ADDL CIT RG 4(3), MUMBAI V. KOTAK SECURITIES LTD, MUMBAI

ITA 2624/MUM/2011

• Counselvise Citation: 262419914 RSA 2011
• Duration Of Justice: 3 year(s) 4 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-09-2014
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 03-09-2014
• Assessment Year: 2007-2008
• Appeal Filed On: 06-04-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: F V IRANI
• Assessee Lawyers: CAPT PRADEEP ARYA

Judgement Text

ANNEXURE IN THE INCOME TAX APPELLATE TRIBUNAL 'A' BENCH, MUMBAI BEFORE SHRI D. MANMOHAN, VICE PRESIDENT AND SHRI RAJENDRA, ACCOUNTANT MEMBER ITA NO. 2091, 2092 & 8310/MUM/2011 (ASSESSMENT YEARS: 2006-07, 2007-08 & 2008-09) M/S. KOTAK SECURITIES LTD. VS. ADDL. CIT, RANGE 4(3) 1 ST BAKTHAWAR, 229 NARIMAN POINT, MUMBAI 400021 AAYAKAR BHAVAN, M.K. ROAD MUMBAI 400020 PAN - AAACK3436F APPELLANT RESPONDENT ITA NO. 2622, 2624 & 8031/MUM/2011 (ASSESSMENT YEARS: 2006-07, 2007-08 & 2008-09) DCIT, RANGE 4(3) VS. M/S. KOTAK SECURITIES LTD. AAYAKAR BHAVAN, M.K. ROAD MUMBAI 400020 1 ST BAKTHAWAR, 229 NARIMAN POINT, MUMBAI 400021 PAN - AAACK3436F APPELLANT RESPONDENT APPELLANT BY: SHRI F.V. IRANI RESPONDENT BY: CAPT. PRADEEP ARYA DATE OF HEARING: 03.09.2014 DATE OF PRONOUNCEMENT: 03.09.2014 O R D E R PER BENCH THESE CROSS APPEALS BY THE ASSESSEE AND THE REVENUE PERTAIN TO ASSESSMENT YEARS 2006-07 TO 2008-09. 2. AT THE TIME OF HEARING BOTH THE PARTIES ADMITTED TH AT THE ISSUES EMERGING OUT OF THESE APPEALS ARE IDENTICAL IN ALL THESE APPEALS AND, THEREFORE, WE PROCEED TO DISPOSE OF THESE APPEALS B Y A COMBINED ORDER FOR THE SAKE OF CONVENIENCE. 3. DURING THE COURSE OF HEARING THE LEARNED COUNSEL FO R THE ASSESSEE FILED A CHART MENTIONING THE BRIEF ISSUES, GROUNDS URGED BY THE ASSESSEE/REVENUE IN THESE APPEALS AND THE QUANTUM INVOLVED THEREIN W HICH IS MADE AS ANNEXURE 1 TO THIS ORDER. THE LEARNED COUNSEL FOR T HE ASSESSEE RELIED UPON ITA NO. 2091+5/MUM/2011 M/S. KOTAK SECURITIES LTD. 2 THE FOLLOWING DECISIONS OF THE TRIBUNAL TO SUBMIT T HAT IDENTICAL ISSUES WERE CONSIDERED BY THE ITAT, MUMBAI BENCHES WHEREIN THE MATTERS WERE BROADLY DECIDED IN FAVOUR OF THE ASSESSEE OR SET ASIDE FOR TAKING APPROPRIATE DECISION AT THE END OF THE AO ON THE LINES INDICATED THEREIN AND, THEREFORE, REQUESTED THAT IN THE APPEALS BEFORE US ALSO THE TAX AUTHORIT IES MAY BE DIRECTED TO FOLLOW THE RATIO LAID DOWN IN THE THAT CASES: - I) ITA NO. 63/MUM/2010 DATED 25.11.2011 II) ITA NO. 5251/MUM/2010 DATED 11.04.2012 III) ITA NO. 4139, 4140 & 4141/MUM/2011 DATED 13.02.2013 IV) ITA NO. 1817 & 1818/MUM/2011 DATED 27.03.2014 V) ITA NO. 7271 TO 7274/MUM/2010, ITA NO.7334&7335/MUM /2010 & ITA NO. 8313/MUM/2011 DATED 16.01.2013 VI) ITA NO. 8297/MUM/2011 DATED 23.11.2012 VII) ITA NO. 8404, 1819 & 1730/MUM/2011 DATED 29.11.2012 4. AT THE TIME OF HEARING BOTH THE PARTIES ADMITTED TH AT IT WOULD BE SUFFICIENT IF A DIRECTION IS GIVEN TO THE AO TO FOL LOW THE RATIO LAID DOWN IN THE ABOVE MENTIONED CASES. 5. HAVING REGARD TO THE CIRCUMSTANCES OF THE CASE WE H EREBY SET ASIDE THE ORDERS PASSED BY THE CIT(A) ON THE IMPUGNED ISS UES AND DIRECT THE AO TO FOLLOW THE RATIO LAID DOWN BY THE ITAT, MUMBAI BENC HES IN THE CASES CITED SUPRA. 6. IN THE RESULT, ALL THE APPEALS FILED BY THE ASSESSE E COMPANY AS WELL AS THE REVENUE ARE DISPOSED OF ACCORDINGLY. ORDER PRONOUNCED IN THE OPEN COURT ON 3 RD SEPTEMBER, 2014. SD/- SD/- (RAJENDRA) (D. MANMOHAN) ACCOUNTANT MEMBER VICE PRESIDENT MUMBAI, DATED: 3 RD SEPTEMBER, 2014 ITA NO. 2091+5/MUM/2011 M/S. KOTAK SECURITIES LTD. 3 COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) 10, MUMBAI 4. THE CIT 4, MUMBAI CITY 5. THE DR, A BENCH, ITAT, MUMBAI BY ORDER //TRUE COPY// ASSISTANT REGISTRAR ITAT, MUMBAI BENCHES, MUMBAI N.P. ANNEXURE - 1