AMBIT CAPITAL P. LTD, MUMBAI V. ITO (TDS) 1(1), MUMBAI

ITA 5940/MUM/2014

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 0007 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 9 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-06-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2008-2009
• Appeal Filed On: 22-09-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: V JUSTIN
• Section: 201(1)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH A , MUMBAI BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI RAVISH SOOD , JUDICIAL MEMBER ITA NO. 5940 /MUM/ 2014 : A.Y : 2008 - 09 AMBIT CAPITAL PRIVATE LIMITED AMBIT HOUSE, 449, SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI 400 013 PAN : AABCP6621N (APPELLANT) VS. ITO (TDS) - 1(1), MUMBAI (RESPONDENT) APPELLANT BY : SHRI NITESH JOSHI RESPONDENT BY : SHRI V. JUSTIN DATE OF HEARING : 27 / 06 /201 7 DATE OF PRONOUNCEMENT : 30 /0 6 /201 7 O R D E R PER G.S. PANNU , AM : THE CAPTIONED APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF THE CIT(A) - 14 , MUMBAI DATED 8.7.2014 , PERTAINING TO THE ASSESSMENT YEAR 2008 - 09 , WHICH IN TURN HAS ARISEN FROM THE ORDER PASSED BY THE ASSESSING OFFICER DATED 28.3.2011 UNDER SECTION 201(1) & 201(1A) OF THE INCOME TAX ACT, 1961 (IN SHORT THE ACT). 2. THE SOLITARY ISSUE INVOLVED IN THIS APPEAL IS WITH REGARD TO THE ACTION OF CIT(A) IN UPHOLDING THE ACTION OF ASSESSING OFFICER OF TREATING THE ASSESSEE AS ASSESSEE IN DEFAULT IN TERMS OF SEC. 201(1) AND 2 ITA NO. 5940/MUM/2014 AMBIT CAPITAL PRIVATE LTD. 201(1A) OF THE ACT FOR NON - DEDUCTION OF TAX ON TRANSACTION CHARGES OF RS.23,06,503/ - AND VSAT/LEASED LINE CHARGES OF RS.1,30,650/ - U /S 194 - J OF THE ACT . 3. AT THE OUTSET, IT WAS A COMMON POINT BETWEEN THE PARTIES THAT THE ISSUE IN RESPECT OF NON - DEDUCTION OF TAX ON TRANSACTION CHARGES IS COVERED IN FAVOUR OF THE ASSESSEE BY THE JUDGEMENT OF THE HON'BLE SUPREME COURT IN THE CASE OF KOT AK SECURITIES LTD., 383 ITR 1 (SC) AND BY THE JUDGMENT OF THE HON'BLE BOMBAY HIGH COURT IN THE CASE OF M/S. THE STOCK AND BOND TRADING COMPANY, ITA NO. 4117 OF 2010 DATED 14.10.2011 IN RESPECT OF NON - DEDUCTION OF TAX ON VSAT/LEASE D LINE CHARGES . THEREFORE, FOLLOWING THE AFORESAID JUDGMENTS OF THE HON'BLE SUPREME COURT AND THE HON'BLE BOMBAY HIGH COURT, APPEAL OF THE ASSESSEE IS ALLOWED. 4. IN THE RESULT , THE APPEAL OF THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 3 0 T H JUNE, 2017. SD/ - SD/ - (RAVISH SOOD) JUDICIAL MEMBER ( G.S. PANNU ) ACCOUNTANT MEMBER MUMBAI, DATE : 3 0 T H JUNE, 2017 * SSL * COPY TO : 1) THE APPELLANT 2) THE RESPONDENT 3) THE CIT(A) CONCERNED 3 ITA NO. 5940/MUM/2014 AMBIT CAPITAL PRIVATE LTD. 4) THE CIT CONCERNED 5) THE D.R, A BENCH, MUMBAI 6) GUARD FILE BY ORDER DY./ASSTT. REGISTRAR I.T.A.T, MUMBAI