JM FINANCIOAL SERVICES P. LTD (FORMLERY KNOWN AS JM MORGAN STANLEY FINANCIAL SERVICES P. LTD), MUMBAI V. ACIT 4(3), MUMBAI

ITA 214/MUM/2010

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 48417 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 3 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-04-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: I
• Next Hearing Date: 09-11-2010
• Assessment Year: 2006-2007
• Appeal Filed On: 08-01-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: VANDANA SAGAR
• Assessee Lawyers: K SHIVARAM
• Keywords: Depreciation

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES, I, MUMBAI BEFORE SHRI R V EASWAR, PRESIDENT AND SHRI B RAMAKOTAIAH, ACCOUNTANT MEMBER I T A NOS : 215/MUM/2010 AND 214/MUM/2010 (ASSESSMENT YEARS : 2005-06 AND 2006-07) M/S JM FINANCIAL SERVICES PVT. LTD., MUMBAI APPEL LANT (FORMERLY KNOWN AS JM MORGAN STANLEY RETAIL SERVICES PVT. LTD.) (PAN: AAACJ5977A) VS ADDITIONAL COMMISSIONER OF INCOME TAX RESPONDENT RANGE 4(3), MUMBAI APPELLANT BY: MR K SHIVARAM & MR SANJAY PARIKH RESPONDENT BY: MS VANDANA SAGAR O R D E R R V EASWAR, PRESIDENT: IN THESE TWO APPEALS FILED BY THE ASSESSEE, THE ON LY ISSUE IS WHETHER THE DEPARTMENTAL AUTHORITIES WERE JUSTIFIED IN DISALLOWING DEPRECIATION ON THE MEMBERSHIP RIGHTS HELD BY THE A SSESSEE IN THE BOMBAY STOCK EXCHANGE AND NATIONAL STOCK EXCHANGE. THE ISSUE IS COVERED IN FAVOUR OF THE ASSESSEE BY THE JUDGMEN T OF THE SUPREME COURT IN THE CASE OF TECHNO SHARES & STOCKS LTD. & ORS. VS. CIT (2010) 327 ITR 323 (SC). BY THIS JUDGMENT SEVERAL APPEALS OF DIFFERENT ASSESSEES WERE DISPOSED OFF AN D THE PRESENT ASSESSEE WAS ALSO IN APPEAL BEFORE THE SUPREME COUR T, AS SEEN FROM THE CERTIFIED COPY OF THE JUDGMENT FILED BEFOR E US. RESPECTFULLY FOLLOWING THE JUDGMENT, WE ALLOW THE APPEALS WITH N O ORDER AS TO COSTS. ORDER PRONOUNCED IN THE OPEN COURT ON 13 TH APRIL 2011. SD/- SD/- (B RAMAKOTAIAH) (R V EASWAR) ACCOUNTANT MEMBER PRESIDE NT MUMBAI, DATED 13 TH APRIL 2011 SALDANHA ITA NO: 214/MUM/2010 ITA NO: 215/MUM/2010 2 COPY TO: 1. M/S JM FINANCIAL SERVICES PVT. LTD. 141-MAKER CHAMBER III NARIMAN POINT, MUMBAI 400 021 2. ADDITIONAL CIT, RANGE 4(3), MUMBAI 3. CIT-4, MUMBAI 4. CIT(A)-8, MUMBAI 5. DR I BENCH TRUE COPY BY ORDER ASSTT. REGISTRAR, ITAT, MUMBAI