CANARA ROBECO ASSET MANAGEMENT CO. LTD ( FORMERLY KNOWNA AS CANRABANK INVESTMENT MANAGMENT SERVICES LTD), MUMBAI V. ACIT (OSD) 2(1), MUMBAI

ITA 2238/MUM/2010

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 48750 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 1 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-05-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Next Hearing Date: 04-05-2011
• Assessment Year: 2006-2007
• Appeal Filed On: 19-03-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S S RANA
• Assessee Lawyers: TEJAS MEHTA
• Section: 14A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH C MUMBAI BEFORE SHRI J. SUDHAKAR REDDY (AM) AND SMT. ASHA VIJAYARAGHAVAN (JM) ITA NO. 2238/MUM/2010 ASSESSMENT YEAR-2006-07 CANARA ROBECO ASSET MANAGEMENT CO. LTD., (FORMERLY KNOWN AS CANARABANK INVESTMENT MANAGEMENT SERVICES LTD.,), CONSTRUCTION HOUSE, 4 TH FLOOR, 5 W.H. MARG, BALLARD ESTATE, MUMBAI-400 001 PAN-AAACC 2031J VS. THE ACIT (OSD) 2 (1), MUMBAI (APPELLANT) (RESPONDENT) APPELLANT BY: SHRI TEJAS MEHTA RESPONDENT BY: SHRI S.S. RANA O R D E R PER ASHA VIJAYARAGHAVAN (JM) THIS APPEAL PREFERRED BY THE ASSESSEE IS DIRECTED A GAINST THE ORDER DATED 12.01.2010 PASSED BY THE LD. CIT(A)- 4 FOR TH E ASSESSMENT YEAR. 2006-07. 2. THE ONLY ISSUE RAISED BY THE ASSESSEE RELATES TO DISALLOWANCE OF RS. 13,32,061/- MADE BY AO BY INVOKING THE PROVISION OF SEC. 14A R.W. RULE 8D. 3. WE FIND THAT THE DECISION OF THE SPECIAL BENCH I N THE CASE OF DAGA CAPITAL MANAGEMENT PVT. LTD HAS BEEN SET ASIDE BY T HE JURISDICTIONAL HIGH COURT IN THE CASE OF GODREJ & BOYCE MFG CO LTD V DCIT (2010 TIOL- 564-HC-MUM-IT). IN THE CIRCUMSTANCES, WE SET ASIDE THE ORDER OF AO AND CIT(A) ON THIS ISSUE AND REMIT THE MATTER BACK TO T HE FILES OF THE AO TO ITA NO. 2238/M/2010 2 DECIDE THE ISSUE AFRESH IN LINE WITH THE RATIO OF T HE DECISION OF THE JURISDICTIONAL HIGH COURT. 4. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED ON THIS DAY OF MAY, 2011 (J. SUDHAKAR REDDY) (ASHA VIJAYARAGHAVAN) ACCOUNTANT MEMBER JUDICIAL MEM BER MUMBAI, DATED .. MAY, 2011 RJ ORDER PRONOUNCED ON THIS 6 TH DAY OF MAY, 2011 SD/- SD/- (T.R. SOOD) (A SHA VIJAYARAGHAVAN) ACCOUNTANT MEMBER JUDICIAL MEM BER MUMBAI, DATED 6 TH MAY, 2011 RJ COPY TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT-CONCERNED 4. THE CIT(A)-CONCERNED 5. THE DR C BENCH TRUE COPY BY ORDER ASSTT. REGISTRAR, I.T.A.T, MUMBAI ITA NO. 2238/M/2010 3 DATE INITIALS 1 DRAFT DICTATED ON: 4. 0 5 . 201 1 SR. PS/PS 2. DRAFT PLACED BEFORE AUTHOR: 4 .0 5 .2011 ______ SR. PS/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. PS/PS: _________ ______ SR. PS/PS 6. KEPT FOR PRONOUNCEMENT ON: _________ ______ SR. PS/PS 7. FILE SENT TO THE BENCH CLERK: _________ ______ SR. PS/PS 8. 9. DATE ON WHICH FILE GOES TO THE HEAD CLERK: DATE ON WHICH FILE GOES TO AR _________ ______ 10 . DATE OF DISPATCH OF ORDER: _________ ______