TMI Blog2012 (6) TMI 409X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 154 for raising demand of tax after disallowance or for withdrawing refund granted – review petition dismissed – against revenue. - ITA/506/2009 - - - Dated:- 27-3-2012 - MR.JUSTICE C.N.RAMACHANDRAN NAIR, MR.JUSTICE K.SURENDRA MOHAN, JJ. For Appellant: SRI.JOSE JOSEPH, SC, FOR INCOME TAX For Respondent: MR.K.P.ABDUL AZEEZ FOR THE RESPONDENT O R D E R Ramachandran Nair, J. These review petitions are filed by the Revenue based on observations made by the Honourable Supreme Court while disposing of Special Leave Petitions filed against the judgment of this Court rendered in Income Tax Appeals relating to the respondent assessee. The respondent is a Banking Institution which has incurred expenditure for earn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... day of April, 2001) (2) The Assessing Officer shall determine the amount of expenditure incurred in relation to such income which does not form part of the total income under this Act in accordance with such method as may be prescribed, if the Assessing Officer, having regard to the accounts of the assessee, is not satisfied with the correctness of the claim of the assessee in respect of such expenditure in relation to income which does not form part of the total income under this Act. (3) applyThe relation to a case where an assessee provisions of sub-section (2) shall also in claims that no expenditure has been incurred by him in relation to income which does not form part of the total income under this Act." In these cases, the As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Court wherein they relied on our judgment apparently on the same issue in Catholic Syrian Bank Ltd. v. CIT, reported in 330 ITR 556. The Honourable Supreme Court felt that the view taken by this Court in the judgment above referred was not considered by us while deciding the appeals. Therefore, the SLPs were closed leaving freedom to the Revenue to approach this Court with the Review Petitions, and hence the matter is before us. We have to necessarily consider the review petitions with regard to our two judgments above referred. 3. So far as the decision of this Court in Catholic Syrian Bank Ltd. v. CIT, reported in 330 ITR 556 is concerned, we were called upon to decide the scope of CBDT Circular No.11 of 2001, dated 23/07/2001, wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cases is concerned, we have only followed judgment of the Division Bench this Court in I.T.A.No.587/2009 dated 14/01/2010 wherein this Court clearly held that if the Revenue's claim is allowed, then the prohibition under the proviso against the Assessing Officer to revise concluded assessments for making disallowance under Section 14A can be neutralised and defeated by referring concluded assessments to the Commissioner for initiating suomotu revisional power under Section 263 of the Act. In other words, we felt that the proviso is not procedural but guarantees vested rights of parties against reopening concluded assessments. So far as concluded assessments are concerned, the proviso makes it clear that the assessee should not be subjected ..... X X X X Extracts X X X X X X X X Extracts X X X X
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