JM FINANCIAL SECURIRITES P. LTD ( FORMERLY KNOWAN AS J.M. MORGAN STANLEY FIXED INCOME SECURITIES P, LTD), MUMBAI V. ACIT 4(3), MUMBAI

ITA 3111/MUM/2011

• Counselvise Citation: [2012] 119 COUNSELVISE.COM (IT) 8647 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 5 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-10-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: J
• Next Hearing Date: 03-09-2012
• Assessment Year: 2003-2004
• Appeal Filed On: 20-04-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: DR K SHIVARAM
• Keywords: Depreciation

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL J , BENCH MUMBAI . , BEFORE SHRI B.R.JAIN , A M & SHRI VIVEK VARMA , J M ITA NO. 311 1 / MU M/ 20 1 1 ( ASSESSMENT YEAR : 200 3 - 20 0 4 ) JM FINANCIAL INS T ITUTIONAL SECURITIES PVT. LTD. (FORMERLY KNOWN AS J.M. FINANCIAL SE CURITIES PVT. LTD. ), 141, MAKER CHAMBER - III , NARIMAN POINT, MUMBAI - 21 VS. ACIT - 4(3) , MUMBAI PAN/GIR NO. : AAAC M 7079 C ( APPELLANT ) .. ( RESPONDENT ) /A SSESSEE BY : D R. K.SHIVARAM & MR. SANJAY PARIKH /RE VENUE BY : MR. RAKESH RANJAN DATE OF HEARI NG : 15 TH OCT ., 2012 DATE OF PRONOUNCEMENT : 15 TH OCT.,2012 O R D E R PER B.R. JAIN ( A .M. ) : THIS APPEAL BY ASSESSEE AGAINST THE ORDER DATED 8 - 2 - 2011 OF LEANED CIT(A) - 8 , MUMBAI, IN VARIOUS GROUNDS , CHALLENGES THE DECISION OF NON - ALLOWING DEPRECIATION AMO U N T IN G TO RS.15,82,031/ - ON NSE MEMBERSHIP CARD . 2. HEARD PARTIES WITH REFERENCE TO MATERIAL ON RECORD. PARTIES FAIRLY ADMIT THAT THE HON BLE APEX COURT IN ITS JUDGMENT DATED 9TH SEPTEMBER, 2010, COVERING ASSESSE ES CIVIL APPEAL NO. 7847 - 7848 OF ITA NO. 3111 /20 11 2 2010 @ S.L.P.(C) NO. 8223 - 8224 OF 2010, COPY PLACED AT ASSESSEES PAPER BOOK AT PAGES 167 TO 194, HAS HELD THAT DEPRECIATION WAS ALLOWABLE ON THE COST OF MEMBERSHIP CARD UNDER SECTION 32(1)(II) OF THE 1961 ACT. THE HONBLE S UPREME COURT, THEREFORE, SET ASIDE THE JUDGMENT OF THE BOMBAY HIGH COURT AND APPEAL FILED BY THE NOMINATED NON - DEFAULTING CONTINUING MEMBER STOOD ALLOWED WITH NO ORDER AS TO COSTS. 3. IN THE PRESENT CASE , IN APPEAL, THE AUTHORITIES BELOW TOOK THAT THE AS SESSEE IS A MEMBER OF BOMBAY STOCK EXCHANGE AND HIS CARD STOOD SUSPENDED DURING THE YEAR UNDER CONSIDERATION, WHEREAS THE ASSESSEES CLAIM BEFORE US IS THAT THE DEPRECIATION CLAIM UNDER CONSIDERATION IS ON THE MEMBERSHIP CARD O F NSE AND ITS MEMBERSHIP WAS NOT SUSPENDED DURING THE PERIOD. THESE BEING THE PECULIAR FACTS TO THE ISSUE, NEED VERIFICATION BEFORE COMING TO A CONCLUSION. WE THEREFORE, SET ASIDE THE IMPUGNED ORDER AND REMIT THE MATTER BACK TO THE ASSESSING AUTHORITY, SO THAT THE ISSUE IS ADJUDICATED AFRESH IN ACCORDANCE WITH LAW AFTER VERIFYING AND SETTING OUT CORRECT FACTS ON RECORD. NEEDLESS TO ADD, THE HON BLE APEX COURT JUDGMENT IN HIS CASE SHALL HAVE TO BE CONSIDERED IN RIGHT PERSPECTIVE BEFORE TAKING DECISION IN ACCORDANCE WITH LAW. 4. IN THE RESULT, APPEAL BY THE ASSESSEE STANDS ALLOWED FOR STATISTICAL PURPOSES ONLY AS ANN OUNCED IN OPEN COURT IN PRESENCE OF ITA NO. 3111 /20 11 3 PARTIES ON THIS 15TH DAY OF OCTOBER, 2012, IMMEDIATELY AFTER CONCLUSION OF THE HEARING . ORDER PRONOUNCED IN THE OPEN COURT ON THIS 15 TH DAY OF OCT . , 2012. 15 TH OCT . , 2012 SD/ - SD/ - ( ) ( VIVEK V ARMA ) ( . ) ( B.R.JAIN ) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI ; DATED : 15 TH OCT ./ 2012. /PKM , PS COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. / THE CIT(A) - X, MUMBAI. 4. / CIT 5. / DR, ITAT, MUMBAI 6. GUARD FILE. //TRUE COPY// / BY ORDER, ( DY./ASSTT. REGISTRAR) / ITAT, MUMBAI