The Commissioner Of Income-Tax(Ltu v. M/S Idbi

Ladda 1 irxa-6-10 IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INTEREST TAX APPEAL No. 6 of 2010 The Commissioner of Income-tax(LTU) ... Appellant. Versus M/s IDBI ... Respondent. Mr Suresh Kumar for the appellant. Mr Ajit Shah with Shrihari Iyer for the respondent. CORAM : J.P. Devadhar & A.R. Joshi, JJ.DATE : 28[th] November,2011. P.C. :- 1.Though the ITAT following its decision in the case of Union of Bank of India vs. Additional CIT reported in 108 TTJ 720, has held that interest tax is not leviable, Counsel for the parties state that in view of the Special Bench decision of the ITAT in the case of Gujarat Gas Financial Services Ltd v. Assistant Commissioner of Income-tax, Circle-4, Ahmadabad reported in [ 2008] 115 ITD 218 (AHD) the matter needs to be considered afresh by the ITAT. In this view of the matter, by consent, the impugned order of the ITAT dated 8[th] August, 2008 in Interest Tax Appeal No. 37/Mum/01 relevant to the Ladda assessment year 1997-98 is quashed and set aside and the matter is restored to the file of the ITAT for fresh consideration in accordance with law. The appeal is accordingly disposed of with no order as to costs. (A.R.Joshi,J) (J.P.Devadhar,J.)