ACIT, Jaipur V. JAIPUR STOCK EXCHANGE LTD., Jaipur

ITA 27/JPR/2014

• Counselvise Citation: 2723114 RSA 2014
• Duration Of Justice: 1 year(s) 9 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-10-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2010-2011
• Appeal Filed On: 08-01-2014

Judgement Text

VK;DJ VIHYH; VF/KDJ.K] T;IQJ U;K;IHB] T;IQJ IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR JH VKJ-IH-RKSYKUH] U;KF;D LNL; ,OA JH FOE FLAG ;KN O] YS[KK LNL; DS LE{K BEFORE: SHRI R.P. TOLANI, JM & SHRI VIKRAM SINGH YA DAV, AM VK;DJ VIHY LA-@ ITA NO. 27/JP/2014 FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2010-11 THE ACIT CIRCLE- 6 JAIPUR CUKE VS. M/S. JAIPUR STOCK EXCHANGE LTD., STOCK EXCHANGE BUILDING, MALVIYA NAGAR, JLN MARG, JAIPUR LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN/GIR NO .: AABCJ 0362 L VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT JKTLO DH VKSJ LS@ REVENUE BY : SHRI RAJ MEHRA, JCIT FU/KZKFJRH DH VKSJ LS@ ASSESSEE BY : SMT. USHA SHARMA, GM LQUOKBZ DH RKJH[K@ DATE OF HEARING : 20/10/2015 ?KKS'K .KK DH RKJH[K@ DATE OF PRONOUNCEMENT : 26 /10/2015 VKNS'K@ ORDER PER R.P. TOLANI, JM:- THE REVENUE HAS FILED AN APPEAL AGAINST THE ORDER OF THE LD. CIT(A)-II, JAIPUR DATED 11-11-2013 FOR THE ASSESSM ENT YEAR 2010-11 WHEREIN FOLLOWING GROUND HAS BEEN RAISED BY THE RE VENUE. (I) WHETHER ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW THE LD. CIT(A) HAS ERRED IN DELETIN G THE ADDITION MADE ON ACCOUNT OF ANNUAL LISTING FEES RECEIVED FR OM ITS MEMBER ON ACCRUAL BASIS. ITA NO. 27/JP/2014 ACIT ,CIRCLE-6,JAIPUR VS. M/S. JAIPUR STOCK EXCHAN GE LTD. , JAIPUR . 2 2.1 DURING THE COURSE OF HEARING, THE AUTHORIZED RE PRESENTATIVE OF THE ASSESSEE COMPANY CONTENDS THAT THE ISSUE IN QUESTIO N IS COVERED IN FAVOUR OF THE ASSESSEE BY ITAT JUDGEMENTS IN ASSESSEE'S OW N CASE FOR THE ASSESSMENT YEARS 2006-07 AND 2007-08. 2.2 THE LD. CIT(A) DELETED THE ADDITION BY FOLLOWIN G OBSERVATIONS. 6. IN A.Y. 207-08, HON'BLE ITAT JAIPUR BENCH B, JAIPUR THROUGH ORDER DATED 11-02-2011 DECIDED THE I SSUE IN FAVOUR OF THE APPELLANT IN ITA NO. 661/JP/10 RELYIN G UPON HON'BLE ITAT JAIPUR BENCH B JAIPUR ORDER DATED 3 0-04- 2011 IN THE CASE OF THE APPELLANT IN A.Y. 2006-07 W HERE THE APPELLANTS WAY OF ACCOUNTING RECOGNIZING THE LIS TING FEE AS INCOME WHERE INCOME IS NOT OVER DUE FOR MORE THAN 3 YEARS HAS BEEN ACCEPTED AS THE CORRECT METHOD OF ACCOUNTI NG. PARA 32 & 33 OF HON'BLE ITAT ORDER OF A.Y. 2006-07 IN T HE CASE OF APPELLANT HAVE BEEN QUOTED BY HON'BLE ITAT JAIP UR BENCH B JAIPUR IN ORDER DATED 11-02-2011 OF A.Y. 207-08. PARA 4,5 & 6 OF HON'BLE ITAT ORDER DATED 11-02-201 1 IN A.Y. 2007-08 IN THE CASE OF THE APPELLANT ARE QUOTE D BELOW:- 4. GROUND OF APPEAL NO. 2 FOR A.Y. 2006-07 WAS AS UNDER:- 2. DELETING THE ADDITION OF RS. 77,60,550/- MADE ON ACCOUNT OF LISTING FEE RECEIVED FROM THE MEMBERS O N ACTUAL BASIS. ITA NO. 27/JP/2014 ACIT ,CIRCLE-6,JAIPUR VS. M/S. JAIPUR STOCK EXCHAN GE LTD. , JAIPUR . 3 5. FOLLOWING ORDER OF TRIBUNAL IN THE CASE OF THE ASSESSEE FOR EARLIER YEAR, WE UPHOLD THE FINDINGS O F LD. CIT(A) 6. THE APPEAL OF THE REVENUE IS DISMISSED. 7. AS THE ADDITION MADE IN ASSESSMENT YEAR 2008- 09 OF RS. 79,48,500/- ON ACCOUNT OF ANNUAL LISTING FEE IS SQUARELY COVERED BY HON'BLE ITAT JAIPUR BENCH B, JAIPUR DECISION IN ASSESSMENT YEAR 2006- 07 DATED 30-04-2001 AND IN ASSESSMENT YEAR 2007-08 DECISION DATED 11-12-2011 ACCORDING TO WHOM THE APPELLANTS METHOD WHEREVER FOR 3 YEARS ANNUAL FOREIGN EXCHANGE IS NOT RECOVERED IT IS NOT RECOGNIZED AS REVENUE HAS BEEN ACCEPTED AS A CORRECT METHOD OF ACCOUNTING, THE AO IS DIRECTED T O DELETE RS. 79,48,500/-. SINCE THE FACTS ARE IDENTICAL THIS YEAR ALSO, RESPE CTFULLY FOLLOWING THE AFORESAID ORDER OF MY PREDECESSOR, AC CORDINGLY GROUND NO. 3 IS ALLOWED AND AO IS DIRECTED TO DELET E THE ADDITION OF RS. 69,42,600/- 2.3 THE LD. DR IS HEARD. 2.4 WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE MATERIALS AVAILABLE ON RECORD. RESPECTFULLY FOLLOWING THE ITA T JUDGEMENTS OF EARLIER YEARS IN ASSESSEE'S OWN CASE (SUPRA) , WE U PHOLD THE ORDER OF THE LD. CIT(A). THUS THE APPEAL OF THE REVENUE IS DISMI SSED. ITA NO. 27/JP/2014 ACIT ,CIRCLE-6,JAIPUR VS. M/S. JAIPUR STOCK EXCHAN GE LTD. , JAIPUR . 4 3.0 IN THE RESULT, THE APPEAL OF THE REVENUE IS DIS MISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 26 /10/201 5. SD/- SD/- FOE FLAG ;KNO VKJ-IH-RKSYKUH (VIKRAM SINGH YADAV) (R.P.TOLANI) YS[KK LNL;@ ACCOUNTANT MEMBER U;KF;D LNL;@ JUDICIAL MEMBER TK;IQJ@ JAIPUR FNUKAD@ DATED:- 26 /10/ 2015 *MISHRA VKNS'K DH IZFRFYFI VXZSFKR@ COPY OF THE ORDER FORWARDED TO: 1. VIHYKFKHZ@ THE APPELLANT- THE ACIT, CIRCLE- 6, JAIPUR 2. IZR;FKHZ@ THE RESPONDENT- M/S. JAIPUR STOCK EXCHANGE LTD., LTD. 3. VK;DJ VK;QDRVIHY ) @ CIT(A) 4. VK;DJ VK;QDR@ CIT 5. FOHKKXH; IZFRFUF/K] VK;DJ VIHYH; VF/KDJ.K] T;IQJ@ DR, ITAT, JAIPUR 6. XKMZ QKBZY@ GUARD FILE (ITA NO.27/JP/2014) VKNS'KKUQLKJ@ BY ORDER, LGK;D IATHDKJ@ ASSISTANT. REGISTRAR