UNIQUE STOCKBRO P. LTD, v. DCIT 4(2),

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH F MUMBAI BEFORE SHRI R.S. SYAL (AM) AND SMT ASHA VIJAYARAGHA VAN (JM) M.A. NO. 681/MUM/2010 (ARISING OUT OF ITA NO.2984/MUM/2009 (ASSESSMENT YEAR-2005-06) M/S. UNIQUE STOCKBRO PVT.LTD 8 CHANDANBALA CO. OP.HSG. SOC PLOT NO. 25C SION (W) MUMBAI-400 022 PAN-AAACU 2884M VS. THE DY. CIT 4(2) AAYAKAR BHAVAN MUMBAI-400 020 (APPL ICANT ) (RESPONDENT) APPLICANT BY: SHRI MANDAR VAIDYA RESPONDENT BY: SHRI JITENDRA YADAV O R D E R PER ASHA VIJAYARAGHAVAN (JM) BY THIS MISCELLANEOUS APPLICATION THE APPLICANT PR AYS THAT THE HONBLE APPELLATE TRIBUNAL MAY KINDLY BE PLEASED TO RECALL THE ORDER DT. 7.4.2010 PASSED IN ITA NO. 2984/M/09 TO THE EXTENT IT DEVIATES FROM THE LAW LAID DOWN BY THE HONBLE APEX COURT IN THE CASE OF TECHNO SHARES & STOCKS VS CIT REPORTED IN 327 ITR 323 (SC). 2. THE APPLICANT FURTHER PRAYED THAT IN TERMS OF SE C. 254(2) OF THE ACT THE DEPRECIATION ON MEMBERSHIP RIGHTS IN THE BOMBAY STOCK EXCHANGE (BSE) U/S. 32(1)(II) BE ALLOWED AND THE DEPARTMENTA L APPEAL IN ITA NO. 2984/M/09 DISMISSED AND THE ORDER OF THE LD. CIT(A) -IV DT. 20.2.2009 TO BE UPHELD. 3. PARA NO. 2 PAGE NO. 1 IN ITA NO. 2984/M/09 MAY NOW BE READ AS FOLLOWS: M.A. NO. 681/M/2010 2 2. GROUND NO. 1 REFERS TO THE DIRECTION OF THE CIT( A) IN ALLOWING DEPRECIATION ON BSE MEMBERSHIP CARD. THE HONBLE APEX COURT IN THE CASE OF TECHNO SHARES & S TOCKS VS CIT REPORTED IN 327 ITR 323 (SC) HAS ALLOWED THE DEPRECIATION ON MEMBERSHIP RIGHTS IN THE BOMBAY STO CK EXCHANGE (BSE) U/S. 32(1)(II). RESPECTFULLY FOLLOW ING THE SAME WE CONFIRM THE ORDER OF THE LD. CIT(A) AND DI SMISS THE REVENUES APPEAL ON THIS ISSUE. 4. THEREFORE THE CONCLUSION AT PARA NO. 5 PAGE NO . 2 MAY NOW BE READ AS FOLLOWS: IN THE RESULT THE APPEAL FILED BY THE REVENUE IS D ISMISSED. ORDER PRONOUNCED ON THIS 4 TH DAY OF FEBRUARY 2011 SD/- SD/- (R.S. SYAL) ( ASHA VIJAYARAGHAVAN) ACCOUNTANT MEMBER JUDICIAL M EMBER MUMBAI DATED 4 TH FEBRUARY 2011. RJ COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT-CONCERNED 4. THE CIT(A)-CENTRAL - I CONCERNED 5. THE DR F BENCH TRUE COPY BY ORDER ASST. REGISTRAR I.T.A.T MUMBAI M.A. NO. 681/M/2010 3 DATE INITIALS 1 DRAFT DICTATED ON: 1.02.2011 SR. PS/PS 2. DRAFT PLACED BEFORE AUTHOR: 1.02.2011 ______ SR. PS/PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER: ______ JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER: ______ JM/AM 5. APPROVED DRAFT COMES TO THE SR. PS/PS: SR. PS/PS 6. KEPT FOR PRONOUNCEMENT ON: ______ SR. PS/PS 7. FILE SENT TO THE BENCH CLERK: ______ SR. PS/PS 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK: ______ 9 DATE ON WHICH FILE GOES TO THE AR 10. DATE OF DISPATCH OF ORDER: ______