GROWMORE RESEARCH & ASSET MG. LTD, MUMBAI V. ASST CIT CEN CIR 31, MUMBAI

ITA 5758/MUM/2012

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 88554 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 5 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-03-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: G
• Next Hearing Date: 09-02-2015
• Assessment Year: 2009-2010
• Appeal Filed On: 14-09-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DR P DANIAL
• Keywords: Principle of natural justice
• Section: 234B; 115JB

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH G, MUMBAI , ,, , !' !' !' !' '''# '''# '''# '''#$ $$ $ % % % % BEFORE SHRI B R BASKARAN, ACCOUNTANT MEMBER AND SHRI VIVEK VARMA, JUDICIAL MEMBER ITA NO. : 5758/MUM/2012 (ASSESSMENT YEAR: 2009-10) M/S GROWMORE RESEARCH AND ASSET MGT LTD, 32, MADHULI, 3 RD FLOOR, DR. ANNIE BESANT ROAD, NEHRU CENTRE, WORLI, MUMBAI -400 018 .: PAN: AAACG 4936 C VS ACIT-CENTRAL CIRCLE-31, ROOM NO. 409, 4 TH FLOOR, AAYAKAR BHAVAN, M K MARG, CHURCHGATE, MUMBAI -400 020 (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI DHARMESH SHAH RESPONDENT BY : DR. P. DANIAL /DATE OF HEARING : 09-02-2015 !'#$ / DATE OF PRONOUNCEMENT : 04-03-2015 & & & & ORDER '''# '''# '''# '''# , , , , : :: : PER VIVEK VARMA, JM: INSTANT APPEAL IS FILED BY THE ASSESSEE AGAINST THE ORDER OF CIT(A) 40, MUMBAI, DATED 07.07.2012, THE FOLLOWING GROUNDS OF APPEAL HAVE BEEN RAISED: GROUNDS OF APPEAL AGAINST THE ORDER OF HON'BLE COMMISSIONER OF INCOME-TAX (APPEALS)-40, MUMBAI PASSED ON 07.07.2012 IV'S. 250 OF THE ACT FOLLOWING GROUNDS OF APPEAL ARE WITHOUT PREJUDICE T O EACH OTHER: 1. THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS) HAS ERRED IN LAW AND IN FACTS IN PASSING THE ORDER U/S. 250 OF THE ACT. 2. THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS) HAS ERRED IN LAW AND IN FACTS IN PASSING THE ORDER WITHOUT COMPLYING WITH THE PRINCIPLES OF NATURAL JUSTICE. 3. THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS) HAS ERRED IN LAW AND IN FACTS IN NOT APPRECIATING T HAT NO INCOME FROM ATTACHED ASSETS CAN BE ASSESSED IN THE HANDS OF THE APPELLANT. M/S GROWMORE RESEARCH AND ASSET MGT LTD ITA 5758/M/2012 2 4. THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS) HAS ERRED IN LAW AND IN FACTS IN NOT GRANTING RELIE F OF LIABILITY AMOUNTING TO RS. 15,72,37,361/-, TOWARDS INTEREST EXPENDITURE CLAIMED BY THE APPELLANT. 5. THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS) HAS ERRED IN LAW AND IN FACTS IN CONFIRMING CALCULATION OF BOOK PROFIT U/S. 115JB AMOUNTING TO RS. 126,76,40,734/-. 6. THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS) HAS ERRED IN LAW AND IN FACTS IN CONFIRMING INTERES T CHARGED U/S. 234A, 234B AND 234C OF THE ACT. 7. THE APPELLANT CRAVES LEAVE OF YOUR HONOUR TO ADD TO , ALTER, AMEND AND/OR DELETE ALL OR ANY OF THE FOREGO ING GROUNDS OF APPEAL. 2. AT THE TIME OF HEARING, THE AR POINTED OUT THAT THE ISSUES RAISED IN THE APPEAL HAVE BEEN RESTORED TO THE FILE OF TH E CIT(A) FOR FRESH ADJUDICATION BY THE ITAT IN THE ITA NOS. 8200/MUM/2010, 8353/MUM/2010, 4015 TO 4019/MUM/2011 AND OTHER ORDERS OF THE CO-ORDINATE BENCH AT MUMBAI. 3. THE DR ACCEPTED THE FACTUAL POSITION AND AGREED THAT THE CASE MAY BE RESTORED TO THE CIT(A) FOR FRESH ADJUDICATION. 4. AS A RESULT, WE SET ASIDE THE ORDER OF THE CIT(A) AND DIRECT HIM TO ADJUDICATE THE APPEAL BEFORE HIM DE NOVO , NEEDLESS TO MENTION THAT THE CIT(A) SHALL AFFORD ADEQUATE AND REASONAB LE OPPORTUNITY TO THE ASSESSEE TO PRESENT ITS CASE. 5. GROUND NO. 1 TO 6 ARE THEREFORE, ALLOWED FOR STATISTICAL PURPOSES. 6. GROUND NO. 7 IS GENERAL. 7. IN THE RESULT, APPEAL AS FILED BY THE ASSESSEE STANDS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 04/03/2015. SD/- SD/- ( ) ( '''# '''# '''# '''# ) ( ( ( ( ) ) ) ) ( ( ( ( (B R BASKARAN) ( VIVEK VARMA ) ACCOUNTANT MEMBER J UDICIAL MEMBER MUMBAI, DATE: 04/03/2015 M/S GROWMORE RESEARCH AND ASSET MGT LTD ITA 5758/M/2012 3 */ COPY TO:- 1) / THE APPELLANT. 2) / THE RESPONDENT. 3) THE CIT(A) -40, MUMBAI. 4) THE CIT-CENTRAL -II, MUMBAI/CIT CENTRAL-II, MUMBAI . 5) / THE D.R. G BENCH, MUMBAI. 6) +, - COPY TO GUARD FILE. .(/ / BY ORDER / / TRUE COPY / / 0 / 1 2 . *3$ , 4 5 DY. / ASSTT. REGISTRAR I.T.A.T., MUMBAI *CHAVAN, SR.PS