DCIT CIR. 4(2), MUMBAI V. M/s. S.BI. CAPITAL MARKETS LTD., MUMBAI

ITA 6815/MUM/2005

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 7205 (ITAT-MUMBAI)
• Duration Of Justice: 4 year(s) 4 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-03-2010
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: I
• Next Hearing Date: 25-03-2010
• Assessment Year: 2002-2003
• Appeal Filed On: 23-11-2005
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ANKIT MEHTA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH I MUMBAI BEFORE SMT. P.MADHAVI DEVI, JM & SHRI RAJENDRA KUMAR, AM I.T.A.NO.6815/MUM/2005 A.Y 2002-03 DY. COMMISSIONER OF I.T., CIRCLE 4(2), MUMBAI VS. M/S SBI CAPITAL MARKETS LIMITED, 202, MAKER TOWER, E CUFFE PARADE, MUMBAI 400 005. PAN NO.AAACS 7914 E (APPELLANT) (RESPONDENT) REVENUE BY : MR. MOHD. USMAN. REVENUE BY : MR. ANKIT MEHTA. O R D E R PER P.MADHAVI DEVI, JM: THIS APPEAL OF THE REVENUE IS DIRECTED AGAINST CIT (A)S ORDER DATED 21-9-2005. 2. THE ONLY GRIEVANCE OF THE REVENUE IN THIS APPEAL IS AGAINST THE ORDER OF THE CIT[A] IN HOLDING THAT PROVISIONS OF SEC.234D OF THE INCOME TAX ACT CANNOT BE MADE APPLICABLE IN ASSESSE ES CASE. 3. AT THE TIME OF HEARING BOTH THE PARTIES AGREED THAT THIS ISSUE IS COVERED BY THE DECISION SPECIAL BENCH OF THE TRIBUN AL IN THE CASE OF ITO VS. EKTA PROMOTERS PVT. LTD., REPORTED IN 305 I TR (AT)-1 (DEL) (S.B), WHEREIN IT HAS BEEN HELD THAT SEC.234D WHICH HAS BEEN BROUGHT IN TO STATUTE W.E.F. 1-6-2003 IS APPLICABLE TO ASSE SSMENT YEAR 2004-05 AND THEREAFTER ONLY AND CANNOT BE APPLIED TO THE AS SESSMENT YEAR 2003-04 OR EARLIER YEARS. IN THE CASE BEFORE US, TH E RELEVANT 2 ASSESSMENT YEAR IS 2002-03 AND THEREFORE THIS SECTI ON IS NOT APPLICABLE TO THE ASSESSEES CASE. ACCORDINGLY, WE REJECT THE GROUND OF APPEAL RAISED BY THE REVENUE. 4. IN THE RESULT, REVENUES APPEAL IS DISMISSED. ORDER PRONOUNCED ON THIS 30TH DAY OF MARCH, 2010. SD/- SD/- (RAJENDRA SINGH) (P.MADHAVI DEVI) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI: 30 TH MARCH, 2010. P/-*