DCIT 4 (1), V. DEUTCSCHE EQUITIES (I) LTD,

MA 112/MUM/2010

• Counselvise Citation: [2010] 123 COUNSELVISE.COM (IT) 5271 (ITAT-MUMBAI)
• Duration Of Justice: 8 month(s) 1 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 20-10-2010
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Assessment Year: 2004-2005
• Appeal Filed On: 19-02-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: D SONGATE
• Keywords: Depreciation

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH D : MUMBAI BEFORE SHRI D.K. AGARWAL, (JM) AND SHRI RAJENDRA SINGH,(AM) MA NO.112/MUM/2010 ARISING OUT OF ITA NO.4779/MUM/2007 ASSESSMENT YEAR : 2004-05 DY. COMMISSIONER OF INCOME TAX -4(1) 6 TH FLOOR ROOM NO.640 AAYAKAR BHAVAN, M.K. ROAD MUMBAI-20. ..( APPLICANT ) VS. M/S. DEUTSCHE EQUITIES INDIA PVT. LTD. GROUND FLOOR D.B. HOUSE HAZARIMAL SOMANI MARG, FORT, MUMBAI-400001. ..( RESPONDENT ) P.A. NO. (AAAC 10996 E) APPLICANT BY : SHRI D. SONGATE RESPONDENT BY : SHRI MAD HUR AGARWAL O R D E R PER D.K. AGARWAL (JM). THIS MISCELLANEOUS APPLICATION FILED BY THE REVENU E IS DIRECTED AGAINST THE ORDER DATED 27.5.2009 PASSED BY THE TRIBUNAL IN ITA NO. 4779/MUM/2007 FOR THE ASSESSMENT YEAR 2004-05 WHERE IN THE TRIBUNAL HAS ALLOWED DEPRECIATION ON BSE MEMBERSHIP CARD. 2. THE REVENUE IN ITS MISCELLANEOUS APPLICATION DAT ED NIL STATED THAT SINCE THE HONBLE JURISDICTIONAL HIGH COURT HAS DECIDED TH E ISSUE IN FAVOUR OF THE DEPARTMENT VIDE JUDGMENT DATED 11.9.2009 IN THE CAS E OF M/S. TECHNO SHARES & STOCKS LTD. IN INCOME TAX APPEAL NO.218 OF 2007 [SINCE REPORTED IN (2010) 323 ITR 69 (BOM.)] WHEREIN IT HAS BEEN HELD THAT THE DEPRECIATION ON MA NO.112/M/10 A.Y:04-05 2 BSE CARD IS NOT ALLOWABLE. IT WAS, THEREFORE, SUBMI TTED THAT THE DEPRECIATION ALLOWED TO THE ASSESSEE BE RECTIFIED BEING LEGAL MI STAKE. 3. AT THE TIME OF HEARING BOTH THE PARTIES HAVE AGR EED THAT THIS ISSUE NOW STANDS COVERED IN FAVOUR OF THE ASSESSEE BY THE DEC ISION OF THE HONBLE SUPREME COURT IN M/S. TECHNO SHARES & STOCKS LTD. V S. CIT IN CIVIL APPEAL NO.7780-7781 OF 2010 (ARISING OUT OF SLP (C) NOS.40 53-4054 OF 2010) DATED 9.9.2010, THEREFORE, THE MISCELLANEOUS APPLICATION MAY BE DECIDED ACCORDINGLY. 4. AFTER HEARING THE RIVAL PARTIES AND PERUSING THE MATERIAL AVAILABLE ON RECORD WE ARE OF THE OPINION THAT THE ISSUE INVOLVE D IN THE PRESENT CASE IS NO MORE RES INTEGRA AND IS COVERED AGAINST THE REVENUE AND IN FAVOUR OF THE ASSESSEE BY THE JUDGMENT OF THE HONBLE SUPREME COU RT IN TECHNO SHARES & STOCKS LTD. VS. CIT SINCE REPORTED IN (2010) 327 IT R 323 (SC) WHEREIN IT HAS BEEN HELD THAT . THAT ON THE FACTS AND CIRCUMSTA NCES OF THESE CASES THE TRIBUNAL WAS RIGHT IN HOLDING THAT DEPRECIATION WAS ALLOWABLE ON THE COST OF THE MEMBERSHIP CARD UNDER SECTION 32(1)(II) OF THE 1961 ACT. RESPECTIVELY FOLLOWING THE AUTHORITATIVE PRONOUNCEM ENT OF THE HONBLE APEX COURT, THE MISCELLANEOUS APPLICATION FILED BY THE R EVENUE IS, THEREFORE, REJECTED. 5. IN THE RESULT, THE MISCELLANEOUS APPLICATION STA NDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 20.10.2010. SD/- SD/- (RAJENDRA SINGH) ( D.K. AGARWAL ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED: 20.10.2010. JV. MA NO.112/M/10 A.Y:04-05 3 COPY TO: THE APPLICANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT(A) CONCERNED, MUMBAI THE DR BENCH TRUE COPY BY ORDER DY/ASSTT. REGISTRAR, ITAT, MUMBAI.