DCIT 1(2), MUMBAI V. LIC MUTUAL FUND ASSET MANAGEMENT CO. LTD, MUMBAI

ITA 2046/MUM/2009

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 7893 (ITAT-MUMBAI)
• Duration Of Justice: 10 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-02-2010
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2005-2006
• Appeal Filed On: 02-04-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R N JHA
• Assessee Lawyers: S VENKATARAMAN

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH A, MUMBAI BEFORE SHRI R.K. GUPTA, J.M. AND SHRI A.L. GEHLOT, A.M. ITA NO. 2046/M/2009 ASSESSMENT YEAR: 2005-06 DY. COMMISSIONER OF INCOME-TAX, APPELLANT 1(2), R.NO. 535, 5 TH FLOOR, AAYAKAR BHAVAN, M.K. ROAD, MUMBAI 400 020. VS. M/S LIC MUTUAL FUND ASSET MANAGEMENT CO. LTD., RESPONDENT INDUSTRIAL ASSURANCE BLDG., 4 TH FLOOR, OPP. CHURCHGATE STATION. MUMBAI 400 020. APPELLANT BY : MR. R.N. JHA RESPONDENT BY : MR. S. VENKATARAMAN ORDER PER A.L. GEHLOT, A.M.: THIS APPEAL FILED BY THE REVENUE IS DIRECTED AGAIN ST THE ORDER OF CIT(A)- I, MUMBAI, PASSED ON 15.01.2009 FOR THE A SSESSMENT YEAR 2005-06 WHEREIN THE REVENUE HAS RAISED THE FOLLOWIN G GROUNDS OF APPEAL:- WHETHER ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE CIT(A) WAS RIGHT IN DELETING THE ADDITION OF RS . 2,22,04,579/- MADE BY THE AO ON ACCOUNT OF REDUCTION IN MANAGEME NT FEE CHARGED BY THE ASSESSEE RELYING UPON HIS PREDECESSO RS ORDER FOR AY 2000-01 AND 2001-02 EVEN THOUGH THE DEPARTMENT H AS NOT ACCEPTED THE SAME. 2. AT THE OUTSET, THE LEARNED AR SUBMITTED THAT THE REVENUE HAS NOT OBTAINED THE COD. HE FURTHER SUBMITTED THAT IN EARLIER ASSESSMENT YEARS 2004-05, 2003-04, AND 2002-03, THE MATTERS CA ME BEFORE THE ITAT WITHOUT COD AND THE ITAT HAS DISMISSED THE REV ENUE APPEALS IN ITA NO. 2046/M/09 M/S LIC MUTUAL FUND ASSET MANAGEMENT CO. LTD. 2 LIMINE. THE LEARNED AR FILED THE COPIES OF ORDERS O F ITAT FOR ALL THE THREE YEARS, WHICH HAVE BEEN PLACED ON RECORD. 3. AFTER HEARING THE LEARNED DR, THE APPEAL OF THE REVENUE FOR THIS YEAR IS ALSO DISMISSED IN THE LIGHT OF EARLIER DECI SIONS OF THE ITAT FOR WANT OF COD. THE DEPARTMENT, HOWEVER, WILL BE AT LI BERTY TO MOVE THIS TRIBUNAL FOR RECALLING OF THIS ORDER AND RESTORATIO N OF ITS APPEAL IF THE REQUISITE APPROVAL OF COD IS OBTAINED IN FUTURE. 4. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED IN LIMINE AS INDICATED ABOVE. PRONOUNCED ON THIS 9 TH DAY OF FEBRUARY, 2010 SD/- SD/- (R.K. GUPTA) (A.L. GEHLOT) JUDICIAL MEMBER ACCOUNTAN T MEMBER DATED: 9 TH FEBRUARY, 2010 COPY TO:- 1) THE APPELLANT. 2) THE RESPONDENT. 3) THE CIT (A) CONCERNED. 4) THE CIT CONCERNED. 5) THE DEPARTMENTAL REPRESENTATIVE, A BENCH, I.T .A.T., MUMBAI. BY ORDER //TRUE COPY// ASST. REGISTRAR, I.T.A.T., MUMBAI. KV ITA NO. 2046/M/09 M/S LIC MUTUAL FUND ASSET MANAGEMENT CO. LTD. 3 S.NO. DESCRIPTION DATE INTLS 1. DRAFT DICTATED ON 02.02.10 SR.P.S./P.S 2. DRAFT PLACED BEFORE AUTHOR 04.02.10 SR.P.S/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.P.S./PS SR.P.S./P.S 6. KEPT FOR PRONOUNCEMENT ON SR. P.S./P.S. 7. FILE SENT TO THE BENCH CLERK SR.P.S./P.S 8 DATE ON WHICH FILE GOES TO THE HEAD CLERK 9 DATE OF DISPATCH OF ORDER