9911796707
TMI Blog2015 (4) TMI 1293X X X X Extracts X X X X X X X X Extracts X X X X ..... this appeal, the assessee has raised the following Grounds of appeal:- 1. On the facts and circumstances of the case and in law, the Commissioner of Income Tax (Appeals)-13, Mumbai ("the CIT (A)") erred in upholding the action of the Income-tax Officer 7(2), Mumbai ("the A.D.") in charging the gross amount of interest to tax amounting to Rs. l,28,13,328/- (1,00,25,557/- + 27,87,771/-), as against net interest of Rs. 1,00,25,557/- returned by the Appellant. 2. He failed to appreciate and ought to have held that: i. the Appellant had received net interest amounting to 1,00,25,557/- which pertained to Urvi Chemicals and Allied Industries Ltd. ("UCAIL") for A.Y. 1993-94, which got merged with the appellant as per the scheme of merger ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Mumbai Bench of the Tribunal in the case of DCIT vs. Bank of America NT & SA, [2011] 13 taxmann.com 103 (Mumbai) wherein the claim of the assessee for netting of interest was allowed. The ld. Representative of the assessee claimed that in the case of Bank of America NT & SA (supra), the Tribunal has followed the earlier decision of Mumbai Bench of this Tribunal in the case of Cyanamidi India vs. ITO (ITA No. 4561/Bom/91-92 dtd. 23-5-1984. The ld. Representative of the assessee further pointed out that the decision of the Tribunal in the case of Bank of America NT & SA (supra) has since been approved by the Hon'ble Bombay High Court in the case of The Director of Income Tax (International Taxation) vs. Bank of America NT and SA vide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rest received to tax. We do not see that such findings of the Tribunal vitiated in law. All that the Tribunal has done earlier and now is that in the case of this Assessee simply because the exercise carried out by it does not result in loss of revenue and there could not be any prohibition for the same, allowed it. That is how the Assessing Officer's order is set aside. We do not see how any larger controversy or question arises for our consideration. Mr. Pinto would refer to Section 57 of the Income Tax Act, 1961 in that regard and submit that this course would be adopted by other Assessees as well and in that event the order passed by this Court would come in the way of the Revenue in investigating and probing such exercise by other ..... X X X X Extracts X X X X X X X X Extracts X X X X
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