SSJ FINANCE SECURITIES P. LTD, v. ASST CIT RG 4(2),

MA 613/MUM/2010 | 2004-2005
Pronouncement Date: 28-01-2011 | Result: Allowed

Appeal Details

RSA Number 61319924 RSA 2010
Assessee PAN AACCS6145B
Bench Mumbai
Appeal Number MA 613/MUM/2010
Duration Of Justice 3 month(s) 9 day(s)
Appellant SSJ FINANCE SECURITIES P. LTD,
Respondent ASST CIT RG 4(2),
Appeal Type Miscellaneous Application
Pronouncement Date 28-01-2011
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted E
Tribunal Order Date 28-01-2011
Assessment Year 2004-2005
Appeal Filed On 19-10-2010
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH E : MUMBAI BEFORE SHRI D.K. AGARWAL (JM) AND SHRI T.R. SOOD (AM) MA NO.613/MUM/2010 ARISING OUT OF ITA NO.5981/MUM/2008 ASSESSMENT YEAR : 2004-05 MA NO.614/MUM/2010 ARISING OUT OF ITA NO.5982/MUM/08 ASSESSMENT YEAR : 2005-06 M/S. SSJ FINANCE & SECURITES PVT. LTD. SURYA MAHAL 1 ST FLOOR 5 B.B. MARG FORT MUMBAI-23. ..( APPLICANT ) P.A. NO. (AACCS 6145 B) VS. ASSTT. COMMISSIONER OF INCOME TAX RANGE-4(2) MUMBAI-400001. ..( RESPONDENT ) APPLICANT BY : SHRI ADITYA B. NEMANI RESPONDENT BY : SHRI S.K . SINGH O R D E R PER D.K. AGARWAL (JM). THESE TWO MISCELLANEOUS APPLICATIONS FILED BY THE ASSESSEE A RE DIRECTED AGAINST THE COMMON ORDER DATED 2.12.2009 PASSE D BY THE TRIBUNAL IN ITA NOS.5981 & 5982 /MUM/2008 FOR THE ASSE SSMENT YEARS 2004-05 AND 2005-06. SINCE FACTS ARE IDENTICAL AND ISSUE INVOLVED IS COMMON BOTH THESE MISCELLANEOUS APPLICATIONS ARE DISPOSED OF BY THIS COMMON ORDER FOR THE SAKE OF CONVENIENCE. MA NO.613& 614/M/10 A.Y:04-05 & 05-06 2 2. THE ASSESSEE IN ITS MISCELLANEOUS APPLICATIONS DATED NIL STATED THAT SINCE THE HONBLE SUPREME COURT HAS DECIDED THE ISSUE OF DEPRECIATION ON BSE MEMBERSHIP CARD IN FAVOUR OF THE ASSESSEE IN THE CASE OF M/S. TECHNO SHARES & STOCKS LTD. THEREFORE DENIAL OF DEPRECIATION ON THE BASIS OF JUDGMENT OF THE HON'BLE JU RISDICTIONAL HIGH COURT IN CIT VS. M/S. TECHNO SHARES & STOCKS LTD. (184 TA XMANN 103) CONSTITUTE A MISTAKE APPARENT FROM THE RECORD AND TH E SAME MAY BE RECTIFIED ACCORDINGLY. 3. AT THE TIME OF HEARING BOTH PARTIES HAVE AGREED T HAT THIS ISSUE NOW STANDS COVERED IN FAVOUR OF THE ASSESSEE BY THE DECISION OF THE HONBLE SUPREME COURT IN M/S. TECHNO SHARES & STOCKS LTD. VS. CIT IN CIVIL APPEAL NO.7780-7781 OF 2010 (ARISING OUT OF SL P (C) NOS.4053- 4054 OF 2010) DATED 9.9.2010 THEREFORE THE MISCELLA NEOUS APPLICATIONS MAY BE DECIDED ACCORDINGLY. 4. AFTER HEARING THE RIVAL PARTIES AND PERUSING THE M ATERIAL AVAILABLE ON RECORD WE ARE OF THE OPINION THAT THE I SSUE INVOLVED IN THE PRESENT CASE IS NO MORE RES INTEGRA AND IS COVERED AGAINST THE REVENUE AND IN FAVOUR OF THE ASSESSEE BY THE JUDGMENT OF THE HON BLE SUPREME COURT IN TECHNO SHARES & STOCKS LTD. VS. CIT (2010) 327 ITR 323 (SC) WHEREIN IT HAS BEEN HELD THAT . THAT ON THE FACTS A ND CIRCUMSTANCES OF THESE CASES THE TRIBUNAL WAS RIGHT IN HOLDING THAT DE PRECIATION WAS ALLOWABLE ON THE COST OF THE MEMBERSHIP CARD UNDER SECTI ON 32(1)(II) OF THE 1961 ACT. RESPECTIVELY FOLLOWIN G THE AUTHORITATIVE MA NO.613& 614/M/10 A.Y:04-05 & 05-06 3 PRONOUNCEMENT OF THE HONBLE APEX COURT THE MISCELLANE OUS APPLICATIONS FILED BY THE ASSESSEE ARE THEREFORE ALLOWE D. 5. IN THE RESULT THE MISCELLANEOUS APPLICATIONS STAND ALL OWED. ORDER PRONOUNCED IN THE OPEN COURT ON 28.01.2011. SD/- SD/- (T.R. SOOD) ( D.K. AGARWAL ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI DATED: 28.01.2011. JV. COPY TO: THE APPLICANT THE RESPONDENT THE CIT CONCERNED MUMBAI THE CIT(A) CONCERNED MUMBAI THE DR BENCH TRUE COPY BY ORDER DY/ASSTT. REGISTRAR ITAT MUMBAI.