SPEED TRADE SECURITIES P.LTD, MUMBAI V. ACIT RG 7(2), MUMBAI

ITA 2291/MUM/2013

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 2361 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 6 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-10-2016
• Appeal Filed By: Assessee
• Bench Allotted: E
• Next Hearing Date: 28-03-2016
• Assessment Year: 2008-2009
• Appeal Filed On: 22-03-2013
• Court: TRIBUNAL
• Keywords: Opportunity of being heard
• Section: 14A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL E BENCH, MUMBAI BEFORE SHRI B.R. BASKARAN (AM) & RAMLAL NEGI (JM) I.T.A. NO. 2291 /MUM/20 13 (ASSESSMENT YEAR 20 08 - 09 ) SPEED TRADE SECURITIES PVT. LTD. 4, GROUND FLOOR SHANTI BHAVAN DR. A.B. MARG PEDDAR ROAD MUMBAI - 400 026. VS. ACIT RANGE 7(2) MUMBAI. ( APPELLANT ) ( RESPONDENT ) PAN NO . AAHCS9004N ASSESSEE BY NONE DEPARTMENT BY S HRI NITIN WAGHMODE DATE OF HEARING 18 .10 . 201 6 DATE OF PRONOUNCEMENT 18 . 10 . 201 6 O R D E R PER B.R. BASKARAN (AM) : - TH E APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER DATED 4.1.2013 PASSED BY LEARNED CIT(A) - 9, MUMBAI AND IT RELATES TO A.Y. 2008 - 09. 2. NONE APPEARED ON BEHALF OF THE ASSESSEE EVEN THOUGH CASE WAS ADJOURNED ON THE LAST OCCASION AT THE SPECIFIC R EQUEST OF THE ASSESSEE. HENCE, WE PROCEED TO DISPOSE OF THE APPEAL EX PARTE, WITHOUT PRESENCE OF THE ASSESSEE. 3. THE SOLITARY ISSUE URGED IN THIS APPEAL RELATES TO DISALLOWANCE MADE U/S. 14A READ WITH RULE 8D OF THE I.T. RULES. 4. WE HEARD LEARNED DEP ARTMENTAL REPRESENTATIVE AND PERUSED THE RECORD. FROM THE ORDER PASSED BY LEARNED CIT(A), WE NOTICED THAT THE FIRST APPELLATE AUTHORITY HAS FOLLOWED DECISION RENDERED BY THE SPECIAL BENCH OF THE TRIBUNAL IN THE CASE OF DAGA CAPITAL INVESTMENT (2008) 26 SOT 603. WE NOTICED THAT THE ASSESSEE HAS TAKEN PLEA THAT IT IS A TRADER IN SHARES AND DIVIDEND WAS RECEIVED SPEED TRADE SECURITIES PVT. LTD. 2 DURING THE NORMAL COURSE OF CARRYING ON THE BUSINESS. WE ALSO NOTICED THAT THE ASSESSEE HAS ALSO PLACED RELIANCE ON CERTAIN CASE LAWS. WE NOTICED THA T THIS CONTENTION OF THE ASSESSEE HAS NOT BEEN EXAMINED BY THE TAX AUTHORITIES. UNDER THESE SET OF FACTS, WE ARE OF THE VIEW THAT THIS ISSUE REQUIRES FRESH EXAMINATION AT THE END OF THE ASSESSING OFFICER. ACCORDINGLY, WE SET ASIDE THE ORDER PASSED BY LEARN ED CIT(A) ON THIS ISSUE AND RESTORE THE SAME TO THE FILE OF THE ASSESSING OFFICER WITH THE DIRECTION TO EXAMINE THE ISSUE AFRESH BY PROVIDING ADEQUATE OPPORTUNITY OF BEING HEARD TO THE ASSESSEE. 5. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS TREATED AS ALLOWED FOR STATISTICAL PURPO S ES. ORDER HAS BE EN PRONOUNCED IN THE COURT ON 18 . 10 .2016 SD/ - SD/ - (RAMLAL NEGI ) (B.R.BASKARAN) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; DATED : 18 / 10 / 20 1 6 COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. BY ORDER, //TRUE COPY// ( DY./ASSTT. REGISTRAR) PS