METMIN FINANCE AND HOLDINGS PVT. LTD., MUMBAI v. DCIT - 3(2), MUMBAI

MA 160/MUM/2016 | 2008-2009
Pronouncement Date: 14-10-2016

Appeal Details

RSA Number 16019924 RSA 2016
Assessee PAN AAACM4026D
Bench Mumbai
Appeal Number MA 160/MUM/2016
Duration Of Justice 3 month(s) 6 day(s)
Appellant METMIN FINANCE AND HOLDINGS PVT. LTD., MUMBAI
Respondent DCIT - 3(2), MUMBAI
Appeal Type Miscellaneous Application
Pronouncement Date 14-10-2016
Appeal Filed By Assessee
Bench Allotted B
Tribunal Order Date 14-10-2016
Assessment Year 2008-2009
Appeal Filed On 08-07-2016
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH MUMBAI BEFORE: SHRI R.C.SHARMA AM & SHRI MAHAVIR SINGH JM M.A.NO.159 /MUM/2016 (ARISING OUT OF I.T.A.NO.6813/MUM/2012) M.A.NO. 160/MUM/2016 (ARISING OUT OF I.T.A.NO. 6811/MUM/201 2 ) ( ASSESSMENT YEA R : 200 7 - 200 8 ) METMIN FINANCE AND HOLDINGS PRIVATE LIMITED 161/162 MITTAL COURT WINGH NARIMAN POINT MUMBAI 400021 VS. DCIT - 3(2) MUMBAI PAN/GIR NO. : AAACM4026 D ( APPELLANT ) .. ( RESPONDENT ) ASSESSEE BY : SHR I JISHAN JAIN WITH HARESH G. BUCH REVENUE BY : SHRI JEEVAN LAD DATE OF HEARING : 14 / 10 /2016 DATE OF PRONOUNCEMENT : 14/10 /2016 / O R D E R PER R.C.SHARMA (A.M) : M.A.NO.159/MUM/2016 M.A 159/MUM /2016 AROSE OUT OF ORDER OF TRIBUNAL DATED 30/03/2016 IN ITA NO. 6813/MUM/2012 . 2. THROUGH THIS MA IT WAS SUBMITTED BY LEARNED AR THAT GROUND NO.1 4 AND 6 WERE NOT PRESSED DURING THE COURSE OF HEARING ON MARCH 22 2016. HOWEVER ISSUES IN RESPECT OF DISALLOWANCE UNDER SECTION 14A OF THE ACT (GROUND NO.2 AND 3) AND DENIAL OF SET OFF OF CURRENT YEARS UNABSORBED DEPRECIATION AGAINST INCOME FROM OTHER SOURCES(GROUND NO.5) WERE ARGUED AND HEARD DURING THE COURSE OF 2 M.A.NO.159 & 160/2016 METMIN INVESTMENT AND TRADING PVT.LTD. HEARING. THE HONBLE TRIBUNAL HAS ALSO ADJUDICATED THESE GROUNDS FOR THE CAPTIONE D APPEAL (ITA NO.6813/M/2012) AT PAGE NO. 5 PARAGRAPH 13 OF THE ORDER DATED MARCH 30 2016. 3. IT WAS FURTHER SUBMITTED THAT THE HONBLE TRIBUNAL IN PARAGRAPH 13 HAS GIVEN REFERENCE TO THE REASONING MENTIONED AT PARAGRAPH 12 WHICH PERTAINS TO THE ISSUE OF DENIAL OF SET OFF OF CURRENT YEARS UNABSORBED DEPRECIATION AGAINST INCOME FROM OTHER SOURCES AND INADVERTENTLY DID NOT MENTION PARAGRAPHS 7 AND 8 WHERE THE TRIBUNAL HAD GIVEN REASONING ON THE ISSUE OF DISALLOWANCE UNDER SECTION 14A OF THE ACT. 4. WE HAV E CONSIDERED RIVAL CONTENTIONS AND GONE THROUGH THE MISCELLANEOUS APPLICATION FILED BY ASSESSEE AND ALSO ORDER OF THE TRIBUNAL AND FOUND THAT THERE IS APPARENT MISTAKE IN THE ORDER OF THE TRIBUNAL IN SO FAR AS IN PARAGRAPH 13 IN ADDITION TO REFERENCE TO P ARAGRAPH 12 GIVE REFERENCE TO PARAGRAPHS 7 & 8 WHICH DIRECTS THE AO TO RESTRICT THE DISALLOWANCE TO THE EXTENT OF 5% OF THE EXEMPT DIVIDEND INCOME AND TO EXCLUDE SHARES HELD BY THE ASSESSEE AS STOCK IN TRADE FOR THE PURPOSE OF CALCULATING AVERAGE INVESTM ENTS WHILE WORKING ON DISALLOWANCE UNDER RULE 8D. ACCORDINGLY WE RECTIFY THE APPARENT MISTAKE AND DIRECT THE AO TO READ IN PARA 13 REFERENCE OF NOT ONLY PARA 12 BUT ALSO PARA 7 & 8. WE DIRECT ACCORDINGLY. 5. IN THE RESULT MA IS ALLOWED. M.A. NO.160/MUM/2 016 3 M.A.NO.159 & 160/2016 METMIN INVESTMENT AND TRADING PVT.LTD. M.A 160/M/2016 AROSE OUT OF ORDER OF TRIBUNAL DATED 30/03/2016 IN ITA NO. 6811/MUM/2012. 6 . THROUGH THIS MA IT WAS SUBMITTED BY LEARNED AR THAT GROUND NO.1 3 AND 4 WERE NOT PRESSED DURING THE COURSE OF HEARING ON MARCH 22 2016. HOWEVER THE ISSUE OF DENIAL OF SET OFF OF CURRENT YEARS UNABSORBED DEPRECIATION AGAINST INCOME FROM OTHER SOURCES(GROUND NO.2) WAS ARGUED AND HEARD DURING THE COURSE OF HEARING. THE HONBLE TRIBUNAL HAS ALSO ADJUDICATED THIS GROUND FOR THE CAPTIONED APPEAL (ITA NO.6811/M/201 2) AT PAGE NO.4 PARAGRAPH 9 - 12 OF THE ORDER DATED MARCH 30 2016. 7. IT WAS FURTHER SUBMITTED THAT INADVERTENTLY AT PARAGRAPH 2 PARAGRAPH 14 AND PARAGRAPH 15 OF THE ORDER IT IS MENTIONED THAT APPEAL IN ITA NO.6811/M/2012 IS NOT PRESSED AND CONSEQUENTLY D ISMISSED. 8. IN VIEW OF THE ABOVE IT WAS PRAYED THAT PARAGRAPH 2 14 & 15 MAY KINDLY BE RECTIFIED SO THAT GROUND NO. 2 WITH REGARD TO ALLOWING SET OFF UNABSORBED DEPRECIATION AGAINST INCOME FROM OTHER SOURCES SHOULD BE DECIDED BY AO AFRESH IN TERMS OF TH E DIRECTION GIVEN BY TRIBUNAL IN PARA 9 OF IT S ORDER DATED 30/03/2016. 9. WE HAVE CAREFULLY GONE THROUGH THE MISCELLANEOUS APPLICATION AS WELL AS THE ORDER OF THE TRIBUNAL DATED 30/03/2016 AND FOUND THAT GROUND NO.1 3 & 4 WERE NOT PRESSED HOWEVER GROUND NO.2 WAS PRESSED AND THE SAME WAS ALSO DEALT BY THE TRIBUNAL AT PAGE NO.4 PARAGRAPH 9 & 12 AND AFTER CONSIDER ING IN DETAIL THE TRIBUNAL HAS RESTORED THE MATTER BACK TO THE FILE OF AO WITH A DIRECTION TO DECIDE 4 M.A.NO.159 & 160/2016 METMIN INVESTMENT AND TRADING PVT.LTD. THE ISSUE AFRESH IN LIGHT OF OBSERVATION MADE IN PARA 9 10 11 & 12 OF THE ORDER DATED 30/03/2016. THUS THERE AROSE A MISTAKE APPARENT IN PARA 2 14 & 15 WHEREIN IT IS INADVERTENTLY MENTIONED THAT 6811/MUM/2012 IS DISMISSED AS NOT PRESSED. ACCORDINGLY WE RECTIFY THE SAID MISTAKE IN OUR ORDER AND DIRE CT AO TO CONSIDER GROUND NO.2 AS PER THE DIRECTION GIVEN BY TRIBUNAL AT PARA 9 10 11 & 12 OF ITS ORDER. WE DIRECT ACCORDINGLY. 10 . IN THE RESULT MA FILED BY ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 14/10/2016 S D/ - ( MAHAVIR SINGH ) S D/ - (R.C.SHARMA) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; DATED 14/10/ 2016 KARUNA SR. PS / COPY OF THE ORDER FORWARDED TO : / BY ORDER / ( ASSTT. REGISTRAR) / ITAT MUMBAI 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) MUMBAI. 4. / CI T 5. / DR ITAT MUMBAI 6. / GUARD FILE. //TRUE COPY//