PANTHER FINCAP & MANAGEMENT SERVICES LTD, V. ASST CIT CEN CIR 40,

MA 177/MUM/2013

• Counselvise Citation: [2013] 124 COUNSELVISE.COM (IT) 0899 (ITAT-MUMBAI)
• Duration Of Justice: 4 month(s) 7 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 20-09-2013
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: J
• Next Hearing Date: 20-09-2013
• Assessment Year: 2004-2005
• Appeal Filed On: 13-05-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DR P DANIEL
• Assessee Lawyers: HETAL PANCHAL

Judgement Text

, ,, , , ,, , IN THE INCOME TAX APPELLATE TRIBUNAL J BENCH, MUMBAI , ! ' ' ' ' '#. . %&' , ( ! ) ) ) ) BEFORE SRI VIJAY PAL RAO, JM AND SHRI N.K.BILLAIYA, AM M.A.NO.175/MUM/2013 ARISING OUT OF ./ I.T.A. NO. 7278/MUM/2007 ( # * # * # * # * +* +* +* +* / ASSESSMENT YEAR : 2001-02 ) M.A.NO.176/MUM/2013 ARISING OUT OF ./ I.T.A. NO. 193/MUM/2008 ( # * # * # * # * +* +* +* +* / ASSESSMENT YEAR : 2002-03 ) M.A.NO.177/MUM/2013 ARISING OUT OF ./ I.T.A. NO. 369/MUM/2008 ( # * # * # * # * +* +* +* +* / ASSESSMENT YEAR : 2004-05 ) M/S PANTHER FINCAP & MANAGEMENT SERVICES LTD., BHUPEN CHAMBERS, GROUND FLOOR,9, DALAL STREE, FORT, MUMBAI-400023 # # # # / VS. THE ACIT, CENTRAL CIRCLE-40, AAYAKAR BHAVAN, MUMBAI-400020 !, ( ./ PAN : AAACP3045P ( ,- / APPELLANT ) .. ( ./,- / RESPONDENT ) ,- 0 1 / APPELLANT BY : SHRI HETAL PANCHAL ./,- 0 1 / RESPONDENT BY : DR. P. DANIEL # 0 2( / DATE OF HEARING : 20-09-2013 34+ 0 2( / DATE OF PRONOUNCEMENT : 20-09-2013 5 / O R D E R PER N.K. BILLAIYA, AM: THESE MISCELLANEOUS APPLICATIONS BY THE ASSESSEE I S DIRECTED AGAINST THE ORDER OF THE TRIBUNAL IN ITA NO.2371 TO 2373/ MUMBAI/2012 DATED 22/04/2013. 2. THE ASSESSEE SAYS THAT THE TRIBUNAL HAS DECIDED THE ISSUE IN FAVOUR OF THE ASSESSEE AND ALLOWED THE APPEAL. HOW EVER, WHILE GIVING ITS 2 M.A. NOS.175 TO 177/MUM/2013 M/S PANTHER FINCAP & MANAGEMENT SERVICES LTD. FINDING, THE TRIBUNAL ERRED IN NOT SPECIFICALLY MEN TIONING THAT THE ADDITIONS HAVE BEEN DELETED. THEREFORE, THE FINDIN G OF THE TRIBUNAL NEEDS MODIFICATION AS THE MISTAKE IS VERY MUCH APPARENT F ROM RECORD. THE LD. DR FAIRLY CONCEDED TO THIS. 3. WE HAVE CAREFULLY PERUSED THE ORDER OF THE TRIBU NAL (SUPRA), WE FIND THAT ON PAGE 11 AT PARA 9.5, THE TRIBUNAL HAS HELD AS UNDER:- AFTER CONSIDERING ALL THE ABOVE STATED FACTS IN THE LIGHT OF THE MATERIAL EVIDENCES BROUGHT ON RECORD AND THE DECISI ON OF THE TRIBUNAL AND THE HONBLE JURISDICTIONAL HIGH COURT, IN OUR CONSIDERATE VIEW, THE TRANSACTIONS ENTERED DURING T HE YEAR UNDER CONSIDERATION WHICH HAVE RESULTED INTO LOSSES TO TH E ASSESSEE ARE GENUINE AND NOT BOGUS. WE ACCORDINGLY DIRECT THE A O TO TREAT THE SAID TRANSACTIONS AS GENUINE TRANSACTIONS. 4. WE FIND FORCE IN THE CONTENTION OF THE ASSESSEE AND AFOREMENTIONED FINDINGS ARE MODIFIED AS UNDER:- AFTER CONSIDERING ALL THE ABOVE STATED FACTS IN THE LIGHT OF THE MATERIAL EVIDENCES BROUGHT ON RECORD AND THE DECISI ON OF THE TRIBUNAL AND THE HONBLE JURISDICTIONAL HIGH COURT, IN OUR CONSIDERATE VIEW, THE TRANSACTIONS ENTERED DURING T HE YEAR UNDER CONSIDERATION WHICH HAVE RESULTED INTO LOSSES TO TH E ASSESSEE ARE GENUINE AND NOT BOGUS. WE ACCORDINGLY DIRECT THE A O TO TREAT THE SAID TRANSACTIONS AS GENUINE TRANSACTIONS. ADDITIONS STAND DELETED . 5. IN THE RESULT, MISCELLANEOUS APPLICATIONS ARE AL LOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 20/09/2013 5 0 34+ ( 6 # 20/09/2013 , 4 0 7 SD/- ( VIJAY PAL RAO ) SD/- (N.K.BILLAIYA) ! / JUDICIAL MEMBER ( ! / ACCOUNTANT MEMBER MUMBAI; 3 M.A. NOS.175 TO 177/MUM/2013 M/S PANTHER FINCAP & MANAGEMENT SERVICES LTD. 6 # /DATED : 20 TH SEPTEMBER , 2013. SHEKHAR. P.S. 5 5 5 5 0 00 0 .28 .28 .28 .28 9+2 9+2 9+2 9+2 / COPY OF THE ORDER FORWARDED TO : 1. ,- / THE APPELLANT 2. ./,- / THE RESPONDENT. 3. : ( ) / THE CIT- , MUMBAI. 4. : / CIT(A)- , MUMBAI 5. ;7 .2# , , / DR, ITAT, MUMBAI 6. 7<* = / GUARD FILE. 5# 5# 5# 5# / BY ORDER, /2 .2 //TRUE COPY// > >> > / ? ? ? ? (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI