DCIT 1(2), MUMBAI V. MONEY MATTERS ADVISORY SERVICES LTD ( NOW KNOWN AS MY IDEA ADVISORY SERVICES LTD), MUMBAI

ITA 1609/MUM/2013

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 84311 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 9 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-12-2014
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 01-12-2014
• Assessment Year: 2007-2008
• Appeal Filed On: 27-02-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AKHILENDRA YADAV
• Section: 14A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL 'B' BENCH, MUM BAI . , , BEFORE SHRI D. KARUNAKARA RAO, AM & SHRI AMIT SHUKL A, JM ./ ITA NO. 1609/MUM/2013 ( / ASSESSMENT YEAR: 2007-08) D C I T - 1(2) / VS. M/S. MONEY MATTERS ADVISORY SERVICES ROOM NO. 535, 5TH FLOOR AAYAKAR BHAVAN, M.K. ROAD MUMBAI 400020 LTD. (NOW MY IDEA ADVISORY SERVICES LTD.) 1-B, 1ST FLOOR, COURT CHAMBERS 35, NEW MARINE LINES, MUMBAI 400020 ./ PAN - AACCP2478C / APPELLANT !' / RESPONDENT # $ / APPELLANT BY: SHRI AKHILENDRA YADAV !' # $ / RESPONDENT BY: SHRI ANUJ KISNADWALA %& # ' / DATE OF HEARING: 01.12.2014 ()* # ' / DATE OF PRONOUNCEMENT: 01.12.2014 / O R D E R PER D. KARUNAKARA RAO, AM THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER DATED 29.10.2014 PASSED BY THE CIT(A)-7, MUMBAI AND IT PE RTAINS TO AY 2007-08. 2. REVENUE HAS RAISED TWO GROUNDS OF APPEAL REGARDING DISALLOWANCE OF EXPENDITURE UNDER SECTION 14A OF THE I.T. ACT AND N ON-CONSIDERATION OF THE DECISION IN THE CASE OF M/S. GODREJ & BOYCE MFG. CO . LTD. 328 ITR 80 (BOM) WITH REGARD TO THE FACTS OF THE CASE. 3. BEFORE US, THE LEARNED COUNSEL ADVERTED OUR ATTENTI ON TO THE ORDER OF THE CIT(A) (PARA 3.3) AND SUBMITTED THAT THE CIT(A) MERELY GAVE A DIRECTION TO THE AO TO DECIDE THE ISSUE AFRESH IN ACCORDANCE WITH THE JUDGEMENT OF THE HON'BLE BOMBAY HIGH COURT IN THE CASE OF M/S. GODRE J & BOYCE MFG. CO. LTD. 328 ITR 80 (BOM). HE SUBMITTED THAT THE DIRECT ION IS FAIR AND, THEREFORE, THE REVENUE SHOULD NOT HAVE ANY GRIEVANCE AGAINST S UCH DIRECTION. ITA NO. 1609/MUM/2013 M/S. MONEY MATTERS ADVISORY SERVICES LTD. 2 4. PER CONTRA, THE LEARNED D.R. RELIED UPON THE ORDER OF THE AO AND THE ARGUMENTATIVE GROUNDS RAISED IN ITS APPEAL. 5. ON HEARING THE PARTIES, WE FIND THAT THE CIT(A) FAI RLY CONCLUDED BY STATING THAT RULE 8D APPLIES FROM AY 2008-09 ON WAR DS AND THE AO SHOULD DECIDE THE ISSUE AFRESH AFTER GRANTING OPPORTUNITY OF HEARING TO THE ASSESSEE. WE FIND THE SAID CONCLUSION OF THE CIT(A), GIVEN IN PARA 3.3, IS FAIR AND REASONABLE. THEREFORE THE REVENUE SHOULD NOT HAVE A NY GRIEVANCE. THE AO SHALL CONSIDER ALL THE ARGUMENTS OF THE REVENUE RAI SED IN THE APPEAL IN THE REMAND PROCEEDINGS. ACCORDINGLY, THE GROUNDS RAISED ARE DISMISSED. 6. IN THE RESULT, THE APPEAL FILED BY REVENUE IS DISMI SSED. +, - # . +- # - /0 ORDER PRONOUNCED IN THE OPEN COURT ON 1 ST DECEMBER, 2014. # ()* . 2%, 01.12.2014 ) # 3& SD/- SD/- (AMIT SHUKLA) (D. KARUNAKARA RAO ) / JUDICIAL MEMBER / ACCOUNTANT MEMBER 4& MUMBAI, 2% DATED: 1 ST DECEMBER, 2014 COPY TO: 1. / THE APPELLANT 2. !' / THE RESPONDENT 3. ( )/ THE CIT(A) 7, MUMBAI 4. / THE CIT 1, MUMBAI CITY 5. 563 !%78 , ' 78 , 4& THE DR, B BENCH, ITAT, MUMBAI 6. 39 :& / GUARD FILE. % / BY ORDER '5 ! //TRUE COPY// ASSISTANT REGISTRAR , 4& ITAT, MUMBAI BENCHES, MUMBAI N.P.