ACIT CIR 4(2), MUMBAI v. PRACTICAL FINAICAL SERVICES P. LTD, MUMBAI

ITA 1170/MUM/2010 | 2006-2007
Pronouncement Date: 14-12-2010 | Result: Dismissed

Appeal Details

RSA Number 117019914 RSA 2010
Assessee PAN OFDEC2010S
Bench Mumbai
Appeal Number ITA 1170/MUM/2010
Duration Of Justice 10 month(s) 1 day(s)
Appellant ACIT CIR 4(2), MUMBAI
Respondent PRACTICAL FINAICAL SERVICES P. LTD, MUMBAI
Appeal Type Income Tax Appeal
Pronouncement Date 14-12-2010
Appeal Filed By Department
Order Result Dismissed
Bench Allotted C
Tribunal Order Date 14-12-2010
Assessment Year 2006-2007
Appeal Filed On 12-02-2010
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES C MUMBAI BEFORE SHRI J SUDHAKAR REDDY ACCOUNTANT MEMBER AND SHRI VIJAY PAL RAO JUDICIAL MEMBER ITA NO. 1170/MUM/2010 (ASSESSMENT YEARS: 2006-07) ACIT CIR 4(2) R NO.642 6 TH FL. AAYAKAR BHAVAN M K ROAD MUMBAI-400020 . APPELLANT VS PRACTICAL FINANCIAL SERVICES P LTD. 3 RD FLOOR UNITED INDIA BLDG SIR P M ROAD FORT MUMBAI-400001 PAN:AAACP2852N RESPONDENT APPELLANT BY : SHRI GONI SRINIVASAN RESPONDENT BY : SHRI K GOPAL O R D E R PER VIJAY PAL RAO JM THIS APPEAL BY THE DEPARTMENT IS DIRECTED AGAINST T HE ORDER DATED 10.11.2009 OF CIT(A)-VIII MUMBAI FOR THE ASSESSMENT YEAR 2006-07. 2. THE REVENUE HAS RAISED VARIOUS GROUNDS IN THIS APPEAL HOWEVER THE ONLY ISSUE ARISES FOR OUR CONSIDERATIO N AND ADJUDICATION IS WHETHER IN THE FACTS AND CIRCUMSTAN CES OF THE CASE THE LEARNED CIT(A) IS JUSTIFIED IN DELETING THE ADDITION ITA NO. 1170/MUM/2010 (ASSESSMENT YEARS: 2006-07) 2 MADE ON ACCOUNT OF PENALTY OF RS.1 23 022/- ON VIO LATIONS OF BYE-LAWS OF STOCK EXCHANGE. 3. AT THE TIME OF HEARING BOTH THE PARTIES AGREED T HAT THIS APPEAL PERTAINS TO TAX EFFECT BELOW RS.2 LAKHS. WE ALSO FIND THE TAX EFFECT INVOLVED IN THE GROUNDS RAISED BY THE REVENUE IS LESS THAN RS.2 LAKHS. THEREFORE IN VIEW OF THE DE CISION OF THE BOMBAY HIGH COURT IN THE CASE OF PITHWA ENGINEER ING WORKS REPORTED IN 276 ITR 519 THE APPEAL FILED BY THE RE VENUE IS NOT MAINTAINABLE. ACCORDINGLY THE APPEAL FILED BY TH E REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 14.12.2010 SD SD (J.SUDHAKAR REDDY) (VI JAY PAL RAO) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI ON THIS 14 TH DAY OF DEC 2010 SRL:31210 COPY TO: 1. APPELLANT 2. RESPONDENT 3. CIT CONCERNED 4. CIT(A) CONCERNED 5. DR CONCERNED BENCH BY ORDER TRUE COPY ASSTT. REGISTRAR ITAT MUMBAI