ACIT CIR 4(2), MUMBAI V. PRACTICAL FINAICAL SERVICES P. LTD, MUMBAI

ITA 1170/MUM/2010

• Counselvise Citation: [2010] 135 COUNSELVISE.COM (IT) 3710 (ITAT-MUMBAI)
• Duration Of Justice: 10 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-12-2010
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2006-2007
• Appeal Filed On: 12-02-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: GONI SRINIVASAN
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES, C, MUMBAI BEFORE SHRI J SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SHRI VIJAY PAL RAO, JUDICIAL MEMBER ITA NO. 1170/MUM/2010 (ASSESSMENT YEARS: 2006-07) ACIT CIR 4(2), R NO.642, 6 TH FL., AAYAKAR BHAVAN, M K ROAD, MUMBAI-400020 . APPELLANT VS PRACTICAL FINANCIAL SERVICES P LTD., 3 RD FLOOR, UNITED INDIA BLDG, SIR P M ROAD FORT, MUMBAI-400001 PAN:AAACP2852N RESPONDENT APPELLANT BY : SHRI GONI SRINIVASAN RESPONDENT BY : SHRI K GOPAL O R D E R PER VIJAY PAL RAO,JM THIS APPEAL BY THE DEPARTMENT IS DIRECTED AGAINST T HE ORDER DATED 10.11.2009 OF CIT(A)-VIII, MUMBAI FOR THE ASSESSMENT YEAR 2006-07. 2. THE REVENUE HAS RAISED VARIOUS GROUNDS IN THIS APPEAL, HOWEVER, THE ONLY ISSUE ARISES FOR OUR CONSIDERATIO N AND ADJUDICATION IS WHETHER IN THE FACTS AND CIRCUMSTAN CES OF THE CASE, THE LEARNED CIT(A) IS JUSTIFIED IN DELETING THE ADDITION ITA NO. 1170/MUM/2010 (ASSESSMENT YEARS: 2006-07) 2 MADE ON ACCOUNT OF PENALTY OF RS.1,23,022/- ON VIO LATIONS OF BYE-LAWS OF STOCK EXCHANGE. 3. AT THE TIME OF HEARING BOTH THE PARTIES AGREED T HAT THIS APPEAL PERTAINS TO TAX EFFECT BELOW RS.2 LAKHS. WE ALSO FIND THE TAX EFFECT INVOLVED IN THE GROUNDS RAISED BY THE REVENUE IS LESS THAN RS.2 LAKHS. THEREFORE, IN VIEW OF THE DE CISION OF THE BOMBAY HIGH COURT IN THE CASE OF PITHWA ENGINEER ING WORKS REPORTED IN 276 ITR 519, THE APPEAL FILED BY THE RE VENUE IS NOT MAINTAINABLE. ACCORDINGLY, THE APPEAL FILED BY TH E REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 14.12.2010 SD SD (J.SUDHAKAR REDDY) (VI JAY PAL RAO) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, ON THIS 14 TH DAY OF DEC 2010 SRL:31210 COPY TO: 1. APPELLANT 2. RESPONDENT 3. CIT CONCERNED 4. CIT(A) CONCERNED 5. DR CONCERNED BENCH BY ORDER TRUE COPY ASSTT. REGISTRAR, ITAT, MUMBAI