CREATIVE GLOBAL STOCK BROKING PVT. LTD., MUMBAI V. ACIT - 4(1), MUMBAI

MA 137/MUM/2016

• Counselvise Citation: [2016] 123 COUNSELVISE.COM (IT) 5468 (ITAT-MUMBAI)
• Duration Of Justice: 3 month(s) 6 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 30-09-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2006-2007
• Appeal Filed On: 23-06-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: C S SHARMA
• Assessee Lawyers: NIDHI PATEL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, MUM BAI . . , , , , BEFORE S/SHRI RAJENDRA, AM AND AMARJIT SINGH, JM MA NO.137/MUM/2016 ARISING OUT OF / I.T.A. NO.3967/MUM/2011 ( / ASSESSMENT YEAR: 2006-07) M/S. CREATIVE GLOBAL STOCK BROKERS PVT. LTD. 1 ST FLOOR, CAMA INDL ESTATE SUN MILL COMPOUND, LOWER PAREL, MUMBAI 400 013. / VS. ACIT-4(1) 6 TH FLOOR, ROOM NO.640 AAYAKAR BHAVAN, M.K. ROAD MUMBAI-400 020. ./ ./PAN/GIR NO. : AABCC 6279 R ( /APPELLANT ) .. ( / RESPONDENT ) REVENUE BY: SHRI C.S. SHARMA ASSESSEE BY: MS. NIDHI PATEL / DATE OF HEARING: 30.09.2016 / DATE OF PRONOUNCEMENT: 30.09.2016 ,1961 254(1) ORDER U/S.254(1)OF THE INCOME-TAX ACT,1961(ACT) , / PER RAJENDRA A.M. - VIDE ITS APPLICATION ,DT.20.6.16,THE ASSESSEE HAS S TATED THAT THERE ARE CERTAIN MISTAKES IN THE ORDER OF THE TRIBUNAL ,DT.23.8.13, THAT SAME WERE TO BE RECTIFIED AS PER PROVISIONS OF SECTION 254(2) OF THE ACT, THAT T HE TRIBUNAL HAD HELD THAT ASSESSEE SHOULD HAVE DEDUCTED TAX AT SOURCE AS PER PROVISIONS OF SECTION 194J OF THE ACT ON TRANSACTION CHARGES PAID TO BOMBAY STOCK EXCHANGE LTD. (BSE) AND NSE , THAT THE TRIBUNAL HAD ALLOWED THE APPEAL OF T HE REVENUE BY UPHOLDING THE DISALLOWANCE MADE U/S.40(A)(IA) OF THE ACT MADE BY THE ASSESSING OFFICER (AO) IN ASSESSEE BY: MS. NIDHI PATEL DEPARTMENT BY: SHRI C.S. SHARMA MA NO.137/M/2016 A/O/OITA3967/M/11 A.Y. 2006-07 2 VIEW OF THE DECISION OF THE HONBLE JURISDICTIONAL HIGH COURT DELIVERED IN THE CASE OF KOTAK SECURITIES LTD. , THAT THE HON'BLE SU PREME COURT HAD REVERSED THE SAID DECISION OF THE HON'BLE BOMBAY HIGH COURT, TH AT THE ISSUE STANDS DECIDED IN FAVOUR OF THE ASSESSEE BY THE JUDGMENT OF THE HON BLE APEX COURT. 2. BEFORE US, THE AUTHORISED REPRESENTATIVE (AR) MADE THE SAME SUBMISSIONS REFERRED TO IN THE CASE OF KOTAK SECURITIES LTD. (3 83 ITR 1). DEPARTMENTAL REPRESENTATIVE (DR) LEFT THE ISSUE TO THE DISCRETIO N OF THE BENCH. 3. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL BEFORE US AND FIND THAT THE HON'BLE SUPREME COURT HAD REVERSED THE JUD GMENT OF KOTAK SECURITIES LTD. OF THE HON'BLE BOMBAY HIGH COURT (20TAXMANN.CO M 846). IN OUR OPINION REVERSAL OF THE JUDGMENT OF THE HON'BLE HIGH COURT BY THE HONBLE APEX COURT HAS TO BE TAKEN INTO CONSIDERATION. RESPECTFULLY FO LLOWING THE JUDGMENT OF THE SAURASHTRA KUTCH EXCHANGE (305ITR227), WE HOLD THAT JUDGMENT PRONOUNCED ON A LATER DATE BY THE HON'BLE SUPREME COURT FALLS WIT HIN THE CATEGORY OF MISTAKE APPARENT FROM RECORD ALLOWING THE APPLICATION FILED BY THE ASSESSEE ,WE DECIDE THE ISSUE AGAINST THE AO AND IN FAVOUR OF THE ASSESSEE . AS A RESULT MISCELLANEOUS APPLICATION FILED BY THE ASSESSEE STANDS ALLOWED. . ORDER PRONOUNCED IN THE OPEN COURT ON 30 TH SEPTEMBER,2016. 30 , 2016 SD/- SD/ - (AMARJIT SINGH) (RAJENDRA) /JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI; DATED : 30 TH SEPTEMBER, 2016. JV, SR. PS MA NO.137/M/2016 A/O/OITA3967/M/11 A.Y. 2006-07 3 / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A)- 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE. / BY ORDER, //TRUE COPY// / /(DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI