ITO 9(3)(1), MUMBAI V. SANWAREE BANWREE FASHIONS P. LTD, MUMBAI

ITA 5910/MUM/2010

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 59672 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 5 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-01-2012
• Appeal Filed By: Department
• Bench Allotted: H
• Next Hearing Date: 05-01-2012
• Assessment Year: 2006-2007
• Appeal Filed On: 27-07-2010
• Court: TRIBUNAL
• Department Lawyers: V V SHASTRI

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH H BEFORE SHRI J. SUDHAKAR REDDY(AM) & SHRI V.DURGA RA O(JM) I.T.A.NO. 5910/MUM/2010 (ASSESSMENT YEAR : 2006-07) ITO 9(3)(1) AAYAKAR BHAVAN M.K. ROAD MUMBAI-400 020. VS. M/S. SANWAREE BAWREE FASHIONS PVT. LTD. T-6, VAISHALI S.V. ROAD, MALAD (WEST) MUMBAI-400 064. APPLICANT RESPONDENT PAN/GIR NO. : AAJCS4685B ASSESSEE BY : NONE DEPARTMENT BY : SHRI V.V. SHASTRI DATE OF HEARING : 5.1.2012 DATE OF PRONOUNCEMENT : ORDER PER J. SUDHAKAR REDDY(AM) :- THIS APPEAL IS FILED BY THE REVENUE DIRECTED AGAINS T THE ORDER OF LEARNED CIT(A)-20, MUMBAI DATED 28.5.2010 FOR A.Y. 2006-07. 2. NONE APPEARED ON BEHALF OF THE ASSESSEE DESPITE ISSUANCE OF NOTICE BY RPAD. THERE IS NO REQUEST FOR ADJOURNMENT. UNDER THE CIRCUMSTANCES, WE HEARD LEARNED DEPARTMENTAL REPRESENTATIVE AND DI SPOSE OF THE CASE EX-PARTE ON MERIT, QUA THE ASSESSEE. WE HEARD MR. V .V. SHASTRI, SENIOR AR. ADDITION IN QUESTION WAS MADE U/S. 2(22)(E) OF THE ACT. THE UNDISPUTED FACT, AS RECORDED BY THE ASSESSING OFFIC ER IS THAT THE ASSESSEE-COMPANY, IS NOT A SHAREHOLDER OF M/S. BAWR EE FASHION P. LTD., FROM WHOM A LOAN WAS TAKEN. THUS, IN OUR OPINION TH ERE IS NO ERROR IN THE ORDER OF LEARNED CIT(A), WHEREIN, HE FOLLOWED T HE DECISION OF THE SPECIAL BENCH OF THE TRIBUNAL IN THE CASE OF ACIT V S. BHAUMIK COLOUR (P) LTD., 313 ITR (AT) 146(SB)(MUM) AND DELETED THE ADD ITION. SPECIAL BENCH DECISION IS UPHELD BY JURISDICTIONAL HIGH COURT. IN VIEW OF THE ABOVE, WE DISMISS THIS APPEAL OF THE REVENUE. M/S. SANWAREE BAWREE FASHIONS PVT. LTD. 2 ORDER HAS BEEN PRONOUNCED ON 13 TH DAY OF JANUARY, 2012. SD/- (V. DURGA RAO) JUDICIAL MEMBER SD/- (J. SUDHAKAR REDDY) ACCOUNTANT MEMBER DATED : 13 TH JANUARY, 2012. COPY TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A)-CONCERNED. 4. THE CIT, CONCERNED. 5. THE DR CONCERNED, MUMBAI 6. GUARD FILE BY ORDER TRUE COPY ASSTT. REGISTRAR, ITAT, MUMBAI PS