TATA SECURITIES LTD, V. ASST CIT 4(2),

MA 676/MUM/2010

• Counselvise Citation: [2011] 123 COUNSELVISE.COM (IT) 6049 (ITAT-MUMBAI)
• Duration Of Justice: 2 month(s) 10 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 28-01-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: E
• Assessment Year: 1999-2000
• Appeal Filed On: 18-11-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SU RENDRA KUMAR
• Assessee Lawyers: ZAHEER MEHTA AKRAM KHAN
• Keywords: Depreciation

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES E, MUMBAI BEFORE SHRI J. SUDHAKAR REDDY (A.M.) AND SHRI V.D. RAO (J.M.) M.A NO. 676/MUM/2010 ARISING OUT OF ITA NO.2903/MUM/2008 (ASSESSMENT YEAR : 1999-2000) M/S. TATA SECURITIES LTD. C/O., KALYANIWALLA & MISTRY KALPATARU HERITAGE, 5 TH FLR., 127, MAHATMA GANDHI RD., FORT, MUMBAI 400 001. PAN : AAACT2150R. VS. THE ASST. COMM. OF INCOME TAX, CIRCLE-4(2), MUMBAI. (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI ZAHEER MEHTA, AKRAM KHAN RESPONDENT BY : SHRI SURENDRA KUMAR O R D E R PER J. SUDHAKAR REDDY, A.M. BY THIS MISCELLANEOUS APPLICATION THE ASSESSEE SEEK S RECTIFICATION OF THE ORDER OF E BENCH OF THE TRIBUNAL IN ITA NO.29 03/MUM/08 FOR THE ASSESSMENT YEAR 1999-2000 VIDE ORDER DATED 20.01.20 10. 2. THE CASE OF THE ASSESSEE IS THAT THE TRIBUNAL HA D FOLLOWED THE JUDGMENT OF HONBLE JURISDICTIONAL HIGH COURT IN TH E CASE OF TECHNO SHARE & STOCK LTD. [323 ITR 69] AND DISALLOWED THE CLAIM OF THE ASSESSEE FOR DEPRECIATION ON B.S.E. MEMBERSHIP CARD AND THE HON BLE SUPREME COURT HAS REVERSED THE DECISION OF HONBLE BOMBAY HIGH CO URT IN THE CASE OF TECHNO SHARES & STOCK LTD. [327 ITR 323] AND IN VIE W OF THE SAME, THERE IS A MISTAKE APPARENT FROM RECORD WHICH REQUIRES RECTI FICATION. 2.1 THE ASSESSEE HAS PLACED RELIANCE ON THE FOLLOWI NG ORDER IN MISCELLANEOUS APPLICATIONS NO. 784/MUM/09 ARISING O UT ITA NO.5001/MUM/08 (ASSESSMENT YEAR 2005-06) IN THE CAS E OF ACIT VS. TATA SECURITIES PVT. LTD. ORDER DATED 30.04.2010 AND MIS CELLANEOUS APPLICATION M.A NO. 676/MUM/2010 2 NO.638/MUM/10 ARISING OUT OF ITA NO.4346/MUM/10 (AS SESSMENT YEAR 2004-05) IN THE CASE OF TATA SECURITIES LTD. ORDER DATED 16.12.2010. 3. AFTER HEARING THE RIVAL CONTENTIONS, WE ALLOW TH IS MISCELLANEOUS APPLICATION BY RECTIFYING PARA 11 PAGE 7 OF THE IMP UGNED ORDER OF THE TRIBUNAL DATED 28.01.2010 BY FOLLOWING THE JUDGMENT OF HONBLE SUPREME COURT IN THE CASE OF TECHNO SHARES & STOCK LTD. VS. CIT 327 ITR 323. THE ORDER IS RECTIFIED AND WE DISMISS THE GROUND NO.1 O F THE REVENUE IN ITA NO.2903/M/08 FOR ASSESSMENT YEAR 1999-2000 AND DIRE CT THE ASSESSING OFFICER TO ALLOW THE CLAIM OF THE ASSESSEE FOR DEPR ECIATION B.S.E. CARD. 3.1. THE ISSUE WHETHER THE CONSEQUENT JUDGMENT OF T HE APEX COURT CONSTITUTE MISTAKE APPARENT FROM RECORD OR NOT IS N O MORE RES-INTEGRA, AS THIS BENCH OF THE TRIBUNAL IN THE CASE OF TATA SECU RITIES PVT. LTD. (SUPRA) AS WELL AS IN THE CASE OF TATA SECURITIES LTD.(SUPRA) HAS HELD THAT THE SUBSEQUENT JUDGMENT OF THE HONBLE SUPREME COURT C ONSTITUTE A MISTAKE APPARENT FROM RECORD REQUIRING RECTIFICATION. 4. IN THE RESULT, MISCELLANEOUS APPLICATION OF THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED ON THIS 28 TH DAY OF JANUARY 2011. SD/- (V.D. RAO) (JUDICIAL MEMBER) SD/- (J.SUDHAKAR REDDY) (ACCOUNTANT MEMBER) MUMBAI, DATED 28 TH JANUARY, 2011. JANHAVI COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. COMMISSIONER OF INCOME TAX (APPEALS)- , MUMB AI 4. COMMISSIONER OF INCOME TAX, CITY- , MUMBAI 5. DEPARTMENTAL REPRESENTATIVE, BENCH , MUM BAI //TRUE COPY// BY ORDER ASSTT. REGISTRAR, ITAT, MUMBAI