ITO 10(2)(3), MUMBAI V. ZIMITH PROPERTIES P LTD, MUMBAI

ITA 3228/MUM/2014

• Counselvise Citation: [2015] 134 COUNSELVISE.COM (IT) 2711 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 5 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-11-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Assessment Year: 2005-2006
• Appeal Filed On: 06-05-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DR P DANIEL
• Assessee Lawyers: K RAVI RAM CHANDRAN

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH, MUMBAI BEFORE SHRI N.K . BILLAIYA, ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH , JUDICIAL MEMBER / I .T A NO. 3228/MUM/2014 ( / ASSESSMENT YEAR :2005 - 06 THE ITO - 10(2)(3), AAYKAR BHAVAN, MUMBAI - 400 020 / VS. M/S. ZIMITH PROPERTIES PVT. LTD. GANGA WADI, AGRA ROAD, SHOP NO. 5 L.B.S. MARG, OPP. GANESH PAN BIDI SHOP, MUMBAI - 400 086 ./ ./ PAN/GIR NO. : AAHCZ 1962B / I .T A NO. 3227/MUM/2014 ( / ASSESSMENT YEAR :2009 - 10 THE ITO - 10(2)( 1 ), AAYKAR BHAVAN, MUMBAI - 400 020 / VS. M/S. SANIDHYA TRADING PVT. LTD., 1301/1302, KALINDI BLDG., NEELKANTH VALLEY, RAJAWADI, GHATKOPAR (E), MUMBAI - 400 077 ./ ./ PAN/GIR NO. : AAHCS 9103J / I .T A NO. 3232 & 3229 /MUM/2014 ( / ASSESSMENT YEAR :2006 - 07 & 2008 - 09 THE ITO - 10(2)(3), AAYKAR BHAVAN, MUMBAI - 400 020 / VS. M/S. NEXTGEN CONSTRUCTIONS PVT. LTD., GANGA WADI, AGRA ROAD, SHOP NO. 5 L.B.S. MARG, OPP. GANESH PAN BIDI SHOP, MUMBAI - 400 086 ./ ./ PAN/GIR NO. : AABCN 8981F / I .T A NO. 3234 & 3230 /MUM/2014 ITA. NO. 3230/M/14 (10 APPEALS) 2 ( / ASSESSMENT YEAR S :2006 - 07 & 2008 - 09 THE ITO - 10(2)(3), AAYKAR BHAVAN, MUMBAI - 400 020 / VS. M/S. RITESTEP SOFTEWARE PVT. LTD., B - 26, OM YOGINI SOCIETY, SOMWAR BAZAR ROAD, MALAD (W), MUMBAI - 400 064 ./ ./ PAN/GIR NO. : AACCR 9963L / I .T A NO. 3233 /MUM/2014 ( / ASSESSMENT YEAR :200 6 - 0 7 THE ITO - 10(2)(3), AAYKAR BHAVAN, MUMBAI - 400 020 / VS. M/S. SUPERPLAZA PROPERTIES PVT. LTD., 101, VALLABH VIHAR, M.G. ROAD, GHATKOPAR EAST, MUMBAI - 400 077 ./ ./ PAN/GIR NO. : AAICS 6658 M / I .T A NO. 32 9 7/MUM/2014 ( / ASSESSMENT YEAR :20 1 0 - 1 1 THE ITO - 10(2)(4), AAYKAR BHAVAN, MUMBAI - 400 020 / VS. M/S. SUPERLINE CONSTRUCTION PVT. LTD., A - 29, A WING, 1 ST FLOOR, SATYAM SHOPPING CENTRE, M.G. ROAD, GHATKOPAR EAST, MUMBAI - 400 077 ./ ./ PAN/GIR NO. : AAICS 6463J / I .T A NO. 32 96 /MUM/2014 ( / ASSESSMENT YEAR :200 5 - 0 6 THE ITO - 10(2)(4), AAYKAR BHAVAN, MUMBAI - 400 020 / VS. M/S. SUPERVIEW PROPERTIES PVT. LTD., B - 123, VRINDAVAN, LBS MARG, GHATKOPAR (W), ITA. NO. 3230/M/14 (10 APPEALS) 3 MUMBAI - 400 086 ./ ./ PAN/GIR NO. : AAICS 2665J / I .T A NO. 32 99 /MUM/2014 ( / ASSESSMENT YEAR :200 6 - 0 7 THE ITO - 10(2)(4), AAYKAR BHAVAN, MUMBAI - 400 020 / VS. M/S. SUPERGOLD PROPERTIES PVT. LTD., ROOM NO. 2, MUNIR BASHIR COLONY, GHATKOPAR (W), MUMBAI - 400 086 ./ ./ PAN/GIR NO. : AAHCS 9942F ( / APPELLANT ) .. ( / RESPONDENT ) / REVENUE BY: DR. P. DANIEL / ASSESSEE BY: SHRI K. RAVI RAMCHANDRAN / DATE OF HEARING : 2 9 .10. 2015 / DATE OF PRONOUNCEMENT : 04 .11. 2015 / O R D E R PER BENCH : THE CAPTIONED APPEALS BY THE REVENUE HAVE IDENTICAL LY WORDED GROUNDS OF APPEAL THOUGH WITH DIFFERENT QUANTUM. THIS BUNCH OF APPEALS WERE HEARD TOGETHER AND ARE DISPOSED OF BY THIS CONSOLIDATED ORDER FOR THE SAKE OF CONVENIENCE. 2. AS MENTIONED HEREINABOVE, THE GRIEVANCE OF THE REVENUE IS IDENTICAL IN ALL THESE APPEALS WITH DIFFERENT QUANTUM. THE REPRESENTATIVE OF BOTH SIDES AGREED THAT THE ISSUES INVOLVED HAVE BEEN DECIDED IN FAVOUR OF THE ASSESSEE AND AGAINST THE REVENUE IN OTHER CASES OF GROUP AND ALSO B Y THE DECISION OF THE HONBLE SUPREME COURT AND THE HIGH COURT OF BOMBAY . ITA. NO. 3230/M/14 (10 APPEALS) 4 3. ON THE CONCESSION MADE BY THE RIVAL PARTIES, IT WAS AGREED TO PROCEED WITH THE FACTS IN ITA NO. 3230/M/2014. THE ISSUE INVOLVED RELATES TO THE SHARE APPLICATION MONEY RECEIVED BY THE ASSESSEE AMOUNTING TO RS. 55 LAKHS. THE CLAIM OF THE ASSESSEE IS THAT IT HAS PROVED THE IDENTITY OF THE SUBSCRIBER AND ALSO PROVED THE GENUINENESS OF THE TRANSACTION AND THE CREDIT WORTHINESS THEREFORE THE ISSUES ARE SQUARELY COVERED BY THE DECISION OF THE HONBLE SUPREME COURT IN THE CASE OF CIT VS LOVELY EXPORT (PVT) LTD 216 CTR 195. 4. THE LD. CIT(A) WAS CONVINCED WITH THE CLAIM OF THE ASSESSEE AND DELETED THE IMPUGNED ADDITIONS. THE LD. CIT(A) FOLLOWED HIS OWN ORDER IN THE CASE OF M/S. SARVADEEP TRADING PVT. LTD. VIDE CIT(A) - 22/IT - 10(2) - 4/IT - 78 /2013 - 14 DATED 24.3.2014. WHILE DELETING THE IMPUGNED ADDITION, THE FIRST APPELLATE AUTHORITY HAS ALSO FOLLOWED THE DECISION IN THE CASE OF M/S. J.J. MULTITRADE PVT. LTD. IN ITA NO. CIT(A) - 21/IT/86/2013 - 14 DATED 30.1.2014. 5. AS NO DISTINGUISHING DECISION HAS BEEN BROUGHT BEFORE US IN FAVOUR OF THE REVENUE, WE FIND THAT THE ORDER OF THE LD. CIT(A) IN THE CASE OF M/S. J.J. MULTITRADE PVT. LTD. (SUPRA) WAS CONFIRMED BY THE TRIBUNAL IN ITA NO. S 2158 & 2159/M/2014 ORDER DATED 11.3.2015. WE ALSO FIND THAT IN OTHER CASES OF THE GROUP WERE DECIDED BY A CONSOLIDATED ORDER IN THE CASE OF M/S. DEEP DARSHAN PROPERTIES PVT. LTD., IN ITA NOS. 2117 & 2118/M/2014, AAJIVAN COMPUTERS PVT. LTD IN ITA NO. 2160/M/2014, M/S. KARAMVEER REAL ESTATE PVT. LTD. IN ITA NO. 2116/M/2014, DIGINITY SECURITIES TRADING PVT. LTD IN ITA NO. 21 57 /M/2014 AND M/S. BLUE HILL PROPERTIES PVT. LTD IN ITA NO. 2119/M/2014 ORDER DATED 28.9.2015 WHEREIN THE APPEALS OF THE ITA. NO. 3230/M/14 (10 APPEALS) 5 REVENUE W ERE ALSO DISMISSED. WE FIND THAT IN ALL THESE APPEALS, THE CO - ORDINATE BENCH HAS FOLLOWED THE RATIO LAID DOWN BY THE HONBLE SUPREME COURT IN THE CASE OF LOVELY EXPORT (PVT) LTD AND HONBLE HIGH COURT OF BOMBAY IN THE CASE OF CIT VS CREATIVE WORLD TELEFI LMS LTD. 333 ITR 100. RESPECTFULLY FOLLOWING THE DECISION OF THE CO - ORDINATE BENCH (SUPRA), ALL THESE APPEALS OF THE REVENUE ARE DISMISSED. 6. IN THE RESULT, ALL THE APPEALS FILED BY THE REVENUE ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 4 TH NOVEMBER, 2015 . SD/ - SD/ - ( AMARJIT SINGH ) (N.K. BILLAIYA) /JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI ; DATED : 4 TH NOVEMBER , 2015 . . ./ RJ , SR. PS / 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) , / ITAT, MUMBAI