DCIT 4(2), MUMBAI V. S.G. SECURITIES, MUMBAI

ITA 5229/MUM/2009

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 1284 (ITAT-MUMBAI)
• Duration Of Justice: 9 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-06-2010
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: E
• Assessment Year: 2006-2007
• Appeal Filed On: 11-09-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Set aside
• Section: 143(3); 260A; 2

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL E BENCH: MUMBAI BEFORE SHRI PRAMOD KUMAR, ACCOUNTANT MEMBER AND SHRI VIJAY PAL RAO, JUDICIAL MEMBER ITA NO 5229/MUM/2009 (ASSESSMENT YEAR: 2006-07) ACIT CIR 4(2), ROOM NO 642, 6TH FLOOR, AAYAKAR BHAVAN, M K ROAD, MUMBAI -400 020 VS S G SECURITIES , 301-B, 3RD FLOOR, SAI SADAN, 76-78, MODY STREET, FORT, MUMBAI PAN: AABFS 6048 P APPELLANT RESPONDENT APPELLANT BY: SHRI S M KESHKAMAT RESPONDENT BY: NONE ORDER PER PRAMOD KUMAR 1. THIS APPEAL FILED BY THE ASSESSING OFFICER AND I S DIRECTED AGAINST THE ORDER DATED 12.6.2009 PASSED BY THE CIT (A) FOR THE ASSES SMENT YEAR 2006-07 IN THE MATTER OF ASSESSMENT U/S 143(3) UNDER THE INCOME-TA X ACT, 1961, THE GRIEVANCE RAISED BY THE ASSESSING OFFICER ARE AS FOLLOWS:- 1. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD CIT (A) ERRED IN DELETING THE DISALLOWANCE OF RS 8,55,300/- MADE ON ACCOUNT OF INSURANCE PREMIUM PAID UNDER KEYMAN INSURANCE POLIC Y IN RESPECT OF PARTNERS FOLLOWING THE DECISION OF THE ITAT IN ASSESSEES OW N CASE FOR AY 2000-01 & 2004-05 DATED 25.03.2009 WITHOUT APPRECIATING THE F ACT THAT THE DECISION OF THE ITAT HAS NOT BEEN ACCEPTED AND APPEALS U/S 260A HAVE BEEN FILED AND WITHOUT APPRECIATING THE FACT THAT THE ISSUE HAS NO T REACHED TO ITS FINALITY. 2. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE CIT (A) ERRED IN NOT APPRECIATING THE FACT THAT DECISION OF HONBLE ITAT IN THE CASE OF MODI MOTORS IN ITA NO.6900/MUM/2006 HAS NOT BEEN AC CEPTED BY THE REVENUE AND APPEAL U/S 260A IS FILED BEFORE THE HONBLE BOM BAY HIGH COURT VIDE ITXL NO.1185/2009. ITA 5220/M/2009 S G SECURITIES 2 3. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND I N LAW, THE IMPUGNED ORDER OF THE LD CIT (A) IS CONTRARY TO LAW AND CONS EQUENTLY MERITS TO BE SET ASIDE AND THAT OF THE ASSESSING OFFICER BE RESTORED . 2. NONE APPEARED FOR THE ASSESSEE, BUT THE ASSESSEE HAS FILED A COPY OF THE JUDGMENT DATED 6TH APRIL 2010 PASSED BY HONBLE BOM BAY HIGH COURT IN ASSESSEES OWN CASE DISMISSING THE APPEALS FILED BY THE COMMIS SIONER AGAINST ORDERS PASSED BY THE ITAT FOR THE ASSESSMENT YEARS 2000-01 AND 2004- 05. 3. WE HAVE HEARD THE LEARNED DEPARTMENTAL REPRESENT ATIVE AND PERUSED THE MATERIAL ON RECORD AS ALSO DULY CONSIDERED FACTUAL MATRIX OF THE CASE AND APPLICABLE LEGAL POSITION. 4. A PLAIN READING OF THE GROUNDS OF THE APPEAL ITS ELF SHOWS THAT THE ISSUES IN APPEAL ARE COVERED BY THE DECISIONS OF THE CO-ORDIN ATE BENCHES. THE COPY OF THE JUDGMENT FILED BY THE ASSESSEE FURTHER INDICATES TH AT THEIR LORDSHIPS OF HONBLE BOMBAY HIGH COURT HAVE DECLINED TO ADMIT APPEALS AG AINST THE ORDERS PASSED BY THE TRIBUNAL IN ASSESSEES OWN CASE, AND THUS, THE ORDE R OF THE TRIBUNAL HAVE ACHIEVED FINALITY. IN THIS VIEW OF THE MATTER, WE SEE NO RE ASONS TO TAKE ANY OTHER VIEW OF THE MATTER THEN THE VIEW SO TAKEN BY THE CO-ORDINATE BE NCHES, WHICH HAS ALSO BEEN APPROVED BY THE HONBLE JURISDICTIONAL HIGH COURT. RESPECTFULLY FOLLOWING THE SAME, WE REJECT THE GRIEVANCES RAISED BY THE ASSESSING OF FICER AND CONFIRM THE STAND OF THE CIT (A). THE MATTER DOES NOT CALL FOR ANY INTERFER ENCE. 5. IN THE RESULT, APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT TODAY ON THE 25 TH DAY OF JUNE 2010. SD/- (VIJAY PAL RAO) JUDICIAL MEMBER SD/- (PRAMOD KUMAR) ACCOUNTANT MEMBER MUMBAI, DATE: 25TH JUNE 2010 ITA 5220/M/2009 S G SECURITIES 3 COPY TO:- 1) THE APPELLANT. 2) THE RESPONDENT. 3) THE CIT (A)-IV, MUMBAI. 4) THE CIT 4, MUMBAI. 5) THE D.R. E BENCH, ITAT, MUMBAI. BY ORDER / / TRUE COPY / / ASSTT. REGISTRAR CHAVAN* I.T.A.T., MUMBAI ITA 5220/M/2009 S G SECURITIES 4 SR.N. EPISODE OF AN ORDER DATE INITIALS CONCERNED 1 DRAFT DICTATED ON 15.06.2010 SR.PS 2 DRAFT PLACED BEFORE AUTHOR 15.06.2010 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 SR.PS 6 KEPT FOR PRONOUNCEMENT ON SR.PS 7 FILE SENT TO THE BENCH CLERK SR.PS 8 DATE ON WHICH FILE GOES TO THE HEAD CLERK 9 DATE OF DISPATCH OF ORDER