DSP BLACKROCK INVST MANAGERS LTD.(ERSTWHILE DSP MERRILL LYNCH FUND MANAGERS LTD.), MUMBAI V. DY.C.I.T. CIRCLE3(1), MUMBAI

ITA 6460/MUM/2008

• Counselvise Citation: [2010] 135 COUNSELVISE.COM (IT) 4370 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 11 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-10-2010
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Next Hearing Date: 05-10-2010
• Assessment Year: 2005-2006
• Appeal Filed On: 06-11-2008
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: JI TENDRA YADAV

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH D MUMBAI BEFORE SHRI PRAMOD KUMAR (A.M.) & SMT. ASHA VIJAYARAGHAVAN (J.M.) ITA NO.6460/MUM/2008 (ASSESSMENT YEAR : 2005-2006) DSP BLACKROCK INVST. MANAGERS LTD. (ERSTWHILE DSP MERRILL LYNCH FUND MANAGERS LTD.) TULSIANI CHAMBERS, 1 ST FLR., WEST WING, NARIMAN POINT, MUMBAI 400 021. PAN : AAACD3069K VS. DY. C.I.T. CIRCLE 3(1) AAYAKAR BHAVAN, MUMBAI 400 020. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI HARSH SHAH RESPONDENT BY : SMT JITENDRA YADAV O R D E R PER ASHA VIJAYARAGHAVAN, J.M. THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAIN ST THE ORDER DATED 15.07.2008 OF THE CIT(A)-XXVIII, MUMBAI RELATING T O ASSESSMENT YEAR 2005- 06. 2. GROUNDS OF APPEAL RAISED BEFORE US IS AS FOLLOWS : 1.(A) THE LEARNED CIT(A) ERRED IN NOT DIRECTING TH E LEARNED DCIT (HEREIN AFTER REFERRED TO AS ASSESSING OFFICER ) TO DELETE THE DISALLOWANCE OF ` .3,56,006/- AS EXPENSES ATTRIBUTABLE TO EARNING OF DIVIDEND INCOME AND IN DIRECTING TO WORK OUT THE DISALLOWANCE AS PER RULE 8D. (B) THE ASSESSEE SUBMITS THAT RULE 8D HAS BEEN INS ERTED ON THE STATUE ONLY VIE NOTIFICATION DATED 04.03.200 8 AND OUGHT NOT TO APPLY TO ASSESSMENT YEAR UNDER APPEAL. 2. THE ASSESSEE SUBMITS THAT THE ASSESSING OFFICER BE DIRECTED: I) TO DELETE THE DISALLOWANCE OF ` .3,56,006/- AS EXPENSES ATTRIBUTABLE TO EARNING OF DIVIDEND INCOME . AND TO MODIFY THE ASSESSMENT IN ACCORDANCE WITH TH E PROVISIONS OF LAW. ITA NO.6460/MUM/2008 (ASSESSMENT YEAR : 2005-2006) 2 3. THE ASSESSEE CRAVES LIBERTY TO ADD, TO ALTER AN D/OR AMEND THE GROUNDS OF APPEAL AS AND WHEN GIVEN. 3. WE FIND THAT THE DECISION OF SPECIAL BENCH IN TH E CASE OF DAGA CAPITAL MANAGEMENT PVT. LTD. HAS BEEN SET ASIDE BY THE JURI SDICTIONAL HIGH COURT IN THE CASE OF GODREJ & BOYCE MFG. CO. LTD. VS. DCIT ( 2010 TIOL-564-HC-MUM- IT). IN THE CIRCUMSTANCES, WE SET ASIDE THE ORDER OF THE ASSESSING OFFICER AND CIT(A) ON THIS ISSUE AND REMIT THE MATTER BACK TO THE FILE OF THE ASSESSING OFFICER TO DECIDE THE ISSUE AFRESH IN LIN E WITH THE RATIO OF THE DECISION OF THE JURISDICTIONAL HIGH COURT. 4. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED ON THIS 8 TH DAY OF OCTOBER, 2010. SD/- (PRAMOD KUMAR) ACCOUNTANT MEMBER SD/- (ASHA VIJAYARAGHAVAN) JUDICIAL MEMBER MUMBAI, DATED 08.10.2010 JANHAVI COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. COMMISSIONER OF INCOME TAX (APPEALS)- , MUM BAI 4. COMMISSIONER OF INCOME TAX, CITY- , MUMBAI 5. DEPARTMENTAL REPRESENTATIVE, BENCH , MUMBAI //TRUE COPY// BY ORDER ASSTT. REGISTRAR, ITAT, MUMBAI