BOB CAPITAL MARKETS LTD, MUMBAI V. DCIT 2(1), MUMBAI

ITA 6910/MUM/2012

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 87894 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 2 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-01-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 12-01-2015
• Assessment Year: 2009-2010
• Appeal Filed On: 12-11-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ASGHAR ZAIN SR
• Keywords: Bonafide belief

Judgement Text

, ( ) IN THE INCOME TAX APPELLATE TRIBUNAL B B ENCH, MUMBAI . . , BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER A ND SHRI SANJAY GARG,JUDICIAL MEMBE R ./I.T.A. NO.6910/MUM/2012 ( ! ! ! ! ' ' ' ' / ASSESSMENT YEAR :2009-10) BOB CAPITAL MARKETS LTD. 3 RD FLOOR, SOUTH WING, UTI TOWER GN BLOCK, BANDRA KURLA COMPLEX BANDRA (E) MUMBAI-400 051. / VS. DCIT - 2(1) AAYAKAR BHAVAN 5 TH FLOOR, M.K. ROAD MUMBAI-400 020. ./ ./PAN/GIR NO. : AAACB 4199 C ( /APPELLANT ) .. ( / RESPONDENT ) / APPELLANT BY : SHRI ANUJ KISNADWALA - CA / RESPONDENT BY : SHRI ASGHAR ZAIN - SR. AR / DATE OF HEARING : 12/01/2015 / DATE OF PRONOUNCEMENT : 12/01/2015 # / O R D E R PER SANJAY GARG, JUDICIAL MEMBER: THE PRESENT APPEAL HAS BEEN PREFERRED AGAINST THE E XPARTE ORDER OF CIT(A) DATED 31/08/2012. THE ASSESSEE HAS TAKEN THE FOLLOWING GROUNDS. ITA NO.6910/M/2012 2 1. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT(A) ERRED IN CONFIRMING THE LD. AOS ACTION IN ASSESSING THE INTEREST INCOME UNDER THE HEAD INCOME FROM OTHER SOURCE. 2. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT(A) ERRED IN CONFIRMING THE LD. AOS ERRED IN NOT GIVING THE CREDIT OF THE ADDITION OF RS.5,00,000/- ON ACCOUNT OF ADVANCE MEMBERSHIP FEES MADE IN THE ASSESSMENT YEAR 2008-09 EVEN THOUGH THE SAME HAS BEEN REVERSED IN THE CURRENT YEAR, RESULTING IN TAXING THE SAME TWICE. 3. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT(A) ERRED AND CONFIRMED THE LD. AO IS NOT GIVING THE MAT CREDIT U/S. 115JB, WHILE CALCULA TING THE TAX PAYABLE. 2. AT THE OUTSET THE LD. AR HAS STATED THAT THE ORD ER OF THE CIT(A) IS AN EXPARTE ORDER. HE HAS FURTHER SUBMITTE D THAT THE ASSESSEE COMPANY AFTER RECEIPT OF NOTICE FROM THE C IT(A) ABOUT DATE OF HEARING OF THE APPEAL BEFORE HIM HAS INSTRU CTED ITS C.A. TO APPEAR AND PURSUE THE MATTER BEFORE THE CIT(A). THE SAID CA HAD ALSO APPEARED BEFORE THE AO ON BEHALF OF THE ASSESS EE COMPANY, BUT THE SAID C.A. DID NOT APPEAR BEFORE THE CIT(A) ON THE DATE OF HEARING, HENCE, THE LD. CIT(A) DECIDED THE MATTER E XPARTE. THE LD. AR HAS FURTHER SUBMITTED THAT THE ASSESSEE COMPANY WAS UNDER BONAFIDE BELIEF THAT THE C.A. WOULD APPEAR AND CONT EST THE MATTER BEFORE THE CIT(A). THE NON APPEARANCE OF THE ASSESS EE COMPANY BEFORE THE CIT(A) WAS DUE TO LAPSE ON THE PART OF T HE CONCERNED C.A. AND THE SAME WAS NOT DELIBERATE OR INTENTIONAL ON THE PART OF THE ASSESSEE. THE ASSESSEE IN THIS RESPECT HAS RELI ED UPON THE AFFIDAVIT OF THE MANAGING DIRECTOR OF THE ASSESSEE COMPANY NAMELY, SHRI T.R. PRASHANTH KUMAR. ITA NO.6910/M/2012 3 2.1 THE LD. DR HAS SUPPORTED THE IMPUGNED ORDER. AF TER CONSIDERING THE SUBMISSIONS MADE ON BEHALF OF THE A SSESSEE, WE ARE OF THE VIEW THAT THE INTEREST OF JUSTICE WILL B E WELL SERVED IF THE ASSESSEE IS GIVEN AN OPPORTUNITY TO REPRESENT ITS C ASE AND THE MATTER BE DECIDED BY THE LD. CIT(A) ON MERITS. WE, ACCORDINGLY SET ASIDE THE IMPUGNED ORDER OF THE LD. CIT(A) TO DECID E AFRESH, AFTER GIVING AN OPPORTUNITY OF HEARING TO THE ASSESSEE. 3. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 12/01/2015. # $ %' & '!( % $ SD/- SD/- (B.R. BASKARAN) (SANJAY GARG ) / ACCOUNTANT MEMBER /JUDICIAL MEMBER MUMBAI; '! DATED 12 /01/2015 . ! . ./ JV , SR. PS # # # # $ $$ $ )*+ )*+ )*+ )*+ ,+'* ,+'* ,+'* ,+'* / COPY OF THE ORDER FORWARDED TO : 1. -. / THE APPELLANT 2. )/-. / THE RESPONDENT. 3. 0 ( ) / THE CIT(A)- 4. 0 / CIT 5. +1 )*! , , / DR, ITAT, MUMBAI 6. 2 3 / GUARD FILE. #! #! #! #! / BY ORDER, /+* )* //TRUE COPY// 4 44 4 / 5 5 5 5 (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI.