DCIT CIR 4(1), v. BAKLIWAL FINANCIAL P. LTD,

MA 883/MUM/2009 | 2004-2005
Pronouncement Date: 10-12-2010 | Result: Dismissed

Appeal Details

RSA Number 88319924 RSA 2009
Assessee PAN AABCB4880F
Bench Mumbai
Appeal Number MA 883/MUM/2009
Duration Of Justice 11 month(s) 11 day(s)
Appellant DCIT CIR 4(1),
Respondent BAKLIWAL FINANCIAL P. LTD,
Appeal Type Miscellaneous Application
Pronouncement Date 10-12-2010
Appeal Filed By Department
Order Result Dismissed
Bench Allotted I
Tribunal Order Date 10-12-2010
Assessment Year 2004-2005
Appeal Filed On 30-12-2009
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH I : MUMBAI BEFORE SHRI D.K. AGARWAL (JM) AND SHRI B. RAMAKO TAIAH (AM) MA NO.883/MUM/2009 ARISING OUT OF ITA NO.4442/MUM/2008 ASSESSMENT YEAR : 2004-05 DY. COMMISSIONER OF INCOME TAX RANGE-4(1) MUMBAI. ..( APPLICANT ) VS. M/S. BAKLIWAL FINANCIAL SERVICES (I) P. LTD. 19/21 AMBALAL DOSHI MARG 63 BOMBAY MUTUAL CHAMBERS HAMAM STREET FORT MUMBAI-400023. ..( RESPONDENT ) P.A. NO. (AABCB 4880 F) MA NO.780/MUM/2009 ARISING OUT OF ITA NO.4443/MUM/2008 ASSESSMENT YEAR : 2004-05 MA NO.781/MUM/2009 ARISING OUT OF ITA NO.4444/MUM/2008 ASSESSMENT YEAR : 2005-06 ASSTT. COMMISSIONER OF INCOME TAX -4(1) AAYAKAR BHAVAN. M.K. ROAD MUMBAI-400 020. ..( APPLICANT ) VS. M/S. BALKIWAL SECURITIES P. LTD. 19/21 AMBALAL DOSHI MARG 63 BOMBAY MUTUAL CHAMBERS HAMAM STREET FORT MUMBAI-400023. ..( RESPONDENT ) APPLICANT BY : SHRI SUMEET KUMAR RESPONDENT BY : SHRI AN IL SATHE MA NO.780 & 781/M/09 A.Y:04-05 & 05-06 2 O R D E R PER D.K. AGARWAL (JM). THESE MISCELLANEOUS APPLICATIONS FILED BY THE REVENUE AG AINST THE TWO DIFFERENT ASSESSEES ARE DIRECTED AGAINST THE COMMON O RDER DATED 13.7.2009 PASSED BY THE TRIBUNAL IN ITA NOS.4442/MUM/2 008 FOR THE ASSESSMENT YEAR 2004-05 IN THE CASE OF BAKLIWAL FINANCIAL SERVICE (I) P. LTD. VS. ACIT AND IN ITA NOS.4443 & 4444/MUM/2008 FOR THE ASSESSMENT YEARS 2004-05 AND 2005-06 IN THE CASE OF BAKLIW AL SECURITIES P. LTD. VS. ACIT WHEREIN THE TRIBUNAL HAS AL LOWED DEPRECIATION ON BSE MEMBERSHIP CARD. SINCE FACTS ARE IDE NTICAL AND ISSUE INVOLVED IS COMMON ALL THREE MISCELLANEOUS APPLICATIO NS ARE DISPOSED OF BY THIS COMMON ORDER FOR THE SAKE OF CONVENIE NCE. 2. THE REVENUE IN ITS MISCELLANEOUS APPLICATIONS DATED N IL STATED THAT SINCE THE HONBLE JURISDICTIONAL HIGH COURT HAS DECI DED THE ISSUE IN FAVOUR OF THE DEPARTMENT VIDE JUDGMENT DATED 11. 9.2009 IN THE CASE OF M/S. TECHNO SHARES & STOCKS LTD. IN INCOME TAX APP EAL NO.218 OF 2007 [(SINCE REPORTED IN (2010) 323 ITR 69( BOM.)] WHEREIN IT HAS BEEN HELD THAT THE DEPRECIATION ON BSE CARD I S NOT ALLOWABLE THEREFORE THE DEPRECIATION ALLOWED TO THE ASSESSEE BEI NG LEGAL MISTAKE 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 MA NO.780 & 781/M/09 A.Y:04-05 & 05-06 3 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 SINCE REPORTE D IN (2010) 327 ITR 323 (SC) WHEREIN IT HAS BEEN HELD THAT . THAT ON THE FACTS AND CIRCUMSTANCES OF THESE CASES THE TRIBUNAL WAS RIGHT IN HO LDING THAT DEPRECIATION WAS ALLOWABLE ON THE COST OF THE MEMBERSHIP CARD UNDER SECTION 32(1)(II) OF THE 1961 ACT. RESPECTIVELY FOLL OWING THE AUTHORITATIVE PRONOUNCEMENT OF THE HONBLE APEX COURT THE MISCELLANEOUS APPLICATIONS FILED BY THE REVENUE ARE THE REFORE REJECTED. 5. IN THE RESULT THE MISCELLANEOUS APPLICATIONS STAND DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 10.12.2010. SD/- SD/- (B. RAMAKOTAIAH) ( D.K. AGARWAL ) ACCOUNTANT MEMBER J UDICIAL MEMBER MUMBAI DATED: 10.12.2010. JV. MA NO.780 & 781/M/09 A.Y:04-05 & 05-06 4 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.