Appeal details
Counselvise Citation
[2011] 123 COUNSELVISE.COM (IT) 6428 (ITAT-MUMBAI)
Assessee PAN
Bench
Appeal Number
Duration Of Justice
6 month(s) 17 day(s)
Appellant
Respondent
Appeal Type
Miscellaneous Application
Pronouncement Date
29-04-2011
Appeal Filed By
Assessee
Order Result
Allowed
Bench Allotted
G
Assessment Year
2004-2005
Appeal Filed On
12-10-2010
Judgement Text
1 MA 606/M/2010 M/S WELWORTH SHARE AND STOCK BROKING LTD.. IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES G BEFORE SHRI N.V. VASUDEVAN, J.M. AND SHRI R.K. PAND A, A.M. MISC. APPLICATION NO. 606/MUM/2010 ARISING OUT OF M.A. NO. 860/MUM/2009 ASSESSMENT YEAR 2004-05 M/S WELWORTH SHARE & STOCK BROKING LTD., SARVODAYA MILLS COMPOUND, TARDEO, MUMBAI 34. PAN AAACW2850M VS. A.C.I.T., CIRCLE 43, 6 TH FL., R.NO. 659, AAYAKAR BHAWAN, MUMBAI.20. APPLICANT RESPONDENT APPLICANT BY SHRI RESPONDENT BY SHRI D.SONGATE ORDER PER R.K. PANDA A.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 HONBLE SUPREM E COURT IN ASSESSEES OWN CASE HEARD ALONG WITH TECHNO SHARES & STOCK LTD. WH EREIN THE HONBLE SUPREME COURT HAS REVERSED THE DECISION OF THE HON BLE 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 HONBLE JUR ISDICTIONAL HIGH COURT IN THE CASE OF TECHNO SHARES & STOCK LTD. THE TRIBUNAL REV ERED THE DECISION AND HELD THAT ASSESSEE IS NOT ENTITLED TO DEPRECIATION ON BS E MEMBERSHIP CARD. NOW THAT THE HONBLE SUPREME COURT HAS REVERSED THE DEC ISION OF HONBLE BOMBAY 2 MA 606/M/2010 M/S WELWORTH SHARE AND STOCK BROKING LTD.. HIGH COURT IN ASSESSEES OWN CASE HEARD ALONG WITH TECHNO SHARES & STOCK LTD. VIDE CIVIL APPEAL NO. 7780 & 7781 OF 2010 ORDE R DATED 9.9.2010 (COPY OF THE DECISION FILED IN PAPER BOOK), THEREFORE, A MIS TAKE 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 APPARENTLY A MISTAKE HAS CREPT IN THE ORDER OF THE TRIBUNAL IN SO FAR THE ISSUE OF DEPRECIATION ON BSE MEMBERSHIP CARD IS CONCERNED . SINCE THE DECISION OF HONBLE JURISDICTIONAL HIGH COURT HAS SINCE BEEN RE VERSED BY THE HONBLE SUPREME COURT IN ASSESSEES OWN CASE AS WELL AS TEC HNO SHARES & STOCK LTD., THEREFORE, WE MODIFY THE ORDER OF THE TRIBUNAL AND HOLD THAT ASSESSEE IS ENTITLED TO DEPRECIATION ON BSE MEMBERSHIP CARD. 5. IN THE RESULT, THE MISC. APPLICATION FILED BY TH E ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT AT THE TIME OF HEARING I.E. ON 29.4.2011. SD/- SD/- (N.V. VASUDEVAN) (R.K. PANDA) JUDICIAL MEMBER ACCOUNT ANT MEMBER MUMBAI, DATED 29 TH APRIL, 2011. RK 3 MA 606/M/2010 M/S WELWORTH SHARE AND STOCK BROKING LTD.. COPY TO 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) -CONCERNED, MUMBAI 4. THE CIT- CONCERNED, MUMBAI 5. THE DR BENCH, G 6. MASTER FILE // TUE COPY// BY ORDER DY/ASSTT. REGISTRAR ITAT, MUMBAI 4 MA 606/M/2010 M/S WELWORTH SHARE AND STOCK BROKING LTD.. DATE INITIALS 1 DRAFT DICTATED ON 29.4.11, SR. PS 2 DRAFT PLACED BEFORE THE AUTHOR 29.4.11 SR. PS 3 DRAFT PLACED BEFORE THE SECOND MEMBER 4 APPROVED DRAFT COMES TO THE SR. PS SR. PS 5 KEPT FOR PRONOUNCEMENT ON SR. PS 6 FILE SENT TO THE BENCH CLERK SR. PS 7 DATE ON WHICH FILE GOES TO THE HEAD CLERK 8 DATE ON WHICH FILE GOES TO THE AR 9 DATE OF DISPATCH OF ORDER
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