ADIT (IT) CIR 2(2), MUMBAI V. T. TOWE PRICE FUND SICAV GLOBAL EMERGING MARKETS EQUITY FUND, MUMBAI

ITA 6412/MUM/2012

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 93158 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 8 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-07-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: E
• Next Hearing Date: 08-07-2015
• Assessment Year: 2007-2008
• Appeal Filed On: 19-10-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: NEIL PHILIP

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH E, MUMBAI BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER ITA NO.6412/M/2012 ASSESSMENT YEAR: 2007-08 ADIT (IT)-2(2), SCINDIA HOUSE, BALLARD PIER, N.M. ROAD, MUMBAI 400 038 VS. M/S. T. ROWE PRICE FUND SICAV GLOBAL EMERGING MARKETS EQUITY FUND, C/O. S.R. BATALIBOI & CO., 6 TH FLOOR, EXPRESS TOWERS, NARIMAN POINT, MUMBAI 21. PAN: AABCT 9147K (APPELLANT) (RESPONDENT) ITA NO.6413/M/2012 ASSESSMENT YEAR: 2007-08 ADIT (IT)-2(2), SCINDIA HOUSE, BALLARD PIER, N.M. ROAD, MUMBAI 400 038 VS. M/S. T. ROWE PRICE EMERGING MARKETS STOCKS EQUITY FUND, C/O. S.R. BATALIBOI & CO., 6 TH FLOOR, EXPRESS TOWERS, NARIMAN POINT, MUMBAI 21. PAN: AABCT 9147K (APPELLANT) (RESPONDENT) PRESENT FOR: ASSESSEE BY : SHRI M.P. LOHIA, A.R. REVENUE BY : SHRI NEIL PHILIP, D.R. DATE OF HEARING : 08.07.2015 DATE OF PRONOUNCEMENT : 08.07.2015 O R D E R PER SANJAY GARG, JUDICIAL MEMBER: THE ABOVE TITLED APPEALS HAVE BEEN PREFERRED BY TH E REVENUE IN RELATION TO TWO DIFFERENT BUT RELATED GROUP CONCERNS/ASSESSE ES AGAINST THE ORDERS ITA NO.6412/M/2012 M/S. T. ROWE PRICE FUND SICAV GLOBAL EMERGING MARKETS EQUITY FUND 2 RELEVANT TO A.Y. 2007-08 BOTH DATED 02.07.2012 OF C OMMISSIONER OF INCOME TAX (APPEALS) [HEREINAFTER REFERRED TO AS THE CIT(A )]. 2. THE ISSUE INVOLVED IN BOTH THE APPEALS IS AS TO WHETHER SHORT TERM CAPITAL LOSS ON SECURITY TRANSACTION TAX (STT) PAID TRANSAC TIONS CHARGEABLE TO TAX UNDER SECTION 111A AT THE RATE OF 10% CAN BE ALLOWED TO B E SET OFF AGAINST SHORT TERM CAPITAL GAINS RELATING TO NON STT PAID TRANSACTIONS CHARGEABLE TO TAX AT NORMAL RATE I.E. AT THE RATE OF 30%. 3. AT THE OUTSET, THE LD. A.R. OF THE ASSESSEE HAS SUBMITTED THAT THE ISSUE IS SQUARELY COVERED IN FAVOUR OF THE ASSESSEE BY VARIO US DECISIONS OF THE TRIBUNAL INCLUDING THE ONE IN THE CASE OF GROUP CONCERN OF T HE ASSESSEE M/S. ROWE PRICE INTERNATIONAL DISCOVERY FUND VIDE ORDER DATED 08.05 .2013 IN ITA NO.7627/M/2011 RELEVANT TO A.Y. 2008-09 WHEREIN THE TRIBUNAL, WHILE RELYING UPON THE ANOTHER DECISION OF THE TRIBUNAL IN THE CA SE OF DWS INDIA EQUITY FUND IN ITA NO.5055/M/2010, HAS DECIDED THE ISSUE IN FAVOUR OF THE ASSESSEE. THE LD. D.R. HAS NOT BROUGHT ANY CONTRARY DECISION TO THE ABOVE STATED PROPOSITION OF LAW. WE THEREFORE DO NOT FIND ANY I NFIRMITY IN THE ORDERS OF THE LD. CIT(A) ON THE ABOVE ISSUE AND THE SAME ARE ACCO RDINGLY UPHELD. 4. IN THE RESULT, BOTH THE APPEALS OF THE REVENUE A RE THEREFORE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 08.07.2015. SD/- SD/- (B.R. BASKARAN) (SANJAY GARG) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED: 08.07.2015. * KISHORE, SR. P.S. ITA NO.6412/M/2012 M/S. T. ROWE PRICE FUND SICAV GLOBAL EMERGING MARKETS EQUITY FUND 3 COPY TO: THE APPELLANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT (A) CONCERNED, MUMBAI THE DR CONCERNED BENCH //TRUE COPY// [ BY ORD ER DY/ASSTT. REGISTRAR, ITAT, MUMBAI.