BETTER VALUE LEASING& FINANCE LTD, MUMBAI V. ACIT (OSD) 2(1), MUMBAI

ITA 5454/MUM/2010

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 55364 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 2 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-09-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2007-2008
• Appeal Filed On: 02-07-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P C MOURYA
• Section: 14A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES B : MUMBAI BEFORE SHRI D.MANMOHAN, VICE PRESIDENT AND SHRI PRAMOD KUMAR, ACCOUNTANT MEMBER ITA. NO. 5454/MUM/2010 ASSESSMENT YEAR 2007-2008 BETTER VALUE LEASING & FIN. LTD. MUMBAI 400 026 PAN AAACB4410A VS. ACIT (OSD) 2 (1) MUMBAI (APPELLANT) (RESPONDENT) FOR APPELLANT : -NONE- FOR RESPONDENT : SHRI P.C.MOURYA DATE OF HEARING : 26-09-2011 DATE OF PRONOUNCEMENT : -09-2011 ORDER PER D. MANMOHAN, V.P. 1. THE ONLY ISSUE IN THIS APPEAL IS WITH REGARD TO THE DISALLOWANCE MADE BY THE ASSESSING OFFICER UNDER SE CTION 14A OF THE ACT. ASSESSING OFFICER AS WELL AS THE CIT(A) WERE O F THE OPINION THAT THE PROCEDURE PRESCRIBED UNDER RULE 8D IS APPLICABL E TO THE ASSESSMENT YEAR 2007-2008 THOUGH THE SAID PROVISION WAS INTRODUCED IN A LATER YEAR. IN OTHERWORDS, THE ASSESSING OFFIC ER AS WELL AS THE CIT(A) HELD THAT RULE 8D IS RETROSPECTIVE IN OPERAT ION. 2. AT THE TIME OF HEARING, ASSESSEE FILED A LETTER DATED 23 RD SEPTEMBER, 2011 STATING THAT IN THE LIGHT OF DECISI ON OF THE HONBLE BOMBAY HIGH COURT IN THE CASE OF GODREJ & BOYCE MFG . CO. LTD. VS. DCIT AND ANOTHER (2010) 328 ITR 81 (BOM.) RULE 8D I S APPLICABLE PROSPECTIVELY I.E., FOR ASSESSMENT YEAR 2008-2009 O NWARDS AND IT IS NOT APPLICABLE FOR THE ASSESSMENT YEAR UNDER CONSID ERATION. 2 3. LEARNED DR ADMITTED THAT IN THE LIGHT OF DECISI ON OF THE HONBLE BOMBAY HIGH COURT RULE 8D IS NOT RETROSPECT IVE IN ITS OPERATION. 4. HAVING REGARD TO THE CIRCUMSTANCES OF THE CASE, WE SET ASIDE THE ISSUE TO THE FILE OF THE ASSESSING OFFICE R FOR FRESH ADJUDICATION IN THE LIGHT OF DECISION CITED (SUPRA) . 5. IN THE RESULT, APPEAL FILED BY THE ASSESSEE-COM PANY IS TREATED AS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 30 TH DAY OF SEPTEMBER, 2011. SD/- SD/- (PRAMOD KUMAR) (D.MANMOHAN) ACCOUNTANT MEMBER VICE PRESIDENT MUMBAI, DATE 30 TH SEPTEMBER, 2011 VBP/- COPY TO 1. BETTER VALUE LEASING & FIN. LTD., 801, MAHALAXMI CHAMBERS, 22 BHULABHAI DESAI ROAD, MUMBAI 400 026 PAN A AACB4410A 2. ACIT, (OSD) 2(1), ROOM NO. 561, AAYAKAR BHAVAN, M.K. ROAD, MUMBAI 400 020. 3. CIT(A)-4, MUMBAI. 4. CIT-2, MUMBAI 5. DR B BENCH 6. GUARD FILE TRUE COPY BY ORDER ASST. REGISTRAR, ITAT, MUMBAI BENCHES MUMBAI.