PIVOTAL SECURITIES P. LTD, MUMBAI v. ADDL CIT 2(20, MUMBAI

ITA 1304/MUM/2009 | 2005-2006
Pronouncement Date: 05-01-2011 | Result: Allowed

Appeal Details

RSA Number 130419914 RSA 2009
Assessee PAN AAACP3754F
Bench Mumbai
Appeal Number ITA 1304/MUM/2009
Duration Of Justice 1 year(s) 10 month(s) 7 day(s)
Appellant PIVOTAL SECURITIES P. LTD, MUMBAI
Respondent ADDL CIT 2(20, MUMBAI
Appeal Type Income Tax Appeal
Pronouncement Date 05-01-2011
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted C
Tribunal Order Date 05-01-2011
Date Of Final Hearing 22-12-2010
Next Hearing Date 22-12-2010
Assessment Year 2005-2006
Appeal Filed On 26-02-2009
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL 'C' BENCH MUMBAI BEFORE SHRI D. MANMOHAN VICE PRESIDENT AND SHRI B. RAMAKOTAIAH ACCOUNTANT MEMBER ITA NO. 1304/MUM/2009 (ASSESSMENT YEAR: 2005-06) M/S. PIVOTAL SECURITIES PVT. LTD. ADDL. CIT 2(2) 14TH FLOOR MAKER CHAMBER IV AAYAKAR BHAVAN M.K. R OAD NARIMAN POINT MUMBAI 400021 VS. MUMBAI 400020 PAN - AAACP 3754 F APPELLANT RESPONDENT APPELLANT BY: SHRI HIRO RAI RESPONDENT BY: SHRI D. SONGATE O R D E R PER B. RAMAKOTAIAH A.M. THIS APPEAL BY THE ASSESSEE IS AGAINST THE ORDER OF THE CIT(A)-II MUMBAI DATED 13.02.2009. THERE ARE CROSS APPEALS FO R THIS ASSESSMENT YEAR BY THE ASSESSEE AND THE REVENUE AND BOTH THE COUNSE LS AGREED THAT THE ISSUES ARE INDEPENDENT AND THE APPEAL OF THE ASSESS EE CAN BE DECIDED AS THE ONLY ISSUE INVOLVED IS DISALLOWANCE UNDER SECTION 1 4A. 2. THE A.O. NOTICING THAT ASSESSEE CLAIMED DIVIDEND I NCOME OF ` 15 70 114/- AS EXEMPT DISALLOWED ` 5 17 271/- HOLDING THE EXPENSES ARE ATTRIBUTABLE TO EXEMPT INCOME. THE MATTER WAS CARRI ED TO THE CIT(A) AND THE CIT(A) IN THE COURSE OF APPELLATE PROCEEDINGS ENH ANCED THE DISALLOWANCE TO ` 11 39 691/- INVOKING RULE 8D. 3. SINCE THE PROVISIONS OF RULE 8D ARE NOT APPLICABLE FOR THE ASSESSMENT YEAR UNDER CONSIDERATION AS HAS BEEN CONSIDERED AND DECIDED BY THE HON'BLE BOMBAY HIGH COURT IN THE CASE OF GODREJ & BOYCE MFG . CO. LTD. VS. DCIT 328 ITR 81 AND AS THE A.O. HAS TO CONSIDER THE DISA LLOWANCE AT A REASONABLE AMOUNT THE MATTER IS TO BE RESTORED TO THE FILE OF THE A.O. TO CONSIDER THE SAME. IN VIEW OF THIS THE ISSUE OF DISALLOWANCE U/ 14A IS RESTORED TO THE FILE OF THE A.O. TO EXAMINE THE FACTS KEEPING IN MIND TH E PRINCIPLES OF LAW AS ITA NO. 1304/MUM/2009 M/S. PIVOTAL SECURITIES PVT. LTD. 2 ESTABLISHED BY THE JUDICIAL FORUMS AND RE-DETERMINE THE REASONABLE AMOUNT AS DISALLOWANCE. 4. IN THE RESULT APPEAL OF THE ASSESSEE IS ALLOWED FO R STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 5 TH JANUARY 2011. SD/- SD/- (D. MANMOHAN) (B. RAMAKOTAIAH) VICE PRESIDENT ACCOUNTANT MEMBER MUMBAI DATED: 5 TH JANUARY 2011 COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) II MUMBAI 4. THE CIT II MUMBAI CITY 5. THE DR C BENCH ITAT MUMBAI BY ORDER //TRUE COPY// ASSISTANT REGISTRAR ITAT MUMBAI BENCHES MUMBAI N.P.