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TMI Blog2020 (7) TMI 745X X X X Extracts X X X X X X X X Extracts X X X X ..... dition or Rs. 71,78,913/-u/s. 145A, on account of cenvat credit in closing stock. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A)has erred in considering the LIBOR rate to benchmark the transaction of trade credits of AE, as the credits was related to currency PESO of Philippines. 3. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) not considering the analysis carried out by the TPO vide Para No. .4 of the order u/s 92CA(3) dated 31.12.2013 and considered the LIBOR has erred in rate to benchmark the transaction of trade credits of AE. 4. The appellant prays that the order of the ld CIT(A) on the above grounds be set aside and confirm the order of the AO. 3. When this appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... intainable and must be dismissed as such. 6. It is, however, made clear that on re-verification at the end of the Assessing Officer it comes out that the tax effect of more than Rs. 50 lakhs is being involved in the appeal or the appeal falls within the exemption clause of the Circular, then the Revenue will be at liberty to file Miscellaneous Application to recall the Tribunal order. The application should be filed within time limit prescribed in the Act. 7. However, before we part with the matter, we must deal with one procedural issue as well. While hearing of this appeal was concluded on 13th February 2020, these orders are being pronounced today on 13thday of July, 2020, much after the expiry of 90 days from the date of conclusion of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... directed that "We, therefore, direct the President of the Appellate Tribunal to frame and lay down the guidelines in the similar lines as are laid down by the Apex Court in the case of Anil Rai (supra) and to issue appropriate administrative directions to all the benches of the Tribunal in that behalf.We hope and trust that suitable guidelines shall be framed and issued by the President of the Appellate Tribunal within shortest reasonable time and followed strictly by all the Benches of the Tribunal. In the meanwhile (emphasis, by underlining, supplied by us now), all the revisional and appellate authorities under the Income-tax Act are directed to decide matters heard by them within a period of three months from the date case is closed fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter, the lockdown by observing that "In case the limitation has expired after 15.03.2020 then the period from 15.03.2020 till the date on which the lockdown is lifted in the jurisdictional area where the dispute lies or where the cause of action arises shall be extended for a period of 15 days after the lifting of lockdown". Hon'ble Bombay High Court, in an order dated 15th April 2020, has, besides extending the validity of all interim orders, has also observed that, "It is also clarified that while calculating time for disposal of matters made time-bound by this Court, the period for which the order dated 26th March 2020 continues to operate shall be added and time shall stand extended accordingly", and also observed that "arrangement cont ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e tenets of law being enacted on the basis of pragmatism, and that is how the law is required to interpreted. The interpretation so assigned by us is not only in consonance with the letter and spirit of rule 34(5) but is also a pragmatic approach at a time when a disaster, notified under the Disaster Management Act 2005, is causing unprecedented disruption in the functioning of our justice delivery system. Undoubtedly, in the case of Otters Club Vs DIT [(2017) 392 ITR 244 (Bom)], Hon'ble Bombay High Court did not approve an order being passed by the Tribunal beyond a period of 90 days, but then in the present situation Hon'ble Bombay High Court itself has, vide judgment dated 15th April 2020, held that directed "while calculating the time f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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