ITO 4(2)(1), MUMBAI V. PREBON YAMANE (INDIA) LTD, MUMBAI

ITA 4198/MUM/2009

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 7260 (ITAT-MUMBAI)
• Duration Of Justice: 8 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-03-2010
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2005-2006
• Appeal Filed On: 08-07-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PARAMJEET SINGH

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH C ,MUMBAI BEFPRE SHRI D. MANMOHAN, VICE PRESIDENT AND SHRI A. L. GEHLOT, ACCOUNTANT MEMBER I.T.A.NO. 4198/MUM/2009 (A.Y. 2005-06 ) INCOME-TAX OFFICER -4(2)(1), R.NO.644, 6 TH FLOOR, AAYKAR BHAVAN, M.K.ROAD, MUMBAI-400 020. VS. M/S.PREBON YAMANE (INDIA) LTD., MANEKJI WADIA BLDG., 4 TH FLOOR, 127, M.G. ROAD, FORT, MUMBAI-400 001. PAN: AAACE3505D APPELLANT RESPONDENT APPELLANT BY SHR I PARAMJEET SINGH. RESPONDENT BY SHRI ASHISH MEHTA. O R D E R PER D. MANMOHAN, VICE PRESIDENT: THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF CIT(APPEALS)- IV, MUMBAI, AND IT PERTAINS TO THE ASSESSMENT YEAR 2005-06. THOUGH THE REVENUE HAS RAISED AS MANY AS FIVE GROUNDS, ONLY TH REE ISSUES ARE INVOLVED IN THIS APPEAL, I.E., (A) ALLOWABILITY OF INTEREST PAI D ON REGISTRATION FEES PAID TO SEBI UNDER THE SEBI INTEREST LIABILITY REGULARIZATION SC HEME 2004, (B) VSAT & TRANSACTION CHARGES , WHETHER THEY FALL WITHIN THE MEANING OF THE EXPRESSION PROFESSIONAL AND TECHNICAL SERVICES AND (C) WHETH ER THE AMOUNT PAID TOWARDS PENALTY, LEVIED BY THE STOCK EXCHANGE, IS ALLOWABLE AS DEDUCTION U/S.37 OF THE ACT. 2. THE LD. DEPARTMENTAL REPRESENTATIVE STRONGLY REL IED UPON THE ORDERS OF THE TAX AUTHORITIES, WHEREAS THE LD. COUNSEL APPEARING ON BEHALF OF THE ASSESSEE FILED A PAPER BOOK CONTAINING A CHART AND RELEVANT CASE L AW WHEREBY IT WAS CONTENDED ITA 4198/M/09 2 THAT ALL THE ISSUES WERE SQUARELY COVERED BY THE DE CISION OF THE ITAT, E BENCH, MUMBAI, IN THE CASE OF M/S. STAR SHARE & STOCK BROK ERS LTD. (ITA NO.5187/MUM/2008) DATED 29-04-2009. 3. HAVING REGARD TO THE RIVAL SUBMISSIONS, WE ARE O F THE VIEW THAT THE ORDER PASSED BY THE LD. CIT(A) DOES NOT CALL FOR ANY INTE RFERENCE IN AS MUCH AS THE VIEW TAKEN BY THE LD. CIT(A) IS IN CONSONANCE WITH THE V IEW TAKEN BY THE ITAT (SUPRA). BY RESPECTFULLY FOLLOWING THE AFORESTATED DECISION, WE UPHOLD THE ORDER OF THE LD. CIT(A) AND DISMISS THE APPEAL OF THE REVENUE. ORDER PRONOUNCED ON THE 24TH DAY OF MARCH, 2010. SD/- SD/- (A.L. GEHLOT) (D. MANMOHAN) ACCOUNTANT MEMBER VICE PRESIDENT MUMBAI:24TH MARCH , 2010 COPY TO : 1. ASSESSEE. 2.DEPARTMENT. 3 CIT(A)-IV,MUMBAI. 4 CIT-4,MUMBAI. 5.DR,C BENCH,MUMBAI. 6. GUARD FILE. (TRUE COPY) BY ORDER, NG: ASST.REGISTRAR, ITAT, MUMBAI. ITA 4198/M/09 3 DETAILS DATE INITIALS DESIGNATION 1 DRAFT DICTATED ON 24-3-10 SR.PS/ 2 DRAFT PLACED BEFORE AUTHOR 24-3-10 SR.PS/ 3 DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM/AM 4 DRAFT DISCUSSED/APPROVED BY SECOND MEMBER JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS/ 6. KEPT FOR PRONOUNCEMENT ON SR.PS/ 7. FILE SENT TO THE BENCH CLERK SR.PS/ 8 DATE ON WHICH THE FILE GOES TO THE HEAD CLERK 9 DATE OF DISPATCH OF ORDER