AJAY J. THAKORE, V. ASST CIT 11(2),

MA 307/MUM/2016

• Counselvise Citation: [2018] 124 COUNSELVISE.COM (IT) 6757 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 8 month(s) 26 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 15-06-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2008-2009
• Appeal Filed On: 19-09-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: N HEMALATADR
• Assessee Lawyers: AJAY INDRAJIT THAKORE
• Keywords: Fair market value
• Section: 14A

Judgement Text

, ,, ,' '' ' INCOME TAX APPELLATE TRIBUNAL,MUMBAI- A,BENCH , , BEFORE S/SH.JOGINDER SINGH,JUDICIAL MEMBER & RAJENDRA,ACCOUNTANT MEMBER MA NO.307/MUM/2016 ARISING OUT OF ./ITA/6602/MUM/2011, / ASSESSMENT YEARS: 2008-09 SHRI AJAY I. THAKORE 1416, DALAMAL TOWER, FREE PRESS JOURNAL MARG, NARIMAN POINT,MUMBAI-400 021. PAN:AABPT 0802 G VS. ACIT-11(2) ROOM NO.479, 4 TH FLOOR, AAYAKAR BHAVAN, M.K. ROAD MUMBAI-400 020. ( /APPELLANT ) ( / RESPONDENT ) REVENUE BY: MS. N. HEMALATA-DR ASSESSEE BY: SHRI AJAY INDRAJIT THAKORE / DATE OF HEARING: 16/03/2018 / DATE OF PRONOUNCEMENT: 15.06.2018 ,1961 254(1) ORDER U/S.254(1)OF THE INCOME-TAX ACT,1961(ACT) , - PER RAJENDRA A.M. - VIDE HIS APPLICATION,DATED 19/09/2016,THE ASSESSEE HAS STATED THAT THERE WERE CERTAIN MISTAKES IN THE ORDER OF THE TRIBUNAL,DATED 13/04/2016,THAT SAME WERE TO BE RECTIFIED AS PER PROVISIONS OF SECTION 254(2) OF THE ACT, THAT GROUN D NO.1(C ) DEALING WITH 14A DISALLOWANCE REMAINED UNADJUDICATED, THAT WHILE DECIDING GROUND NO.1(A) AND 1(B) CERTAIN CASE LAWS WERE NOT CONSIDERED. 2. DURING THE COURSE OF HEARING BEFORE US, THE ASSESSE E REITERATED THE ARGUMENTS APPEARING IN THE MISCELLANEOUS APPLICATION AND STATED THAT HE HA D MADE SUBMISSIONS ABOUT 14A DISALLOWANCE.THE DEPARTMENTAL REPRESENTATIVE (DR) L EFT THE ISSUE TO THE DISCRETION OF THE BENCH. 3. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE AVAILABLE MATERIAL. WE FIND THAT THE ASSESSEE HAS RAISED THREE GROUNDS I.E.1(A), (B) AN D (C) IN HIS APPLICATION,THAT HE HAD RAISED TWO ISSUES.ONE OF THE ISSUES WAS FAIR MARKET VALUE (FMV) AND ITS COMPUTATION WHEREAS THE OTHER ISSUE WAS ABOUT 14A DISALLOWANCE.HOWEVER, NO SEPARATE GROUND WAS RAISED ABOUT THE 14A DISALLOWANCE UNDER A SEPARATE HEAD. IT IS FOUND THAT GROUND NO.1 (C) REMAINED UNADJUDI -CATED,AS POINTED OUT BY THE ASSESSEE.THEREFORE, WE ARE RECALLING OUR ORDER IN THAT REGARD. AS FAR AS GROUNDS NO.1(A) AND 1(B) ARE CONSIDERED, WE WOULD LIKE TO OBSERVE THAT CASE LAWS RELIED UPON BY THE ASSESSEE WERE NOT CONSIDERED WHI LE PASSING THE ORDER DATED 13/04/2016. MA/307/M/2016-AJAY.THAKORE 2 THEREFORE,WE RECALL OUR ORDER IN THAT REGARD ALSO. THE REGISTRY IS DIRECTED TO FIX THE CASE BEFORE REGULAR BENCH SO THAT APPEAL FILED BY THE ASSESSEE CAN BE HEARD AFRESH. AS A RESULT, MISCELLANEOUS APPLICATION FILED BY THE ASSESSEE IS ALLOWED. !'# $ . ORDER PRONOUNCED IN THE OPEN COURT ON 15 TH JUNE, 2018. %& ' !( 15 , 2018 SD/- SD/- /JOGINDERSINGH) ( / RAJENDRA) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI; DATED : 15 .06. 2018 / COPY OF THE ORDER FORWARDED TO : 1. APPELLANT / 2. RESPONDENT / 3. THE CONCERNED CIT(A)/ , 4. THE CONCERNED CIT 5. DR A BENCH, ITAT, MUMBAI / , , . . . 6. GUARD FILE/ //TRUE COPY// / BY ORDER, / DY./ASST. REGISTRAR , /ITAT, MUMBAI.