ACIT 11(1), MUMBAI V. LIVEWIRE PROGRAMME TRDG. CO P. LTD, MUMBAI

ITA 3264/MUM/2010

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 5660 (ITAT-MUMBAI)
• Duration Of Justice: 10 year(s) 5 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-10-2020
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: G
• Assessment Year: 2002-2003
• Appeal Filed On: 26-04-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: V VINOD KUMAR LD
• Keywords: Transfer pricing; Business expenditure; Commercial expediency; Reassessment proceedings; Set aside
• Section: 143(3); 143(1); 208; 147

Judgement Text

ITA NO.3264 TO 3266/MUM/2010 M/S. LIVEWIRE PROGRAMME TRADING CO. PVT. LTD. ASSESSMENT YEARS :2002-03 TO 2004-05 1 IN THE INCOME TAX APPELLATE TRIBUNAL G BENCH, MUMBAI BEFORE JUSTICE SHRI P. P. BHATT, PRESIDENT AND SHRI MANOJ KUMAR AGGARWAL, AM (HEARING THROUGH VIDEO CONFERENCING MODE) ./ I.T.A. NO.3264/MUM/2010 ( / ASSESSMENT YEAR : 2002-03 ) & ./ I.T.A. NO.3265/MUM/2010 ( / ASSESSMENT YEAR : 2003-04 ) & ./ I.T.A. NO.3266/MUM/2010 ( / ASSESSMENT YEAR : 2004-05 ) A CIT - 1 1 ( 1 ) ROOM NO.439 AAYKAR BHAVAN M.K. MARG MUMBAI-400 020. / VS. M/S. LIVEWIRE PROGRAMME TR ADING CO. P. LTD. STAR HOUSE, DR. E. MOSES ROAD MAHALAXMI, MUMBAI-400 011. PAN : AAACL - 0864 - E ( /APPELLANT ) : ( / RESPONDENT ) & C.O. NO.23/MUM/2011 (ARISING OUT OF ITA NO. 3264/MUM/2010) ( / ASSESSMENT YEAR : 2002-03 ) & C.O. NO.24/MUM/2011 (ARISING OUT OF ITA NO.3265/MUM/2010 ( / ASSESSMENT YEAR : 2003-04 ) & C.O. NO.25/MUM/2011 (ARISING OUT OF ITA NO.3266/MUM/2010 ( / ASSESSMENT YEAR : 2004-05 ) M/ S. LIVEWIRE PROGRAMME TR ADING CO. P. LTD. STAR HOUSE, DR. E. MOSES ROAD MAHALAXMI, MUMBAI-400 011. / VS. A CIT - 1 1 ( 1 ) ROOM NO.439 AAYKAR BHAVAN M.K. MARG MUMBAI-400 020. PAN : AAACL - 0864 - E ( /APPELLANT ) : ( / RESPONDENT ) ITA NO.3264 TO 3266/MUM/2010 M/S. LIVEWIRE PROGRAMME TRADING CO. PVT. LTD. ASSESSMENT YEARS :2002-03 TO 2004-05 2 ASSESSEE BY : MS. AARTI SATHE-LD. AR REVENUE BY : SHRI V. VINOD KUMAR -LD. DR / DATE OF HEARING : 30/09/2020 / DATE OF PRONOUNCEMENT : 05/10/2020 / O R D E R PER BENCH 1. AFORESAID APPEALS BY REVENUE FOR ASSESSMENT YEAR S [IN SHORT REFERRED TO AS AY] 2002-03 TO 2004-05 CONTEST SEP ARATE ORDER OF LEARNED FIRST APPELLATE AUTHORITY ON CERTAIN COMMON GROUNDS OF APPEAL. THE FACTS AS WELL AS ISSUES ARE STATED TO BE PARI-MATERIA THE SAME IN ALL THE 3 YEARS AND THEREFORE, THE APPEALS WERE HEARD TOGETHER AND ARE NOW BEING DISPOSED-OFF BY WAY OF THIS CONSOLIDATED ORDER FOR THE SAKE OF CONVENIENCE AND BREVITY. THE ASSESSEE HAS FILED CRO SS-OBJECTIONS AGAINST THE SAME WHICH WOULD BE ADJUDICATED ALONG W ITH REVENUES APPEALS. 2. THE LD. COUNSEL FOR ASSESSEE, MS. AARTI SATHE, A T THE OUTSET, SUBMITTED THAT THE SOLE ISSUE INVOLVED IN ALL THE 3 YEARS IS INTEREST DISALLOWANCE U/S 36(1)(III). THE ISSUE OF INTEREST DISALLOWANCE, ON MERITS, IS SQUARELY COVERED IN ASSESSEES FAVOR BY THE DECI SION OF THIS TRIBUNAL IN ASSESSEES OWN CASE FOR AYS 2005-06 & 2006-07, REVE NUES APPEAL ITA NOS.632 & 2866/MUM/2010 COMMON ORDER DATED 13/05/20 15. A COPY OF THE SAME HAS BEEN PLACED ON RECORD. THE COORDINATE BENCH, IN THE SAID ORDER, HAS DISMISSED REVENUES APPEALS FOR AYS 2005 -06 & 2006-07. ON THE OTHER HAND, LD. SR. DR, SHRI V. VINOD KUMAR, RE LIED ON THE ORDERS OF ITA NO.3264 TO 3266/MUM/2010 M/S. LIVEWIRE PROGRAMME TRADING CO. PVT. LTD. ASSESSMENT YEARS :2002-03 TO 2004-05 3 LD. AO IN MAKING THE DISALLOWANCE. BUT THE FACT THA T ISSUE ON MERITS, AT PRESENT, IS SQUARELY COVERED BY THE AFORESAID DECIS ION OF THE TRIBUNAL, REMAIN UNCONTROVERTED BEFORE US. 3. IN THE BACKGROUND, FIRST WE TAKE UP APPEAL AS WE LL AS CROSS- OBJECTION FOR AY 2002-03. THE REVENUE HAS CONTESTED THE ORDER OF LD. COMMISSIONER OF INCOME TAX (APPEALS)-3, MUMBAI [CIT (A)], APPEAL NO. CIT(A)-3/ACIT-11(1)/IT-26/2009-10 ORDER DATED 23/02 /2010 ON FOLLOWING GROUNDS OF APPEAL: - 1. ON THE FACTS AND IN THE CIRCUMSTANCES IN THE CA SE AND IN LAW, THE LD. CIT(A) ERRED IN DIRECTING TO ALLOW THE INTEREST PAID TO ST AR INDIA PVT. LTD. AMOUNTING TO RS.4,48,51,000/- AS BUSINESS EXPENDITURE. 2. THE APPELLANT PRAYS THAT THE ORDER OF CIT(APPEAL S) ON THE ABOVE GROUNDS BE SET ASIDE AND THAT OF THE ASSESSING OFFICER RESTORE D. THE ASSESSEE, BY WAY OF CROSS-OBJECTION, HAS CHALLE NGED THE LEGALITY OF REASSESSMENT PROCEEDINGS. AS EVIDENT FROM REVENUES GROUNDS, THE REVENUE IS AGGRIEVED BY DELETION OF INTEREST DISALL OWANCE OF RS.448.51 LACS AS MADE BY LD. AO WHILE FRAMING ASSESSMENT FOR THE YEAR UNDER CONSIDERATION. 4.1 THE MATERIAL ON RECORD WOULD SHOW THE ASSESSEE WAS SUBJECTED TO REASSESSMENT PROCEEDINGS FOR THE YEAR UNDER CONSIDE RATION. ACCORDINGLY, AN ASSESSMENT WAS FRAMED U/S 143(3) RE AD WITH SECTION 147 ON 19/11/2009 WHEREIN THE ASSESSEE WAS SADDLED WITH INTEREST DISALLOWANCE OF RS.448.51 LACS. THE REASSESSMENT PR OCEEDINGS WERE TRIGGERED PURSUANT TO ASSESSMENT PROCEEDINGS FOR AY 2005-06 WHEREIN THE ASSESSEE WAS SADDLED WITH CERTAIN INTEREST DISA LLOWANCE. THEREFORE, TO MAKE SIMILAR DISALLOWANCE IN AY 2002-03, THE ASS ESSEE WAS SUBJECTED TO REASSESSMENT PROCEEDINGS. ITA NO.3264 TO 3266/MUM/2010 M/S. LIVEWIRE PROGRAMME TRADING CO. PVT. LTD. ASSESSMENT YEARS :2002-03 TO 2004-05 4 4.2 THE ASSESSEE HAD DEBITED INTEREST ON BANK OVERD RAFT FOR RS.300.92 LACS AND OTHER INTEREST OF RS.147.59 LACS FOR THE Y EAR UNDER CONSIDERATION AND CLAIMED DEDUCTION OF THE SAME U/S 36(1)(III). THE ASSESSEE BEING RESIDENT CORPORATE ASSESSEE WAS STAT ED TO BE ENGAGED IN TRADING OF RIGHTS OF CINEMATOGRAPHIC FILMS AND T ELEVISION PROGRAMME SOFTWARE ETC. IT PROCURED RIGHTS IN RESPECT OF VARI OUS GENRES OF FILMS FROM THIRD PARTIES SUCH AS PRODUCERS, LICENSE HOLDERS ET C. AND SOLD THE SAME IN ITS ENTIRETY TO ITS ASSOCIATE ENTERPRISE NAMELY SGL ENTERTAINMENT LTD. (SGL). 4.3 THE ASSESSEE BORROWED INTER-CORPORATE DEPOSITS (ICD) FROM ANOTHER ENTITY NAMELY M/S STAR INDIA PRIVATE LIMITE D (SIPL) AND ALSO AVAILED BANK OVERDRAFT FROM THE BANK FOR THE PURPOS ES OF CARRYING OUT OF ITS BUSINESS. ACCORDINGLY, THE INTEREST ON ICDS AND BANK-OVERDRAFT WAS CLAIMED AS DEDUCTION U/S 36(1)(III). DURING THE COU RSE OF ASSESSMENT PROCEEDINGS, THE ASSESSEE SUBMITTED THAT SIPL WAS N OT A RELATED PARTY WITHIN THE MEANING OF SECTION 40A(2) OF THE ACT AND FURTHER, SIPL WAS A RESIDENT IN INDIA FOR TAX PURPOSES. THE INTEREST SO EARNED BY SIPL WAS OFFERED TO TAX DURING THE SUBJECT AY. THEREFORE, TH E DEDUCTION WAS ALLOWABLE TO THE ASSESSEE. RELIANCE WAS PLACED, INTER-ALIA, ON THE DECISION OF HONBLE SUPREME COURT IN S.A. BUILDERS V/S CIT 289 ITR 26 TO SUPPORT THE VARIOUS SUBMISSIONS . 4.4 HOWEVER, IT WAS THE ALLEGATION OF LD. AO THAT M /S SGL, M/S SIPL AND THE ASSESSEE WERE PART OF THE SAME NEWSCORP GRO UP. THE ASSESSEE WAS EXPECTED TO TAKE SUFFICIENT ADVANCE FROM ITS PR INCIPAL AND MANAGE ITS LIQUIDITY CONCERNS. INSTEAD OF DOING THE SAME, IT TOOK LOAN FROM ALLEGED ITA NO.3264 TO 3266/MUM/2010 M/S. LIVEWIRE PROGRAMME TRADING CO. PVT. LTD. ASSESSMENT YEARS :2002-03 TO 2004-05 5 NON-SEC. 40A (2) CONCERN TO ENSURE THAT NO INCOME I S TAXED IN THE HANDS OF INDIAN COMPANIES. FURTHER, THE TRANSACTIONS WERE NOT DECLARED IN FORM 3CEB AS PER THE TRANSFER PRICING REGULATIONS. THERE FORE, THE INTEREST PAYMENT AGGREGATING TO RS.448.51 LACS WAS HELD TO B E NOT IN BUSINESS EXPEDIENCY AND NOT MANDATED BY BUSINESS EXIGENCIES. FINALLY, THE SAME WAS DISALLOWED WHILE FRAMING THE ASSESSMENT. 5.1 BEFORE LD. CIT(A), THE ASSESSEE WHILE CHALLENGI NG THE LEGALITY OF REASSESSMENT PROCEEDINGS, ASSAILED THE INTEREST DIS ALLOWANCE ON MERITS ALSO. HOWEVER, NOT CONVINCED WITH ASSESSEES LEGAL GROUNDS, LD. CIT(A) UPHELD THE REASSESSMENT PROCEEDINGS SINCE THE ORIGI NAL RETURN OF INCOME FILED BY THE ASSESSEE WAS PROCESSED U/S 143(1) ONLY AND THE CONDITIONS OF REOPENING WERE DULY FULFILLED. 5.2 THE ISSUE, ON MERITS, HOWEVER, WAS DECIDED IN A SSESSEES FAVOR BY RELYING UPON THE APPELLATE ORDER FOR AY 2005-06 WHE REIN THE DISALLOWANCE SO MADE BY LD. AO FOR THAT YEAR WAS DE LETED BY FIRST APPELLATE AUTHORITY. IT WAS NOTED THAT LD. AO HAD N OT DISPUTED THE USE OF LOANS AND THEREFORE, THE DISALLOWANCE WAS TO BE DEL ETED. 5.3 AGGRIEVED AS AFORESAID, THE REVENUE IS UNDER FU RTHER APPEAL BEFORE US ON ADMISSIBILITY OF INTEREST EXPENDITURE. THE AS SESSEE, IN ITS CROSS- OBJECTIONS, HAS PLEADED THAT REASSESSMENT PROCEEDIN GS WERE INVALID AND BAD IN LAW. 6. WE HAVE CAREFULLY HEARD THE RIVAL SUBMISSIONS AN D PERUSED RELEVANT MATERIAL ON RECORD INCLUDING THE CITED DEC ISION OF COORDINATE BENCH OF TRIBUNAL IN ASSESSEES OWN CASE FOR AYS 20 05-06 & 2006-07. UPON PERUSAL OF THE SAME, WE FIND THAT THE ADJUDICA TION OF LD. CIT(A) IN ITA NO.3264 TO 3266/MUM/2010 M/S. LIVEWIRE PROGRAMME TRADING CO. PVT. LTD. ASSESSMENT YEARS :2002-03 TO 2004-05 6 DELETING THE INTEREST DISALLOWANCE IN AY 2005-06 WA S AGITATED BY THE REVENUE BEFORE THIS TRIBUNAL ON MERITS. HOWEVER, TH E STAND OF LD. CIT(A) IN DELETING THE DISALLOWANCE WAS UPHELD AND REVENUE S APPEAL WAS DISMISSED BY COORDINATE BENCH BY OBSERVING AS UNDER : - 4. WE HAVE CONSIDERED RIVAL CONTENTIONS AND FOUND FROM THE RECORD THAT THE FINANCIAL STATEMENTS OF ASSESSEE EVIDENCED UTILIZATION OF BOR ROWED FUNDS FOR PROCURING RIGHTS IN RESPECT OF VARIOUS GENRES OF FILMS FROM THIRD PARTIES FOR S ALE TO SGL ENTERTAINMENT. AS SUCH BORROWED FUNDS ON WHICH INTEREST HAS BEEN PAID WERE UTILIZED FOR PURPOSE OR BUSINESS ENTITLING ASSESSEE TO CLAIM DEDUCTION U/S 36(1)(III ). REGARDING A.O.S OBSERVATION THAT THE ACT OF BORROWING FUNDS FROM SIPL IS NOT IN BUSINESS EXP EDIENCY AND WITH A VIEW TO AVOID TAXABILITY IN THE HANDS OR THE ASSESSEE, WE FOUND T HAT FUNDS WERE BORROWED FROM SIPL FOR BUSINESS PURPOSE, THE EXPENSES BEING WHOLLY AND EXC LUSIVELY FOR THE PURPOSE OF BUSINESS BASED ON COMMERCIAL EXPEDIENCY. INTEREST EXPENSES W ERE INCURRED FOR PURPOSE OF ASSESSEE'S OWN BUSINESS, PROFITS OF WHICH ARE CHARGEABLE TO TA X UNDER THE PROVISIONS OF THE ACT. FURTHER WHETHER A PARTICULAR EXPENDITURE IS NECESSARY CONSI DERING COMMERCIAL EXPEDIENCY HAS TO BE DECIDED FROM THE POINT OF VIEW OF BUSINESSMAN ALONE AND NOT BY THE REVENUE AUTHORITIES. FOR THIS PURPOSE RELIANCE CAN BE PLACED ON DECISION OF HON'BLE SUPREME COURT IN THE CASE OF DCIT V/S CORE HEALTH CARE LTD.(2 TR 194), S.A.BUILD ERS LTD. V/S CIT (288 ITR 01), CIT V/S PANIPAT WOOLLEN & GENERAL MILLS CO. LTD. (103 ITR 6 6), BOMBAY SAMACHAR LTD. (74 ITR 723), CIT V/S SALES MAGNESITE (PVT) LTD (1995) (214 ITR 1) (BORN), CIT V/S CHANDULAL KESHAVLAL & CO. (1960) (38 ITR 601), BOMBAY STEAM N AVIGATION CO. PVT. LTD. V/S CIT (1965) (56 ITR 52), CALCUTTA LANDING & SHIPPING CO. LTD. V/S CIT (1967) (65 ITR 1) CAL), JK COMMERCIAL CORPN. LTD. V/S CIT (1969) (72 ITR 29 6) (ALL), CIT VIS DALMIA CEMENT (B.) LTD (2002) (254 ITR 377) (DEL.), DCIT V/S M/S PARRY AND COMPANY LTD. (2008- TIOL-555- ITAT-MAD), HATIWALA SILK MILLS V/S ASSESSING OFFICE R (2002) (19 TT] 284) (AHM.), CIT VIS WALCHAND AND CO. PVT. LTD. (1967) (65 ITR 381) (SC), AND CIT V/S RAJARARN BANDEKAR (1994) 208 ITR 503 (BOM). AS PER THE FINDING RECORD ED BY THE CIT(A), M/S STAR INDIA PVT. LTD. IS NOT COMING WITHIN THE PURVIEW OF SECTION 40 A(2), THEREFORE, IT CANNOT BE SAID THAT INTEREST SO PAID TO A RELATED PARTY SO AS TO AVOID BURDEN OF TAX ON THE ASSESSEE. THE DETAILED FINDINGS OF THE CIT(A) RECORDED AT PARA 2.3 AND 2.3 .1 HAS NOT BEEN CONTROVERTED BY DEPARTMENT BY BRINGING ANY POSITIVE MATERIAL ON REC ORD. ACCORDINGLY, WE DO NOT FIND ANY REASON TO INTERFERE IN THE ORDER OF CIT(A) DELETING DISALLOWANCE ON INTEREST. IT WAS OBSERVED BY THE BENCH THAT BORROWED FUNDS WE RE UTILIZED FOR BUSINESS PURPOSES ENTITLING ASSESSEE TO CLAIM DEDUC TION U/S 36(1)(III). WHETHER A PARTICULAR EXPENDITURE WAS NECESSARY CONS IDERING COMMERCIAL EXPEDIENCY WAS TO BE DECIDED FROM THE POINT OF VIEW OF BUSINESSMAN ALONE AND NOT BY THE REVENUE AUTHORITIES. FURTHER, M/S SIPL WAS NOT ITA NO.3264 TO 3266/MUM/2010 M/S. LIVEWIRE PROGRAMME TRADING CO. PVT. LTD. ASSESSMENT YEARS :2002-03 TO 2004-05 7 COMING WITHIN THE PURVIEW OF SEC. 40A(2). FINALLY, THE REVENUES APPEAL WAS DISMISSED. 7. FROM THE ENUMERATION OF FACTS IN PROCEEDING PARA GRAPHS FOR THE YEAR UNDER CONSIDERATION, IT IS QUITE EVIDENT THAT THE REASSESSMENT PROCEEDINGS WERE TRIGGERED BASED ON INTEREST DISALL OWANCE IN AY 2005- 06. THE SAID DISALLOWANCE, HAS ULTIMATELY BEEN DELE TED BY THE TRIBUNAL FOR AY 2005-06. NOTHING ON RECORD WOULD SUGGEST THA T THE SAID DECISION WAS NOT APPLICABLE TO THE FACTS OF THE PRESENT CASE . NO CHANGE IN MATERIAL FACTS HAVE BEEN BROUGHT ON RECORD. IN FACT , THE REASSESSMENT PROCEEDINGS WERE TRIGGERED IN THIS YEAR ON THE BASI S OF DISALLOWANCE MADE IN AY 2005-06. THE RELIEF HAS BEEN GIVEN BY LD . CIT(A) BY RELYING UPON THE APPELLATE ORDER FOR AY 2005-06 WHICH HAS F INALLY BEEN AFFIRMED BY THE TRIBUNAL. IN SUCH A SCENARIO, NO FAULT COULD BE FOUND IN THE IMPUGNED ORDER AND NO DISALLOWANCE WOULD SURVIVE AG AINST THE ASSESSEE FOR THE YEAR UNDER CONSIDERATION. THEREFOR E, BY CONFIRMING THE STAND OF LD. CIT(A), WE DISMISS THE APPEAL. 8. THE LD. AR HAS SUBMITTED THAT SINCE ISSUE ON MER ITS IS SQUARELY COVERED IN ASSESSEES FAVOR, THE ASSESSEE DO NOT WI SH TO PRESS FOR ITS CROSS-OBJECTIONS. HENCE, THE SAME STAND DISMISSED B EING INFRUCTUOUS. 9. RESULTANTLY REVENUES APPEAL AS WELL AS ASSESSEE S CROSS- OBJECTIONS STANDS DISMISSED. ITA NO.3265/MUM/2010 & CO. NO.24/MUM/2011 (AY 2003- 04): 10. FACTS ARE PARI-MATERIA THE SAME IN THIS YEAR. A N ASSESSMENT WAS FRAMED U/S 143(3) R.W.S. 147 ON 19/11/2009 WHEREIN THE ASSESSEE WAS SADDLED WITH INTEREST DISALLOWANCE OF RS.283.17 LAC S. UPON FURTHER ITA NO.3264 TO 3266/MUM/2010 M/S. LIVEWIRE PROGRAMME TRADING CO. PVT. LTD. ASSESSMENT YEARS :2002-03 TO 2004-05 8 APPEAL, LD. CIT(A) HELD THAT REOPENING U/S 147 WAS NOT SUSTAINABLE SINCE ORIGINAL ASSESSMENT WAS FRAMED U/S 143(3) AND THERE WAS APPLICATION OF MIND BY LD. AO ON THE ISSUE OF INTEREST DISALLOWANC E DURING SCRUTINY ASSESSMENT PROCEEDINGS. CONSEQUENTLY, THE ISSUE ON MERITS WAS NOT ADJUDICATED. THE SAID ADJUDICATION HAS GIVEN RISE T O REVENUES APPEAL AND ASSESSEES CROSS-OBJECTIONS BEFORE US. THE REVE NUE, IN ITS APPEAL, HAS CONTESTED THE ADJUDICATION OF LD. CIT(A) WHEREA S THE ASSESSEE, IN ITS CROSS-OBJECTIONS HAS PLEADED THAT IT REOPENING WAS TO BE UPHELD, THE INTEREST EXPENDITURE, ON MERITS, WOULD BE AN ALLOWA BLE EXPENDITURE. 11. SINCE THE FACTS ARE PARI-MATERIA THE SAME AS IN AY 2002-03 EXCEPT FOR THE FACT THAT LD. CIT(A) HAS QUASHED THE REASSE SSMENT PROCEEDINGS AND NOT ADJUDICATED THE ISSUE ON MERITS. NEVERTHELE SS, THE ISSUE, ON MERITS, IS SQUARELY COVERED IN ASSESSEES FAVOR BY THE CITED DECISION OF TRIBUNAL FOR AY 2005-06. RESULTANTLY, THE ASSESSEE S CROSS-OBJECTIONS WHICH CONTEST THE ISSUE ON MERITS STAND ALLOWED. TH E SAME WOULD RENDER DELIBERATIONS ON REVENUES APPEAL MERELY ACADEMIC I N NATURE. CONSEQUENTLY, THE REVENUES APPEAL STANDS DISMISSED AS BEING INFRUCTUOUS . THE ASSESSEES CROSS-OBJECTIONS STANDS ALLOWED WH EREAS THE REVENUES APPEAL STANDS DISMISSED. ITA NO.3266/MUM/2010 & CO. NO.25/MUM/2011 (AY 2004- 05): 12. FACTS ARE PARI-MATERIA THE SAME IN THIS YEAR. A N ASSESSMENT WAS FRAMED U/S 143(3) R.W.S. 147 ON 09/12/2009 WHEREIN THE ASSESSEE WAS SADDLED WITH INTEREST DISALLOWANCE OF RS.350.66 LAC S. UPON FURTHER APPEAL, LD. CIT(A), WHILE UPHOLDING THE REASSESSMEN T PROCEEDINGS, ADJUDICATED THE ISSUE IN ASSESSEES FAVOR BY RELYIN G UPON APPELLATE ORDER ITA NO.3264 TO 3266/MUM/2010 M/S. LIVEWIRE PROGRAMME TRADING CO. PVT. LTD. ASSESSMENT YEARS :2002-03 TO 2004-05 9 FOR AY 2005-06. THE SAME HAS GIVEN RISE TO REVENUE S APPEAL AND ASSESSEES CROSS-OBJECTIONS BEFORE US WHEREIN IDENT ICAL GROUNDS HAVE BEEN RAISED AS IN AY 2002-03. 13. SINCE THE FACTS IN THIS YEAR ARE PARI-MATERIA T HE SAME AS IN AY 2002-03, OUR ADJUDICATION THEREIN SHALL MUTATIS-MUTANDIS APPLY TO THIS YEAR. RESULTANTLY, THE REVENUES APPEAL AS WELL AS ASSESSEES CROSS- OBJECTIONS STANDS DISMISSED. CONCLUSION 14. THE REVENUES APPEALS ITA NOS. 3264 TO 3266/MUM /2010 AS WELL AS ASSESSEES CO. NOS.23 & 25/MUM/2011 STANDS DISMI SSED. THE ASSESSEES CO. NO. 24/MUM/2011 STAND ALLOWED. ORDER PRONOUNCED ON 05TH OCTOBER, 2020. SD/- SD/- (JUSTICE P.P. BHATT) ( MANOJ KUMAR AGGARWAL) PRESIDENT /0 / ACCOUNTANT MEMBER MUMBAI; / DATED : 05/10/2020 SR.PS, JAISY VARGHESE ! / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT 3. $4 ( ) / THE CIT(A) 4. $4 / CIT CONCERNED 5. 3&563(3%37 , 37 , $ / DR, ITAT, MUMBAI 6. 689: / GUARD FILE / BY ORDER, / (DY./ASSTT.REGISTRAR) , / ITAT, MUMBAI.