PAS SECURITIES P.LTD, V. ITO WD 4(2)(1),

MA 274/MUM/2011

• Counselvise Citation: [2011] 123 COUNSELVISE.COM (IT) 6689 (ITAT-MUMBAI)
• Duration Of Justice: 2 month(s) 19 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 29-07-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: K
• Assessment Year: 2004-2005
• Appeal Filed On: 10-05-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PARTHSARTHI NAIK
• Assessee Lawyers: SAMEER G DALAL
• Keywords: Depreciation

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH K, MUMBAI BEFORE SHRI R.S.SYAL(A.M) AND SHRI N.V.VASUDEVA N(J.M) MA NO.274/MUM/2011 (ARISING OUT OF MA NO.772/M/2009 IN ITA NO.1261/M/2 009,A.Y. 2004-05) PAS SECURITIES P. LTD. PS-2, ROTUNDA STOCK EXCHANGE BLDG., DALAL STREET, FORT, MUMBAI 23. PAN:AABCP 8659G (APPLICANT) VS. THE INCOME TAX OFFICER, WARD 492) (1), AAYKAR BHAVAN, M.K.ROAD, MUMBAI 400 020. (RESPONDENT) APPLICANT BY : SHRI SAMEER G. DALAL RESPONDENT BY : SHRI PARTHSARTHI NAIK ORDER PER N.V.VASUDEVAN, J.M, THE ASSESSEE THROUGH THIS MISC. APPLICATION REQUEST S THE TRIBUNAL TO DECIDE THE ISSUE RELATING TO ALLOWABILITY OF DEPREC IATION ON THE BSE MEMBERSHIP CARD IN THE LIGHT OF THE DECISION OF HON BLE SUPREME COURT IN ASSESSEES OWN CASE HEARD ALONG WITH TECHNO SHARES & STOCK LTD. WHEREIN THE HONBLE SUPREME COURT HAS REVERSED THE DECISION OF THE HONBLE BOMBAY HIGH COURT. 2. THE LD. COUNSEL FOR THE ASSESSEE SUBMITTED THAT ORIGINALLY, THE TRIBUNAL HAS ALLOWED THE ASSESSEES CLAIM OF DEPRECIATION ON THE BSE MEMBERSHIP CARD. SUBSEQUENTLY, FOLLOWING THE DECISION OF HON BLE JURISDICTIONAL HIGH COURT IN THE CASE OF TECHNO SHARES & STOCK LTD. THE TRIBUNAL REVERED THE DECISION AND HELD THAT ASSESSEE IS NOT ENTITLED TO DEPRECIATION ON BSE MEMBERSHIP CARD. NOW THAT THE HONBLE SUPREME COUR T HAS REVERSED THE DECISION OF HONBLE BOMBAY HIGH COURT IN TECHNO SHA RES & STOCK LTD. VIDE MA NO.274/MUM/2011 2 CIVIL APPEAL NO. 7780 & 7781 OF 2010 ORDER DATED 9. 9.2010 (COPY OF THE DECISION FILED IN PAPER BOOK), THEREFORE, A MISTAKE HAS CREPT IN THE ORDER OF THE TRIBUNAL, THEREFORE, THE SAME MAY BE RECTIFIED. 3. THE LD. D.R., ON THE OTHER HAND, FAIRLY CONCEDED THAT THE ISSUE NOW STANDS DECIDED IN FAVOUR OF THE ASSESSEE BY THE DEC ISION OF HONBLE SUPREME COURT IN ASSESSEES OWN CASE AS WELL AS TECHNO SHAR ES & STOCK LTD. 4. AFTER HEARING BOTH THE SIDES, WE ARE OF THE CONS IDERED OPINION THAT A APPARENT MISTAKE HAS CREPT IN THE ORDER OF THE TRIB UNAL IN SO FAR THE ISSUE OF DEPRECIATION ON BSE MEMBERSHIP CARD IS CONCERNED. S INCE THE DECISION OF HONBLE JURISDICTIONAL HIGH COURT HAS SINCE BEEN RE VERSED BY THE HONBLE SUPREME COURT IN TECHNO SHARES & STOCK LTD., WE MOD IFY THE ORDER OF THE TRIBUNAL AND HOLD THAT ASSESSEE IS ENTITLED TO DEPR ECIATION ON BSE MEMBERSHIP CARD. 5. IN THE RESULT, THE MISC. APPLICATION FILED BY TH E ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 29 TH JULY 2011. SD/- SD/- (R.S.SYAL ) (N.V.VASUDEVAN) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED. 29 TH JULY .2011 COPY TO: 1. THE APPLICANT 2. THE RESPONDENT 3. THE CIT CITY CONCERNED 4. THE CIT(A)- CONCERNED 5. THE D.RK BENCH. (TRUE COPY) BY ORDER ASST. REGISTRAR, I TAT, MUMBAI BENCHES MUMBAI. VM. MA NO.274/MUM/2011 3 DETAILS DATE INITIALS DESIGNATION 1 DRAFT DICTATED ON 20/7/11 SR.PS/PS 2 DRAFT PLACED BEFORE AUTHOR 21/7/11 SR.PS/PS 3 DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM/AM 4 DRAFT DISCUSSED/APPROVED BY SECOND MEMBER JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS/PS 6. KEPT FOR PRONOUNCEMENT ON SR.PS/PS 7. FILE SENT TO THE BENCH CLERK SR.PS/PS 8 DATE ON WHICH THE FILE GOES TO THE HEAD CLERK 9 DATE OF DISPATCH OF ORDER