ACIT 20(3), MUMBAI V. SHARAD K. SHAH, MUMBAI

ITA 1636/MUM/2009

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 7919 (ITAT-MUMBAI)
• Duration Of Justice: 10 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-02-2010
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: E
• Assessment Year: 2001-2002
• Appeal Filed On: 12-03-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: HEMANT J LAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH E MUMBAI BEFORE SHRI P.M.JAGTAP, AM & SMT. P.MADHAVI DEVI, JM I.T.A.NO.1636/MUM/2009 - A.Y 2001-02 ASST. COMMISSIONER OF I.T. 20(3) MUMBAI. VS. SHRI SHARAD K. SHAH C 21, AARTI, OLD NAGARDAS ROAD ANDHERI (EAST) MUMBAI PAN NO.ANRPS 2561 A (APPELLANT) (RESPONDENT) REVENUE BY : SHRI HEMANT J. LAL. ASSESSEE BY : SHRI FIROZ ANDHYARUJINA. O R D E R PER P.MADHAVI DEVI, JM: THIS APPEAL OF THE REVENUE IS DIRECTED AGAINST CIT (A)S ORDER DATED 23-9-2008. 2. IN THIS APPEAL THE REVENUE IS AGGRIEVED BY THE O RDER OF THE CIT[A] IN DELETING THE ADDITION OF RS.2,99,52,119/ - MADE BY THE AO BY DISALLOWING THE EXEMPTION CLAIMED BY THE ASSESSEE I N RESPECT OF DIVIDEND INCOME RELYING ON THE DECISION OF THE SPEC IAL BENCH OF THE TRIBUNAL IN THE CASE OF WALLFORT SHARE AND STOCK BR OKERS PVT. LTD. 3. THE LD. COUNSEL FOR THE ASSESSEE SHRI HEMANT J. LAL SUBMITTED THAT THE HON'BLE BOMBAY HIGH COURT HAS CONFIRMED TH E DECISION OF THE SPECIAL BENCH OF THE TRIBUNAL IN THE CASE OF WALLFO RT SHARE AND STOCK BROKERS PVT. LTD. AS REPORTED IN 310 ITR 471. 4. THE LD. DR, HOWEVER, RELIED UPON THE ORDERS OF T HE AO. 2 5. HAVING HEARD BOTH THE PARTIES, WE DO NOT SEE ANY REASON TO INTERFERE WITH THE ORDER OF THE CIT[A] AS THIS VIE W IS CONFIRMED BY THE DECISION OF THE HON'BLE BOMBAY HIGH COURT IN THE CA SE OF WALLFORT SHARE AND STOCK BROKERS PVT. LTD. [CITED SUPRA]. 6. IN THE RESULT, REVENUES APPEAL IS DISMISSED. ORDER PRONOUNCED ON THIS DAY OF FEBRUARY, 2010. (P.M.JAGTAP) (P.MADHAVI DEVI) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI: FEBRUARY, 2010. P/-* COPY TO- 1) APPELLANT 2) RESPONDENT 3) CITA MUMBAI. 4) CIT CITY MUMBAI 5) DR BENCH MUMBAI TRUE COPY BY ORDER DY /ASST.REGISTRAR,ITAT MUMBAI. SR.NO. PARTICULARS DATE INITIALS 3 1 DRAFT DICTATED ON P 2 DRAFT PLACED BEFORE AUTHOR P 3 DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER 4 DRAFT DISCUSSED/APPROVED BY SECOND MEMBER 5 APPROVED DRAFT COMES TO SR.PS/PS 6 ORDER KEPT FOR PRONOUNCEMENT 7 FILE SENT TO BENCH CLERK 8 DATE ON WHICH FILE GOES TO THE HEAD CLERK 9 DATE OF DISPATCH OF ORDER