CHOKHANI SECURITIES LTD, MUMBAI V. ACIT 2(1), MUMBAI

ITA 3081/MUM/2010

• Counselvise Citation: [2011] 134 COUNSELVISE.COM (IT) 7765 (ITAT-MUMBAI)
• Duration Of Justice: 11 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-03-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2007-2008
• Appeal Filed On: 20-04-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: HARIGOVIND SINGH

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH C, MUMBAI BEFORE SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SHRI VIJAY PAL RAO, JUDICIAL MEMBER. I.T.A. NO. 3081/MUM/2010 ASSESSMEN T YEAR : 2007-08. M/S CHOKHANI SECURITIES LTD., ASSTT. COMMISSIONER OF 54, MAKER BHAVAN II, VS. INCOME-TAX-2(1), SIR VITHALDAS THACKERSAY MARG, MUMBAI. MUMBAI 400 020. PAN AAACC 2069E APPELLANT RESPONDENT. APPELLANT BY : NONE. RESPONDENT BY : SHRI HARI GOVIND SINGH. O R D E R PER J. SUDHAKAR REDDY, A.M. : THIS IS AN APPEAL FILED BY THE ASSESSEE DIRECTED A GAINST THE ORDER OF THE CIT(APPEALS)-4, MUMBAI DATED 2-3-2010 ON THE FOLLOW ING GROUND : THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) H AS ERRED IN USING RULE 8D TO COMPUTE THE DISALLOWANCE U/S 14A. 2. NONE APPEARED ON BEHALF OF THE ASSESSEE DESPITE SERVICE OF NOTICE BY RPAD. THERE IS NO PETITION SEEKING ADJOURNMENT. UNDER THE SE CIRCUMSTANCES, WE DISPOSE OF THE CASE EXPARTE ON MERITS QUA THE ASSESSEE AFTE R HEARING THE LEARNED DR. 3. HEARD MR. HARI GOVIND SINGH, THE LEARNED DR. THE CIT(APPEALS) IN THIS CASE FOLLOWED THE JUDGMENT OF THE SPECIAL BENCH OF THE TRIBUNAL IN THE CASE OF DAGA CAPITAL. IN VIEW OF THE JUDGMENT OF THE JURISD ICTIONAL HIGH COURT IN THE CASE 2 OF GODREJ BOYCE MANUFACTURING CO. LTD. 328 ITR 81, WE SET ASIDE THE ISSUE TO THE FILE OF THE AO FOR FRESH ADJUDICATION IN ACCORDANCE WITH LAW. 4. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 31 ST MARCH , 2011. SD/- SD/- (VIJAY PAL RAO) (J. SU DHAKAR REDDY) JUDICIAL MEMBER. ACCOUNT ANT MEMBER MUMBAI, DATED: 31 ST MARCH, 2011. WAKODE COPY TO : 1. APPELLANT 2. RESPONDENT 3. C.I.T. 4. CIT(A) 5. DR, C-BENCH (TRUE COPY) BY ORDER ASSTT. REGISTR AR, ITAT, MUMBAI.