ADIT(IT)-2(1), MUMBAI V. SOCIETE GENERALE, MUMBAI

ITA 3770/MUM/2009

• Counselvise Citation: 377019914 RSA 2009
• Duration Of Justice: 1 year(s) 11 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-05-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: J
• Next Hearing Date: 10-05-2011
• Assessment Year: 2004-2005
• Appeal Filed On: 11-06-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MRS KUSUM INGOLE
• Assessee Lawyers: BRIJMOHAN POORANMAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL J BENCH, MUMBAI BEFORE SHRI N.V. VASUDEVAN, JUDICIAL MEMBER AND SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER ITA NO. 3770/MUM./2009 (ASSESSMENT YEAR : 2004-05 ) DATE OF HEARING: 10.5.2011 ADDL. COMMISSIONER OF INCOME TAX RANGE-2(1), SCINDIA HOUSE BALLARD ESTATE, N.M. ROAD MUMBAI 400 038 .. APPELLANT V/S SOCIETE GENERALE MAKER CHAMBERS-IV, 13 TH FLOOR J.B. MARG, NARIMAN POINT MUMBAI 400 021 AABCS7484C .... RESPONDENT REVENUE BY : MRS. KUSUM INGOLE ASSESSEE BY : MR. BRIJMOHAN POORANMAL O R D E R PER J. SUDHAKAR REDDY, A.M. THIS APPEAL PREFERRED BY THE REVENUE, IS DIRECTED A GAINST THE IMPUGNED ORDER DATED 12 TH MARCH 2009, PASSED BY THE COMMISSIONER (APPEALS)-XXXI, MUMBAI, FOR ASSESSMENT YEAR 2004-05 . 2. GROUND NO.1, IS ON THE ISSUE OF DELETION OF BROKEN PERIOD INTEREST OF ` 12,48,958 PAID ON SECURITIES PURCHASED BY THE ASSES SEE TREATING SECURITIES AS STOCK-IN-TRADE. SOCIETE GENERALE ITA NO. 3770/MUM./2009 2 3. BOTH THE PARTIES AGREE BEFORE US THAT THIS ISSUE IS COVERED IN FAVOUR OF THE ASSESSEE AND AGAINST THE REVENUE BY THE DECISIO N OF B BENCH OF THIS TRIBUNAL RENDERED IN ASSESSEES OWN CASE IN ITA NO. 4099/MUM./2009, VIDE ORDER DATED 24 TH MAY 2004, FOR ASSESSMENT YEAR 1996-97. RESPECTFULL Y FOLLOWING THE SAME, WE DISMISS THE GROUND RAISED BY THE REVENUE. 4. GROUND NO.2, IS ON THE ISSUE OF DELETION OF ADDITIO N MADE ON GUARANTEE COMMISSION OF ` 1,13,11,678. 5. AFTER HEARING BOTH THE PARTIES, WE FIND THAT THIS I SSUE IS ALSO COVERED IN FAVOUR OF THE ASSESSEE AND AGAINST THE REVENUE BY T HE DECISION OF J BENCH OF THIS TRIBUNAL RENDERED IN ASSESSEES OWN CASE IN ITA NO.3769/MUM./2009, VIDE ORDER DATED 25 TH JUNE 2010, FOR ASSESSMENT YEAR 2002-03. RESPECTFUL LY FOLLOWING THE SAME, WE DISMISS THE GROUND RAISED BY THE REVENUE. 6. THE THIRD GROUND IS ON THE ISSUE OF REVALUATION LOS S ON FOREIGN EXCHANGE CONTRACT AMOUNTING TO ` 4,35,54,921. 7. BOTH THE PARTIES AGREE BEFORE US THAT THIS ISSUE IS COVERED IN FAVOUR OF THE ASSESSEE AND AGAINST THE REVENUE BY THE JUDGMEN T OF THE HON'BLE SUPREME COURT IN CIT V/S WOODWARD GOVERNOR INDIA PV T. LTD. (2009) 312 ITR 254 (SC). RESPECTFULLY FOLLOWING THE PRINCIPLES LAID DOWN IN THE JUDGMENT OF THE HON'BLE SUPREME COURT, WE UPHOLD THE ORDER O F THE COMMISSIONER (APPEALS) AND DISMISS THE GROUND OF APPEAL RAISED B Y THE REVENUE. 8. IN THE RESULT, REVENUES APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 20.5.2011 SD/- N.V. VASUDEVAN JUDICIAL MEMBER SD/- J. SUDHAKAR REDDY ACCOUNTANT MEMBER MUMBAI, DATED: 20.5.2011