J.B. ADVANI & COMPANY P. LTD, MUMBAI V. DCIT 2(2), MUMBAI

ITA 5334/MUM/2010

• Counselvise Citation: 533419914 RSA 2010
• Duration Of Justice: 1 year(s) 2 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-09-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: I
• Assessment Year: 2007-2008
• Appeal Filed On: 29-06-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SUNIL KUMAR SINGH
• Assessee Lawyers: AARTI SATHE

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL I BENCH, MUMBAI BEFORE SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER AN D SHRI VIJAY PAL RAO, JUDICIAL MEMBER ITA NO. 5334/MUM./2010 (ASSESSMENT YEAR : 2007-08 ) M/S. J.B. ADVANI & CO. PVT. LTD. ADOR HOUSE, 4 TH FLOOR 6, K. DUBASH MARG MUMBAI 400 023 PAN AAACJ1966D .. APPELLANT V/S DY. COMMISSIONER OF INCOME TAX CIRCLE-2(2), AAYAKAR BHAVAN 101, M.K. ROAD, MUMBAI 400 020 .... RESPONDENT ASSESSEE BY : MS. AARTI SATHE REVENUE BY : MR. SUNIL KUMAR SINGH DATE OF HEARING 12.09.2011 DATE OF ORDER 23.09.2011 O R D E R PER J. SUDHAKAR REDDY, A.M. THIS APPEAL PREFERRED BY THE ASSESSEE, IS DIRECTED AGAINST THE IMPUGNED ORDER DATED 13 TH MAY 2010, PASSED BY THE COMMISSIONER (APPEALS)-V, MUMBAI, FOR ASSESSMENT YEAR 2007-08. 2. THE SOLE DISPUTE IN THIS APPEAL IS, WHETHER OR NOT THE COMMISSIONER (APPEALS) WAS JUSTIFIED IN UPHOLDING THE ACTION OF THE ASSESSING OFFICER IN DISALLOWING ` 7,30,170 UNDER SECTION 14A. THE FIRST APPELLATE AU THORITY HAS M/S. J.B. ADVANI & CO. PVT. LTD. ITA NO.5334/M/2010 2 FOLLOWED THE DECISION OF MUMBAI SPECIAL BENCH OF TH E TRIBUNAL IN ITO V/S DAGA CAPITAL MANAGEMENT P. LTD., (2008) 119 TTJ (MU M.) 289 (SB). THE HON'BLE JURISDICTIONAL HIGH COURT IN GODREJ & BOYCE MFG. CO. LTD. V/S DCIT, (2010), 328 ITR 081 (BOM.) , HAS PARTLY REVERSED THE DECISION OF MUMBAI SPECIA L BENCH OF THE TRIBUNAL IN DAGA CAPITAL MANAGEMENT P. LTD. (SUPRA). UNDER THESE CIRCUMSTANCES, WE DEEM IT APPROPRIATE TO SET ASIDE THE ISSUE TO THE FILE OF ASSESSING OFFICER FOR DENOVO ADJUDICATION IN LINE W ITH THE PROPOSITIONS LAID DOWN BY THE HONBLE JURISDICTIONAL HIGH COURT IN GO DREJ (SUPRA). THE ASSESSING OFFICER SHALL NOT APPLY RULE-8D, FOR THE IMPUGNED ASSESSMENT YEAR. CONSEQUENTLY,, THE GROUND IS ALLOWED FOR STAT ISTICAL PURPOSES. 3. IN THE RESULT, ASSESSEES APPEAL ALLOWED FOR STATIS TICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 23 RD SEPTEMBER 2011 SD/- VIJAY PAL RAO JUDICIAL MEMBER SD/- J. SUDHAKAR REDDY ACCOUNTANT MEMBER MUMBAI, DATED: 23 RD SEPTEMBER 2011 COPY TO : (1) THE ASSESSEE; (2) THE RESPONDENT; (3) THE CIT(A), MUMBAI, CONCERNED; (4) THE CIT, MUMBAI CITY CONCERNED; (5) THE DR, I BENCH, ITAT, MUMBAI. TRUE COPY BY ORDER PRADEEP J. CHOWDHURY ASSISTANT REGISTRAR SR. PRIVATE SECRETARY ITAT, MUMBAI BENCHES, MUMBAI