DCIT-4(2)(1), MUMBAI V. M/S.NIRMAL BANG EQUITIES PRIVATE LIMITED, MUMBAI

ITA 5708/MUM/2017

• Counselvise Citation: [2018] 118 COUNSELVISE.COM (IT) 9039 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 2 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-12-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2013-2014
• Appeal Filed On: 07-09-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Tax effect
• Section: 40(a)(ia)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH B , MUMBAI BEFORE SHRI C.N. PRASAD , HONBLE JUDICIAL MEMBER AND SHRI MANOJ KUMAR AGGARWAL , HONBLE ACCOUNTANT MEMBER ITA NO. 5707 & 5708 /MUM/201 7 (A.Y S : 2012 - 13 & 2013 - 14) A CIT 4(2)(1 ) R.NO. 642, 6 TH FLOOR, AAYAKAR BHAVAN, M.K. ROAD, MUMBAI - 400 020 V. M/S. NIRMAL BANG EQUITIES (P.) LTD. B - 2, 301, 3 RD FLOOR, MARATHON INNOVA, OFF GANAPATRAO KADAM MARG , MUMBAI 400 013 PAN NO: AAECS 5874 P (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI ANANT N. PAI DEPARTMENT B Y : SHRI ABIRAMU KARTHIKEYAN DATE OF HEARING : 06.12.2018 DATE OF PRONOUNCEMENT : 06.12.2018 O R D E R PER C.N. PRASAD , JUDICIAL MEMBER THESE APPEAL S ARE FILED BY THE REVENUE AGAINST THE ORDER OF THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) - 9 , MUMBAI IN APPEAL NO. CIT(A) - 9 / CIR.4/75/2015 - 16 AND APPEAL NO. CIT(A) - 9/CIR.4/382/2015 - 16 DATED 02.06.2016 FOR THE ASSESSMENT YEAR S 2012 - 13 & 2013 - 14. 2. THE REVENUE HAS RAISED THE FOLLOWING GROUNDS IN ITS APPEAL S : - ITA.NO. 5707 /MUM/2018 1. 'ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE CIT(A) ERRED IN NOT CONFIRMING THE DISALLOWANCE OF INTEREST RELATED TO SHARE TRADING OF RS. 43,79,671/ - MADE BY THE AO' 2 ITA NO. 5707 & 5708/MUM/2017 (A.Y S : 2012 - 13 & 2013 - 14) M/S. NIRMAL BANG EQUITIES (P.) LTD. 2. 'ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AN D IN LAW, THE LD. CIT(A) ERRED IN DELETING THE DISALLOWANCE MADE BY THE AO OF RS. 63,404/ - IN RESPECT OF SUNDRY BALANCE OF MTNL DEPOSIT AND BSE SAFE DEPOSIT VAULT WRITTEN OFF AND SET OFF AGAINST REVENUE INCOME.' ITA.NO. 5708/MUM/2018 1. 'ON THE FACTS AND I N THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT(A) ERRED IN NOT CONFIRMING THE DISALLOWANCE OF INTEREST RELATED TO SHARE TRADING OF RS. 17,48,199/ - MADE BY THE AO' 2. 'ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT(A) ERRED IN DELETING THE DISALLOWANCE MADE BY THE AO U/S 40(A)(IA) OF RS. 20,38,247/ - PAID TO BLOOMBERG DATA SERVICES(INDIA) PVT. LTD. AND CRISIL LTD. FOR NOT DEDUCTING TDS ' 3. AT THE TIME OF HEARING, AUTHORIZED REPRESENTATIVE OF THE ASSESSEE SUBMITTED THAT TAX EFFECT ON THE ISSUE S IN THE PRESENT APPEAL S IS BELOW 2 0 LAC S AND IN VIEW OF THE CBDT CIRCULAR N O . 3/2018 DATED 11/07 /201 8 IN F.NO.279/MISC.142/2007 - ITJ (PT) , THE APPEAL S OF THE REVENUE ARE NOT MAINTAINABLE. 4. DEPARTMENTAL REPRESENTATIVE ALSO AGREED WITH THE ABOVE SUBMISSION OF THE AUTHORIZED REPRESENTATIVE OF THE ASSESSEE. THEREFORE, WE DI SMISS THE APPEAL S OF THE REVENUE ON ACCOUNT OF LOW TAX EFFECT . 5. IN THE RESULT, BOTH THE APPEAL S OF THE REVENUE ARE DISMISSED. ORDER PRONOUNCED IN THE COURT AT THE CLOSE OF THE HEARING ON THURSDAY , THE 06 TH DAY OF DECEMBER , 201 8 . SD/ - SD/ - ( MANOJ KUMAR AGGARWAL ) (C.N. PRASAD) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI / DATED 06/12/2018 GIRIDHAR, SR.PS 3 ITA NO. 5707 & 5708/MUM/2017 (A.Y S : 2012 - 13 & 2013 - 14) M/S. NIRMAL BANG EQUITIES (P.) LTD. COPY TO: 1. THE ASSESS E E. 2. THE REVENUE. 3. THE CIT 4. THE CIT(A) 5. THE D.R . 6. GUARD FILE. BY ORDER ASSISTANT REGISTRAR I.T.A.T., MUMBAI