The ACIT,A'bad Circle-3, Ahmedabad V. M/s. A to Z Broking Services Pvt.Ltd., Ahmedabad

ITA 3319/AHD/2010

• Counselvise Citation: 331920514 RSA 2010
• Duration Of Justice: 1 year(s) 11 month(s) 30 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-12-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2007-2008
• Appeal Filed On: 15-12-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: Y P VERMA
• Assessee Lawyers: R S VAHIA
• Keywords: Depreciation; Rectification of order
• Section: 154

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AT AHMEDABAD B BENCH BEFORE: SHRI D.K. TYAGI, JUDICIAL MEMBER AND SHRI T.R. MEENA, ACCOUNTANT MEMBER I.T.A. NO.3319/AHD/2010 A.Y. 2007-08 THE A.C.I.T., CIRCLE-3 AHMEDABAD APPELLANT VS. M/S A TO Z BROKING SERVICES PVT. LTD., AHMEDABAD, 508, SKAR-1 NR. GANDHIGRAM RIY STATION ASHRAM ROAD, AHMEDABAD PAN-AAACG7693J RESPONDENT DEPARTMENT BY : SHRI Y.P. VERMA, SR. D.R. ASSESSEE BY : SHRI R.S. VAHIA, A.R. DATE OF HEARING : 30.11.2012 DATE OF PRONOUNCEMENT : 14.12.2012 / ORDER PER : D.K. TYAGI, JUDICIAL MEMBER THIS IS REVENUES APPEAL AGAINST THE ORDER OF LD. C IT(A)-XVI, AHMEDABAD DATED 22.10.2010. 2. REVENUE HAS TAKEN FOLLOWING EFFECTIVE GROUND OF APPEAL:- THE LD. CIT(A) ERRED IN LAW AND ON FACTS IN ALLOWI NG THE ASSESSEES CLAIM OF RS.24,37,500/- ON ACCOUNT OF DE PRECIATION CLAIM ON STOCK EXCHANGE MEMBERSHIP CARD. 3. AFTER HEARING BOTH THE PARTIES WE FIND THAT IN T HIS CASE DURING THE ASSESSMENT PROCEEDINGS THE A.O. DISALLOWED THE DEPR ECIATION OF RS.24,37,500/- ON THE BOMBAY STOCK EXCHANGE MEMBERS HIP CARD I.T.A. NO.3319/AHD/2010 A.Y. 2007-08 2 FOLLOWING THE DECISION OF HONBLE SUPREME COURT IN THE CASE OF STOCK EXCHANGE AHMEDABAD 248 ITR 209. THE A.O. ALSO FOLL OWED THE DECISION OF HONBLE MUMBAI HIGH COURT IN THE CASE OF M/S TEC HNO SHARES AND STOCK LTD. LD. CIT(A), FOLLOWING THE SUPREME COURT DECISION IN THE CASE OF TECHNOSHARES AND STOCK LTD. ALLOWED THE ASSESSEE S APPEAL AND CLAIM OF DEPRECIATION ON MEMBERSHIP CARD WAS ALLOWED. 4. SUBSEQUENTLY ASSESSEE RECEIVED A NOTICE FROM LD. CIT(A) U/S 154 OF THE ACT WHEREIN LD. CIT(A) PROPOSED TO RECTIFY THE APPELLATE ORDER DATED 22.10.2010 ON THE GROUND THAT HONBLE SUPREME COURT DECISION WAS APPLICABLE FOR ONLY ASSESSMENT YEAR 1999-2000 TO AS SESSMENT YEAR 2002- 03 WHEREAS ASSESSEES ASSESSMENT WAS FOR ASSESSMENT YEAR 2007-08 AND THE DECISION OF THE SUPREME COURT IS NOT APPLICABLE FOR THIS ASSESSMENT YEAR. THE ASSESSEE ACCEPTED THIS PROPOSED RECTIFIC ATION OF LD. CIT(A) AND LD. CIT(A) PASSED AN ORDER U/S 154 OF THE ACT DATED 05.01.2011 WHEREIN THE ORIGINAL APPELLATE ORDER DATED 22.10.2010 (SUBJ ECT MATTER OF THIS APPEAL) WAS RECTIFIED AND THE ASSESSEES CLAIM OF D EPRECIATION WAS WITHDRAWN AND THE APPEAL WAS DISMISSED. THE COPY O F ORDER DATED 05.01.2011 IS PLACED ON RECORD. 5. AT THE TIME OF HEARING LD. COUNSEL OF THE ASSESS EE SUBMITTED THAT THIS RECTIFICATION ORDER OF LD. CIT(A) HAS BEEN ACC EPTED BY THE ASSESSEE AND NO FURTHER APPEAL IN THE MATTER HAS BEEN PREFER RED. 6. IN VIEW OF ABOVE FACTS OF THIS CASE, WE ARE OF T HE CONSIDERED OPINION THAT REVENUES GRIEVANCE HAS ALREADY BEEN S ETTLED AND THIS I.T.A. NO.3319/AHD/2010 A.Y. 2007-08 3 APPEAL OF THE REVENUE HAS BECOME INFRUCTUOUS AND TH EREFORE, THE SAME IS DISMISSED AS INFRUCTUOUS. 7. IN THE RESULT, REVENUES APPEAL IS DISMISSED AS INFRUCTUOUS. ORDER PRONOUNCED IN OPEN COURT ON 14.12.20 12 SD/- SD/- (T.R. MEENA) (D.K. TYAGI) ACCOUNTANT MEMBER JUDICIAL MEMBER N.K. CHAUDHARY, SR. P.S. COPY OF THE ORDER FORWARDED TO: 1. THE APPLICANT 2. THE RESPONDENT 3. THE CIT CONCERNED 4. THE LD. CIT (APPEALS) 5. THE DR, AHMEDABAD 6. THE GUARD FILE BY ORDER AR,ITAT,AHMEDABAD