The ACIT, Ahmedabad Circle-3, Ahmedabad V. Navkar Share & Stock Brokers Pvt. Ltd., Ahmedabad

ITA 3247/AHD/2010

• Counselvise Citation: [2011] 135 COUNSELVISE.COM (IT) 1908 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-03-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2007-2008
• Appeal Filed On: 08-12-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: ANKIT TALSANIA
• Keywords: Depreciation
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AT AHMEDABAD, B BENCH (BEFORE S/SHRI G.D. AGARWAL, VICE-PRESIDENT AND D.K. TYAGI, JUDICIAL MEMBER) ITA NO.3247/AHD/2010 [ASSTT. YEAR : 2007-2008] ACIT, CIR.3 AHMEDABAD. VS. M/S.NAVKAR SHARE & STOCK BROKER PVT. LTD. 3, VIMLA COMPLEX, OLD SHARDA MANDIR ROAD, ELLISBRIDGE LAW GARDEN,AHMEDABAD. (APPELLANT) (RESPONDENT) REVENUE BY : SHRI K. MADHUSUDAN ASSESSEE BY : SHRI ANKIT TALSANIA O R D E R PER G.D. AGARWAL, VICE-PRESIDENT : THIS IS REVENUES APPEAL DIRECTED AGAINST THE ORDER OF THE COMMISSIONER OF I NCOME TAX(APPEALS)-XVI, AHMEDABAD ARISING OUT OF THE ORDER OF THE ASSESSING OFFICER PASSED UNDER SECTION 143(3) OF THE INCOME TAX ACT, 1961. 2. THE ONLY GROUND RAISED IN THIS APPEAL READS AS U NDER: 1. THE LD.CIT(A) ERRED IN LAW AND ON FACTS IN DELE TING THE ADDITION OF RS.45,48,875/- MADE ON ACCOUNT OF DEPRECIATION C LAIM ON STOCK EXCHANGE MEMBERSHIP CARD. 3. WE HAVE HEARD BOTH THE PARTIES AND PERUSED THE M ATERIAL PLACED BEFORE US. WE FIND THAT THIS ISSUE TO BE COVERED IN FAVOU R OF THE ASSESSEE BY THE DECISION OF THE HONBLE APEX COURT IN THE CASE OF M /S.TECHNO SHARES & STOCK LTD., 327 ITR 323. IN FACT THE CIT(A) HAS ALSO ALLO WED THE RELIEF FOLLOWING THE ABOVE DECISION OF THE HONBLE APEX COURT. WE ALSO RESPECTFULLY FOLLOWING THE ABOVE DECISION OF THE HONBLE APEX COURT, UPHOLD TH E ORDER OF THE CIT(A) AND DISMISS THE REVENUES APPEAL. 4. IN RESULT, REVENUES APPEAL IS DISMISSED. ORDER PRONOUNCED IN OPEN COURT ON 8 TH MARCH, 2011 SD/- SD/- (D.K. TYAGI) JUDICIAL MEMBER (G.D. AGARWAL) VICE-PRESIDENT ITA NO.3247/AHD/2010 -2- PLACE : AHMEDABAD DATE : 08-03-2011 C OPY OF THE ORDER FORWARDED TO: 1) : APPELLANT 2) : RESPONDENT 3) : CIT(A) 4) : CIT CONCERNED 5) : DR, ITAT. BY ORDER DR/AR, ITAT, AHMEDABAD