NITIKET INVESTMENT P. LTD, MUMBAI V. ASST. CIT 10(2), MUMBAI

ITA 6309/MUM/2010

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 59695 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 4 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-01-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2007-2008
• Appeal Filed On: 23-08-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P C MAURYA
• Assessee Lawyers: JA YANT R BHATT
• Section: 14A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH B MUMBAI BEFORE SHRI B.R. MITTAL (JUDICIAL MEMBER) AND SHRI RAJENDRA SINGH (ACCOUNTANT MEMBER) ITA NO.6309/MUM/2010 ASSESSMENT YEAR-2007-08 M/S. NITIKET INVESTMENT PVT. LTD., 502, 5 TH FLOOR, SHANTI TOWER, SHANTI PATH ROAD, GARODIA NAGAR, GHATKOPAR (E), MUMBAI-400 077 PAN-AAACN 8537 G VS. THE ACIT 10(2), OLD CGO BLDG., M.K. ROAD, MUMBAI-400 020 (APPELLANT) (RESPONDENT) ASSESSEE BY: SHRI JAYANT R BHATT RESPONDENT BY: SHRI P.C. MAURYA DATE OF HEARING :17.01.2012 DATE OF PRONOUNCEMENT: 17.01.2012 O R D E R PER B.R. MITTAL, JM : THE ASSESSEE HAS FILED THIS APPEAL FOR ASSESSMENT Y EAR 2007-08 AGAINST ORDER OF LD. CIT(A) DT. 15.6.2010 DISPUTING CONFIRM ATION OF ADDITION OF RS. 4,87,112/- MADE BY AO BY INVOKING PROVISIONS OF S ECTION 14A READ WITH RULE 8D OF I.T. RULES, 1962. 2. WE HAVE HEARD LD. REPRESENTATIVES OF PARTIES AND HAVE CONSIDERED ORDERS OF AUTHORITIES BELOW. 3. WE FIND THAT RULE 8D OF I.T. RULES IS NOT APPLIC ABLE TO ASSESSMENT YEAR UNDER CONSIDERATION IN VIEW OF DECISION OF HONBLE BOMBAY HIGH COURT IN THE ITA NO. 6309/M/10 2 CASE OF GODREJ & BOYCE MFG. CO. LTD. VS DCIT 328 I TR 81, AS THE SAID RULE 8D IS HELD TO BE PROSPECTIVE IN NATURE AND IS APPLI CABLE FROM ASSESSMENT YEAR 2008-09. IN VIEW OF ABOVE, WE SET ASIDE THE ORDERS OF AUTHORITIES BELOW AND RESTORE THE ISSUE TO FILE OF AO WITH A DIRECTION T O RE-DECIDE THE ISSUE AFTER GIVING DUE OPPORTUNITY OF HEARING TO ASSESSEE IN AC CORDANCE WITH LAW AND ALSO CONSIDERING SUCH EVIDENCES AS MAY BE PLACED BEFORE HIM. HENCE GROUND OF APPEAL TAKEN BY ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 4. IN THE RESULT, APPEAL FILED BY ASSESSEE IS ALLOWE D FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT AT THE TIME OF HEARING I.E. ON 17 TH JANUARY, 2012 SD/- SD/- ( RAJENDRA SINGH) (B.R. MITTAL ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED 17 TH JANUARY, 2012 RJ COPY TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT-CONCERNED 4. THE CIT(A)-CONCERNED 5. THE DR B BENCH TRUE COPY BY ORDER ASSTT. REGISTRAR, I.T.A.T, MUMBAI