55519924 RSA 2009
Assessee PAN ABOPK8771E
Bench Mumbai
Appeal Number MA 555/MUM/2009
Duration Of Justice 5 month(s) 15 day(s)
Appellant ACIT 12(1),
Respondent HEMENDRA M. KOTHARI,
Appeal Type Miscellaneous Application
Pronouncement Date 27-01-2010
Appeal Filed By Department
Order Result Dismissed
Bench Allotted A
Tribunal Order Date 27-01-2010
Assessment Year 1998-1999
Appeal Filed On 11-08-2009
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH A MUMBAI. BEFORE SHRI J. SUDHAKAR REDDY ACCOUNTANT MEMBER AN D SMT. MADHAVI DEVI JUDICIAL MEMBER. M.A. NO. 555/MUM/2009 (IN ITA NO. 4650/MUM/2005) ASSESSMENT YEAR : 1998-99. ASSTT. COMMISSIONER OF SHRI HEMENDRA M. KOTHARI INCOME TAX-12(1) VS. 1103 STOCK EXCHANGE TOWER MUMBAI. DALAL STREET FORT MUMBAI 400 001. PAN ABOPK8771E APPLICANT RESPONDENT APPLICANT BY : SHRI NAVEEN GUPTA. RESPONDENT BY : SHRI NITESH JOSHI. O R D E R PER J. SUDHAKAR REDDY A.M. BY THIS MISCELLANEOUS APPLICATION THE REVENUE SU BMITS THAT THIS BENCH OF THE TRIBUNAL HAS NOT DISPOSED OF GROU ND NOS. (1) AND (1)(B) OF THE GROUNDS OF APPEAL WHICH WERE AS UNDER : (1) ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW THE LD. CIT(A) ERRED IN DIRECTING THE AO TO CREDIT THE TAXE S PAID OF RS.7.5 CRORES FOR AY 1997-98 AGAINST TAXES DUE FOR AY 1998 -99 AND REWORK INTEREST U/S 220(2). (1)(B) WHILE DOING SO THE LD. CIT(A) FAILED TO APP RECIATE THAT THERE IS NO PROVISION IN THE INCOME TAX ACT 1961 FOR CREDITI NG THE TAXES PAID IN ONE YEAR AGAINST THE TAXES PAYABLE FOR ANOTHER YEAR . THE SAME CAN ONLY BE ADJUSTED. 2 2. WE HAVE HEARD SHRI NAVEEN GUPTA LEARNED DR ON BEHALF OF THE REVENUE AND SHRI NITESH JOSHI LEARNED COUNSEL ON BEHALF OF THE ASSESSEE. 3. IT HAS BROUGHT TO OUR NOTICE THAT IN THE QUANTU M PROCEEDINGS THE ISSUE IS HELD IN FAVOUR OF THE ASSESSEE AND THE RE IS NO TAX LIABILITY. UNDER THESE CIRCUMSTANCES ADJUDICATION OF THE ISSU E AS TO HOW INTEREST IS QUANTIFIABLE IS PURELY AN ACADEMIC MATTER. THUS GRO UND NO. (1) AND (1)(B) OF THE REVENUES APPEAL NEED NOT BE ADJUDICATED AS NO SUCH LIABILITY TO PAY INTEREST ARISES CONSEQUENT TO ALLOWING OF ASSE SSEES APPEAL ON QUANTUM. 4. IN THE RESULT THE MISCELLANEOUS APPLICATION IS DISMISSED. ORDER PRONOUNCED ON THI S 27 TH DAY OF JANUARY 2010. SD/- SD/- (MADHAVI DEVI) (J. SUDHAKAR REDDY) JUDICIAL MEMBER. ACCOUNTANT MEMBER. MUMBAI DATED : 27 TH JANUARY 2010. WAKODE COPY FORWARDED TO : 1. APPLICANT 2. RESPONDENT 3. C.I.T. 4. CIT(A) 5. DR A-BENCH (TRUE COPY) BY ORDER ASSTT.REGISTRAR ITAT MUMBAI BENCHES 3