DCIT 4(1), MUMBAI V. ASSET ALLIANCE SEC. P.LTD, MUMBAI

ITA 5392/MUM/2011

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 62469 (ITAT-MUMBAI)
• Duration Of Justice: 10 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-06-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2008-2009
• Appeal Filed On: 19-07-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P K B MENON
• Assessee Lawyers: RA JEEV WAGLAY
• Section: 115JB

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH A, MUMBAI BEFORE SHRI I.P.BANSAL (J.M & SHRI B.RAMAKOTAIA H) ITA NO.5392/MUM/2011(A.Y.2008-09) THE DCIT 4(1), 6 TH FLOOR, ROOM NO.640, AAYKAR BHAVAN, MUMBAI - 20. (APPELLANT) VS. M/S. ASSET ALLIANCE SEC. PVT. LTD., 6 TH FLOOR, 124, VIRAJ BUILDING, S.V.ROAD, KHAR (W), MUMBAI 400 052 PAN: AADCA 7663B (RESPONDENT) APPELLANT BY : SHRI P.K.B.MENON RESPONDENT BY : SHRI RAJEEV WAGLAY DATE OF HEARING : 07/06/2012 DATE OF PRONOUNCEMENT : 0 7/06/2012 ORDER PER I.P.BANSAL, J.M THIS IS AN APPEAL FILED BY THE REVENUE. IT IS DIR ECTED AGAINST THE ORDER PASSED BY LD. CIT(A)-8, MUMBAI, DATED 18/5/2011 FO R ASSESSMENT YEAR 2008-09. GROUNDS OF APPEAL RAISED BY THE REVENUE R EAD AS UNDER:- 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE C ASE AND IN LAW, THE LD.CIT(A) HAS ERRED IN ALLOWING THE REBATE U/S. 88 E FROM THE TAX PAYABLE ON BOOK PROFIT U/S. 115JB OF INCOME TAX ACT . 2. ON FACTS AND IN THE CIRCUMSTANCES OF THE CASE, T HE IMPUGNED ORDER OF THE LD. CIT(A) BEING CONTRARY TO LAW MAY BE SET ASIDE AND THAT OF THE ASSESSING OFFICER BE RESTORED. 2. WHILE COMPUTING BOOK PROFIT UNDER SECTION 115JB OF THE INCOME TAX ACT, 1961 (THE ACT) THE AO DID NOT ALLOW REBATE UND ER SECTION 88E AND LD. CIT(A) HAS ALLOWED THIS CLAIM OF THE ASSESSEE FOLLO WING THE DECISION OF BANGALORE BENCH OF ITAT IN THE CASE OF M/S. HORIZO N CAPITAL LIMITED, IN ITA NO.592(BNG)/10. ITA NO.5392/MUM/2011(A.Y.2008-09) 2 3. AT THE TIME OF HEARING IT WAS POINTED OUT THAT T HIS ISSUE IS NOW DIRECTLY COVERED BY THE DECISION OF KARNATAKA HIGH COURT IN THE CASE OF CIT VS. HORIZON CAPITAL LTD.,(2011) 245 CTR 601(KAR) VIDE W HICH THE DECISION OF ITAT REFERRED IN THE ORDER OF LD. CIT(A) HAS BEEN CONFIRMED. IN THE SAID CASE IT WAS HELD THAT THE ASSESSEE COMPANY IS ENTITLED TO REBATE UNDER SECTION 88E OF THE ACT IN RESPECT OF STT PAID WHERE THE TOTAL INCOME IS ASSESSED UNDER SECTION 115JB OF THE ACT. COPY OF THE SAID D ECISION WAS PLACED ON RECORD AND COPY WAS ALSO GIVEN TO LD. D.R. HOWEV ER, LD. D.R RELIED ON THE ORDER OF AO. 4. IN THIS VIEW OF THE SITUATION, AFTER HEARING BOT H THE PARTIES, AS NO CONTRARY DECISION HAS BEEN BROUGHT TO OUR NOTICE, W E UPHOLD THE ORDER OF LD. CIT(A) IN RESPECT OF THE ISSUE RAISED BY THE REVENU E IN THE PRESENT APPEAL. ACCORDINGLY THE APPEAL OF THE REVENUE IS DISMISSED. 5. IN THE RESULT, APPEAL FILED BY THE REVENUE IS DI SMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THE 7 TH DAY OF JUNE,2012 ON CONCLUSION OF THE HEARING. SD/- SD/- ( B.RAMAKOTAIAH ) (I.P.BANSAL) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED 7 TH JUNE, 2012 COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT CITY CONCERNED 4. THE CIT(A)- CONCERNED 5. THE D.R A BENCH. (TRUE COPY) BY ORDER ASST. REGISTRAR, I TAT, MUMBAI BENCHES MUMBAI. VM.