EDELWEISS SECURITIES LTD, V. ADDL CIT RG 4(1),

MA 547/MUM/2012

• Counselvise Citation: [2013] 124 COUNSELVISE.COM (IT) 0349 (ITAT-MUMBAI)
• Duration Of Justice: 8 month(s) 23 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 15-05-2013
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: I
• Assessment Year: 2006-2007
• Appeal Filed On: 23-08-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: O P MEENA
• Assessee Lawyers: R P VORA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH I, MUMBAI , ! '# $## #%, ' ! ( BEFORE SHRI RAJENDRA SINGH, ACCOUNTANT MEMBER AND SHRI VIVEK VARMA, JUDICIAL MEMBER M.A. NO.547/MUM/2012 (ARISING OUT OF ITA NO. 2453/MUM/2009) ASSESSMENT YEAR 2006-07 M/S EDELWEISS SECURITIES LIMITED (FORMERLY KNOWN AS EDELWEISS SECURITIES PVT. LTD. & ROOSHNIL SECCURITIES PVT. LTD.), 14 TH FLOOR, EXPRESS TOWERS, NARIMAN POINT , MUMBAI-400021 PAN: AAACK3792N VS ADDL. COMMISSIONER OF INCOME TAX, RANGE-4(1), MUMBAI (APPLICANT) (RESPONDENT) APPLICANT BY SHRI R.P.VORA RESPONDENT BY SHRI O.P.MEENA DATE OF HEARING : 10-05-2013 DATE OF PRONOUNCEMENT : 15-05-2013 PER VIVEK VARMA, J.M. IN THE MISCELLANEOUS APPEAL (MA) FILED, THE AR PRAY ED FOR THE MODIFICATION OF WORDS IN PARA 33, AS ON THE DATE OF HEARING THE CASE OF KOTAK MAHINDRA SECURITIES LTD. RENDERED BY THE HONBLE BO MBAY HIGH COURT WAS NOT REFERRED TO BY EITHER SIDE. 2. SINCE, NOW THE DECISION IS AVAILABLE AND THE LE GAL POSITION IS CLEAR WITH REGARD TO DEDUCTION OF TAX AT SOURCE ON THE PAYMENT MADE TO STOCK EXCHANGE ON ACCOUNT OF TRANSACTION CHARGES, T HE AR PRAYS THAT MA-547/MUM/12 MS. EDELWEISS SECURITIES LTD. 2 INSTEAD OF THE WORD CONCEDED , THE EXPRESSION IT WAS AGREED BY BOTH SIDES MAY BE INSERTED. 3. THE DR SUBMITTED THAT THE DECISION HAS NO INFIR MITY. 4. AFTER HEARING, WE ACCEDE TO THE REQUEST OF THE AR AND MODIFY THE WORDINGS OF PARA 33, WHICH SHALL NOW BE READ AS , THE DEPARTMENT HAS DISPUTED THE DELETION OF TRANSACTION CHARGES, W HICH HAS BEEN DELETED BY THE CIT(A). THE ISSUE HAS NOW BEEN HELD IN FAVOUR OF THE DEPARTMENT IN THE CASE OF KOTAK MAHINDRA SECURITIES LTD., WHEREIN THE HONOURABLE BOMBAY HIGH COURT ALLOWED THE DEDUCTION UP TO ASSESSMENT YEAR 2005-06 ONLY. SINCE THE ISSUE, PERT AINS TO ASSESSMENT YEAR 2006-07, THE TRANSACTION CHARGES ARE DEEMED TO DISALLOWED, AS THIS OBSERVATION HAS BEEN ACCEPTED BY BOTH THE SIDE . 5. THE MODIFIED WORDINGS OF THE ORDER, WOULD NOT, IN EFFECT, ALTER THE DECISION OF THE BENCH, RENDERED EARLIER IN ITA NO. 2455/MUM/2009. 6. IN THE RESULT, MA FILED BY THE ASSESSEE IS ALLO WED. ORDER PRONOUNCED IN THE OPEN COURT ON 15 TH MAY, 2013. SD/- SD/- ( / RAJENDRA SINGH ) ( /VIVEK VARMA ) / ACCOUNTANT MEMBER / JUDICIAL MEMBER / MUMBAI, / DATE: 15 TH MAY, 2013 SHEKHAR MA-547/MUM/12 MS. EDELWEISS SECURITIES LTD. 3 COPY TO: 1. APPLICANT 2. RESPONDENT 3. THE CONCERNED CIT (A).. 4. THE CONCERNED CIT 5. DR .. BENCH, ITAT, MUMBAI 6. GUARD FILE //TRUE COPY// )* / BY ORDER, / DY./ASST. REGISTRAR ! '# '$% &, / ITAT, MUMBAI