Bank of India, Mumbai Vs. JT. CIT (OSD)-2(1)(1), Mumbai

Last updated: 10 October 2020

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The Income Tax Appellate Tribunal heard an appeal filed by the Bank of India against an order passed by the Principal Commissioner of Income Tax under Section 263 of the Income Tax Act. The revenue requested the case be transferred to the transfer pricing bench, citing a transfer pricing issue. However, the tribunal noted the appeal was against a Section 263 order concerning jurisdiction, not the transfer pricing issue itself, and therefore rejected the revenue's submission.

Court :
ITAT Mumbai

Brief :
This appeal is filed by the assessee against the order passed by Principal Commissioner of Income Tax -2 (in short ‘PCIT’) under Section 263 of the Income Tax Act, 1961 (in short ‘the Act’)for assessment year 2014-15 dated 27.03.2018.

Citation :
ITA NO. 3699/MUM/2018

IN THE INCOME TAX APPELLATE TRIBUNAL

MUMBAI BENCH “B”, MUMBAI

BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER AND

SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER

ITA NO. 3699/MUM/2018 : A.Y : 2014-15

Bank of India 8 th floor, Taxation Department, Star House, C-5, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400 051. PAN : AAACB0472C (Appellant)

Vs.

JCIT (OSD) – 2(1)(1), Mumbai. (Respondent)

Assessee by : Shri C. Naresh

Revenue by : Shri Rahul Raman, CIT-DR

Date of Hearing : 15/09/2020

Date of Pronouncement : 05/10/2020

O R D E R

PER S. RIFAUR RAHMAN, A.M

This appeal is filed by the assessee against the order passed by Principal Commissioner of Income Tax -2 (in short ‘PCIT’) under Section 263 of the Income Tax Act, 1961 (in short ‘the Act’)for assessment year 2014-15 dated 27.03.2018.

2. At the time of hearing, the ld. DR submitted that the appeal filed by the assessee involves transfer pricing issue and he requested that this matter be transferred to transfer pricing bench and he filed a letter in this regard on 12.02.2020, which is placed on record. However, we noted that this appeal is filed by the assessee against the order of ld. PCIT passed under Section 263 of the Act, which is on jurisdiction issue and not on transfer pricing issue, therefore, we rejected the submissions of ld. DR and proceeded to hear the appeal.

To know more in details find the attachment file

FAQ :

The appeal was filed by the Bank of India against an order passed by the Principal Commissioner of Income Tax under Section 263 of the Income Tax Act, concerning a jurisdiction issue.

The revenue requested that the appeal be transferred to the transfer pricing bench, stating that the matter involved a transfer pricing issue.

No, the tribunal rejected the revenue's submission and proceeded to hear the appeal as it was related to a jurisdiction issue, not a transfer pricing issue.

Section 263 of the Income Tax Act deals with the revision of orders prejudicial to the revenue by the Principal Commissioner or Commissioner.