Pr. Commissioner of Income-tax-27, Mumbai v. Bank of India
[Citation -2020-LL-0123-64]
| Citation | 2020-LL-0123-64 |
|---|---|
| Appellant Name | Pr. Commissioner of Income-tax-27, Mumbai |
| Respondent Name | Bank of India |
| Court | HIGH COURT OF BOMBAY |
| Relevant Act | Income-tax |
| Date of Order | 23/01/2020 |
| Assessment Year | 2007-08 |
| Judgment | View Judgment |
| Keyword Tags | retrospective effect |
| Bot Summary: | This appeal under Section 260A of the Income Tax Act, 1961 is preferred against the order dated 13.07.2016 passed by the Income Tax Appellate Tribunal, B Bench Mumbai, Mumbai in Income Tax Appeal Nos. Following three questions have been proposed as substantial questions of law by the revenue in the present appeal : Whether on the facts and in the circumstances of the case, the Hon. Tribunal was correct in law, in holding that the provisions of Rule 8D of the Income Tax Rules, 1962, are not applicable to assessments prior to AY 2008- 09, even if such tool made available to AO at the time of assessment was considered by him as fair and reasonable and used as such Whether on the facts and in the circumstance of the case, the Hon. Tribunal was correct in law, in holding that the amendment to section 115JB of the Income Tax Act, 1961, to bring all the companies (including companies to whom proviso to sub-section of section 211 of the Companies Act, 1956, applies) is not applicable in the assessment year under consideration without appreciating that the said amendment is clarificatory in nature and, thus, retrospective in effect 4. Mr.Kumar, learned standing counsel very fairly submits that in so far question No.(a) is concerned, the issue raised therein has been concluded by the Supreme Court in favour of the assessee and against the revenue in the case of Commissioner of Income Tax- 5 Mumbai vs. Essar Teleholdings Ltd., 2018 90 taxmann.com2(SC) wherein it has been held that Rule 8D of the Income Tax Rules, 1962 is prospective in operation and cannot be applied to any assessment year prior to assessment year 2008-09. 4.1 In so far the present appeal is concerned, the assessment year in question is 2007-08. In so far question Nos.(b) and are concerned, those are also covered by the decision of this Court in Commissioner of Income Tax- LTU vs. Union of India, 2019 105 taxmann.com253(Bombay) by answering the questions in favour of the assessee and against the revenue. |