DCIT CIR 4(2), MUMBAI V. PUMARTH CREDIT & CAPITAL LTD, MUMBAI

ITA 3681/MUM/2010

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 48630 (ITAT-MUMBAI)
• Duration Of Justice: 11 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-04-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2006-2007
• Appeal Filed On: 07-05-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SURENDRA KUMARSR

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI C BENCH BEFORE SHRI D.K.AGARWAL, JUDICIAL MEMBER & SHRI T.R.SOOD, ACCOUNTANT MEMBER I.T.A.NO.3681/MUM/2010 A.Y 2006-07 THE ASST. COMMISSIONER OF I.T, CIRCLE 4(2), MUMBAI. VS. M/S. PUMARTH CREDIT & CAPITAL LTD., 28/29, VIMLA MAHAL, 1 ST FLOOR, 755, PEDDAR ROAD, MUMBAI 400 026. PAN: AABCP 8823 E (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI SURENDRA KUMAR,SR. DR RESPONDENT BY : NONE O R D E R PER T.R.SOOD, AM: IN THIS APPEAL VARIOUS GROUNDS HAVE BEEN RAISED BY THE REVENUE BUT THE ONLY DISPUTE IS REGARDING DISALLOWANCE IN R ESPECT OF TRANSACTION CHARGES, LEASE LINE AND VSAT CHARGES FOR NON DEDUCT ION OF TDS U/S.40(A)(IA). 2. NONE APPEARED DESPITE NOTICE. HOWEVER, IT WAS OB SERVED THAT THE ISSUE IS SQUARELY COVERED AGAINST THE REVENUE. THEREFORE, WE PROCEEDED TO DECIDE THE ISSUE ON EX PARTE BASIS. 3. THE LD. DR WAS HEARD. 4. AFTER CONSIDERING THE SUBMISSIONS OF THE LD. DR AND RELEVANT MATERIAL ON RECORD, WE FIND THAT THE ISSUE RAISED I S SQUARELY COVERED AGAINST THE REVENUE BY THE DECISION OF THE TRIBUNAL IN THE CASE OF KOTAK SECURITIES [318 ITR 268] (AT). IN THIS CASE I T WAS HELD THAT NO DISALLOWANCE CAN BE MADE U/S.40(A)(IA) IN RESPECT O F TRANSACTION 2 CHARGES AND LEASE LINE CHARGES. FOLLOWING THIS DECI SION, WE DECIDE THIS ISSUE AGAINST THE REVENUE. 5. IN THE RESULT, REVENUES APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS DAY OF 2 7/4/2011. SD/- SD/- (D.K.AGARWAL) (T.R.SOOD) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI: 27/4/2011. P/-* 9 DATE ON WHICH FILE GOES TO THE A.R 10 DATE OF DISPATCH OF ORDER