SSKI INVESTOR SERVICES (P) LTD ( NOW KNOWN AS M/S. SHAREKHAN LTD), v. DY CIT CEN CIR-22,

MA 715/MUM/2010 | 2003-2004
Pronouncement Date: 23-03-2011 | Result: Allowed

Appeal Details

RSA Number 71519924 RSA 2010
Assessee PAN AAACU2884M
Bench Mumbai
Appeal Number MA 715/MUM/2010
Duration Of Justice 3 month(s) 23 day(s)
Appellant SSKI INVESTOR SERVICES (P) LTD ( NOW KNOWN AS M/S. SHAREKHAN LTD),
Respondent DY CIT CEN CIR-22,
Appeal Type Miscellaneous Application
Pronouncement Date 23-03-2011
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted J
Tribunal Order Date 23-03-2011
Assessment Year 2003-2004
Appeal Filed On 30-11-2010
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL J BENCH: MUMBAI BEFORE SHRI J. SUDHAKAR REDDY ACCOUNTANT MEMBER AND SHRI R. S. PADVEKAR JUDICIAL MEMBER M.A. NOS.712 TO 716/MUM/2010 IN ITA NOS.6108 TO 6112/MUM/2007 FOR THE A.YS.: 200 0-01 TO 2004-05 M/S. SSKI INVESTOR SERVICES P LTD. (NOW KNOWN AS M/S. SHAREKHAN LTD.) LODHA I THINK TECHNO CAMPUS 10TH FLOOR BETA BLDG. OFF: J V I L R OPP: KANJURMARG STATION (EAST) MUMBAI -400 042 . ASSESSEE VS DCIT CENTRAL CIRCLE 22 AAYAKAR BHAVAN M.K. ROAD MUMBAI -400 020 REVENUE PAN: AAACU 2884 M ASSESSEE BY: SHRI HERO RAI REVENUE BY: SHRI JITENDRA YADAV O R D E R PER R. S. PADVEKAR JM THIS BATCH OF FIVE APPLICATIONS ARE FILED BY THE AS SESSEE U/S.254(4) OF THE ACT FOR THE ASSESSMENT YEARS 2000-01 TO 2004 -05 BY STATING THAT THERE IS A MISTAKE IN THE ORDERS PASSED BY THE TRIB UNAL IN ITA NOS.6108 TO 6112/M/2007 DATED 29.9.2009 AND THE SAID ORDER N EEDS RECTIFICATION M.AS. 712 TO 716/M/2010 M/S. SSKI INVESTOR SERVICES P LTD. 2 ON THE REASON THAT ONE OF THE ISSUES IS IN RESPECT OF THE ALLOWABILITY OF THE DEPRECIATION ON THE MEMBERSHIP CARD OF THE BOMBAY S TOCK EXCHANGE (BSE) WAS DECIDED AGAINST THE ASSESSEE BY FOLLOWING THE DECISION OF THE HONBLE JURISDICTIONAL HIGH COURT IN THE CASE OF TE CHNO SHARES AND STOCKS LIMITED. VS. CIT. IT IS FURTHER STATED IN T HE APPLICATION THAT NOW THE DECISION OF THE HONBLE HIGH COURT HAS BEEN REV ERSED BY THE HONBLE SUPREME COURT IN THE CASE OF TECHNO SHARES AND STOC KS LTD. VS. CIT 327 ITR 323 AND IT IS HELD THAT THE DEPRECIATION IS ALL OWABLE ON THE MEMBERSHIP CARD OF THE BOMBAY STOCK EXCHANGE. IT I S THEREFORE PLEADED THAT AS THE LAW DECLARED BY THE HONBLE SUP REME COURT IS ALWAYS THE LAW OF THE LAND AND HENCE SAME NEEDS RECTIFICAT ION. 2. WE HAVE ALSO HEARD LD. D.R. ONE OF THE ISSUES I N THE ASSESSEES APPEALS WAS THAT WHETHER THE MEMBERSHIP CARD OF THE BOMBAY STOCK EXCHANGE IS ELIGIBLE FOR DEPRECIATION U/S.32 OF THE ACT. THE TRIBUNAL FOLLOWED THE DECISION OF THE JURISDICTIONAL HIGH CO URT IN THE CASE OF TECHNO SHARES AND STOCKS LTD. (SUPRA) AND DISALLOWE D THE CLAIM OF THE ASSESSEE. NOW THE DECISION OF THE JURISDICTIONAL H IGH COURT HAS BEEN REVERSED BY THE DECISION OF THE HONBLE SUPREME COU RT IN WHICH THE ISSUE HAS BEEN DECIDED IN FAVOUR OF THE ASSESSEE. THE HO NBLE SUPREME COURT HAS HELD THAT SUBSEQUENT DECISION OF THE SUPREME CO URT AND OR JURISDICTIONAL HIGH COURT IS A MISTAKE RECTIFIABLE U/S.254(2) OF THE ACT. WE THEREFORE RECALL OUR ORDER IN ITA NO.6108 TO 6 112/M/2007 DATED 29.9.2009 AND SAME IS RECTIFIED AS UNDER:- IN PLACE OF PARA 7 THE FOLLOWING PARAGRAPH IS SUBS TITUTED. 7. THE NEXT ISSUE IS THE DEPRECIATION ON THE MEMBE RSHIP CARD OF THE BOMBAY STOCK EXCHANGE (IN SHORT BSE). NOW THIS ISSUE IS SQUARELY COVERED IN FAVOUR OF THE ASSESSEE BY THE D ECISION OF THE HONBLE SUPREME COURT IN THE CASE OF TECHNO SHARES AND STOCKS M.AS. 712 TO 716/M/2010 M/S. SSKI INVESTOR SERVICES P LTD. 3 LTD. VS. CIT 327 ITR 323. WE THEREFORE ALLOW GRO UND TAKEN BY THE ASSESSEE IN ALL THE APPEALS ON THIS ISSUE. GROUND NO.8 9 ARE DELETED AND GROUND NO.10 ONWARD S ARE TO BE READ AS GROUND NO.8 9 ETC. 3. IN THE RESULT ALL THE APPLICATIONS ARE ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 23RD D AY OF MARCH 2011 SD/- SD/- (J. SUDHAKAR REDDY) ACCOUNTANT MEMBER (R. S. PADVEKAR) JUDICIAL MEMBER MUMBAI DATE: 23RD MARCH 2011 COPY TO:- 1) THE APPELLANT. 2) THE RESPONDENT. 3) THE CIT (A) IV MUMBAI. 4) THE CIT CENTRAL-II MUMBAI. 5) THE D.R. J BENCH ITAT MUMBAI. BY ORDER / / TRUE COPY / / ASSTT. REGISTRAR *CHAVAN I.T.A.T. MUMBAI M.AS. 712 TO 716/M/2010 M/S. SSKI INVESTOR SERVICES P LTD. 4 SR.N. EPISODE OF AN ORDER DATE INITIALS CONCERNED 1 DRAFT DICTATED ON 15.03.2011 SR.PS 2 DRAFT PLACED BEFORE AUTHOR 23.03.2011 SR.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 SR.PS 6 KEPT FOR PRONOUNCEMENT ON SR.PS 7 FILE SENT TO THE BENCH CLERK SR.PS 8 DATE ON WHICH FILE GOES TO THE HEAD CLERK 9 DATE OF DISPATCH OF ORDER