Appeal details
Counselvise Citation
592219914 RSA 2008
Assessee PAN
Bench
Appeal Number
Duration Of Justice
2 year(s) 11 month(s) 13 day(s)
Appellant
Respondent
Appeal Type
Income Tax Appeal
Pronouncement Date
09-09-2011
Appeal Filed By
Department
Order Result
Dismissed
Bench Allotted
J
Next Hearing Date
09-09-2011
Assessment Year
2005-2006
Appeal Filed On
26-09-2008
Judgement Text
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES, J, MUMBAI BEFORE S/SHRI D.K.AGARWAL (JM) AND R.K.PANDA (A.M ) ITA NO. 5922/MUM/2008 (ASSESSMENT YEAR: 2005-06) ASSISTANT COMMISSIONER OF INCOME TAX 4(3), 6 TH FLOOR, ROOM NO.649, AAYAKAR BHAVAN, M.K.ROAD, MUMBAI-400020 M/S JOINDRE CAPITAL SERVICES LTD., 32, RAJA BAHADUR MANSION, GROUND FLOOR, AMBALAL DOSHI MARG, FORT, MUMBAI-400023 PAN: AAACJ1480E APPELLANT V/S RESPONDENT DATE OF HEARING : 9.9.2011 DATE OF PRONOUNCEMENT : 9.9.2011 APPELLANT BY : SHRI BEHARILAL RESPONDENT BY : SHRI S.K.SINGH O R D E R PER D.K.AGARWAL (JM) THIS APPEAL ARISES AS A RESULT OF THE ORDER PASS ED IN ASSESSEES MISCELLANEOUS APPLICATION IN M.A.NO.679/MUM/2010 OF EVEN DATE WHEREIN THE TRIBU NAL HAS RECALLED ITS EX-PARTE ORDER DATED 28.5.2010. 2. BRIEFLY STATED FACTS OF THE CASE ARE THAT THE A SSESSEE COMPANY IS ENGAGED IN THE BUSINESS OF SHARE BROKIN G AND DEPOSITORY SERVICES. IT FILED RETURN DECLARING TOT AL INCOME AT RS.2,49,98,110/-. HOWEVER, THE ASSESSMENT WAS COMPL ETED ITA NO. 5922/MUM/2008 (AY: 2005-06 ) 2 AT AN INCOME OF RS.2,59,91,765/- INCLUDING THE DIS ALLOWANCE OF DEPRECIATION ON BOMBAY STOCK EXCHANGE (BSE) MEMBERSHIP CARD AMOUNTING TO RS.6,88,183/-, VIDE O RDER DATED 27.12.2007 PASSED UNDER SECTION 143(3) OF T HE ACT (IN SHORT THE ACT). ON APPEAL THE LD. CIT(A) VID E ORDER DATED 16.7.2008 FOLLOWING THE ORDER OF THE TRIBU NAL IN THE CASE OF TECHNO SHARES & STOCK LTD V/S ITO, 101 TT J 349 AND THE APPELLATE ORDER FOR THE ASSESSMENT YEARS 20 03-04 AND 2002-03, HOWEVER, ALLOWED THE CLAIM OF DEPRE CIATION ON BSE MEMBERSHIP CARD TO THE ASSESSEE. 3. BEING AGGRIEVED BY THE ORDER OF LD.CIT(A), THE R EVENUE IS IN APPEAL BEFORE US CHALLENGING IN ALL THE GROUN DS THE DELETION OF DISALLOWANCE OF DEPRECIATION ON BSE MEM BERSHIP CARD. 4. AT THE TIME OF HEARING, IT HAS BEEN AGREED BY B OTH THE PARRIES THAT THE ISSUE RAISED IN THIS APPEAL STANDS COVERED IN FAVOUR OF THE ASSESSEE BY THE DECISION OF THE HONB LE SUPREME COURT IN THE CASE OF TECHNO SHARES & STOCK S LTD. V/S CIT (327 ITR 323). THE LEARNED COUNSEL FOR THE ASSESSEE FURTHER SUBMITS THAT THE TRIBUNAL IN THE ASSESSEE S OWN CASE FOLLOWING THE SAID JUDGMENT OF THE HONBLE SU PREME COURT HAS ALLOWED THE DEPRECIATION ON THE MEMBERSHI P CARD IN MA NO.678/MUM/2010 ARISING OUT OF ITA ITA NO. 5922/MUM/2008 (AY: 2005-06 ) 3 NO.4796/MUM/2008 (AY-2004-05) DATED 7.1.2011. HE ALSO PLACED ON RECORD THE COPY OF THE SAID ORDER. 5. HAVING CAREFULLY HEARD THE SUBMISSIONS OF THE RI VAL PARTIES AND PERUSING THE MATERIAL AVAILABLE ON REC ORD WE ARE OF THE OPINION THAT THE ISSUE INVOLVED IN THE PRESE NT CASE IS NO MORE RES INTEGRA AND IS COVERED AGAINST THE REVE NUE AND IN FAVOUR OF THE ASSESSEE BY THE JUDGMENT OF THE HO NBLE SUPREME COURT IN TECHNO SHARES & STOCKS LTD. V/S CI T (2010) 327 ITR 323 (SC) WHEREIN IT HAS BEEN HELD TH AT . THAT ON THE FACTS AND CIRCUMSTANCES OF THESE CASES THE TRIBUNAL WAS RIGHT IN HOLDING THAT DEPRECIATION WAS ALLOWABLE ON THE COST OF THE MEMBERSHIP CARD UNDER SECTION 32 (1)(II) OF THE 1961 ACT. RESPECTIVELY FOLLOWING THE AUTHORI TATIVE PRONOUNCEMENT OF THE HONBLE APEX COURT, THE GROUND S RAISED BY THE REVENUE ARE, THEREFORE, REJECTED. 6. IN THE RESULT, THE REVENUES APPEAL STANDS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 9.9.2011 SD SD (R.K.PANDA) (D.K.AGARWAL) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED 9 TH SEPTEMBER, 2011 ITA NO. 5922/MUM/2008 (AY: 2005-06 ) 4 SRL: COPY TO: 1. APPELLANT 2. RESPONDENT 3. CIT CONCERNED 4. CIT(A) CONCERNED 5. DR CONCERNED BENCH 6. GUARD FILE. BY ORDER TRUE COPY ASSTT. REGISTRAR, ITAT, MUMBAI
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