ITO WD 4(2)(2), V. TECHNO SHARES & STOCK LTD,

MA 802/MUM/2009

• Counselvise Citation: [2010] 123 COUNSELVISE.COM (IT) 5273 (ITAT-MUMBAI)
• Duration Of Justice: 10 month(s) 20 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 20-10-2010
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: Not Allotted
• Assessment Year: 2003-2004
• Appeal Filed On: 30-11-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Depreciation

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH E : MUMBAI BEFORE SHRI D.K. AGARWAL, (JM) AND SHRI RAJENDRA SINGH,(AM) MA NO.802/MUM/2009 ARISING OUT OF ITA NO.3665/MUM/2007 ASSESSMENT YEAR : 2003-04 INCOME TAX OFFICER 4(2) (2), ROOM NO.644, 6 TH FLOOR, AAYAKAR BHAVAN, MUMBAI-400 020. ..( APPLICANT ) VS. M/S. TECHNO SHARES & STOCKS LTD. 93, FIRST FLOOR, ENGINEER PREMISES, B. S. MARG, MUMBAI-23. P.A. NO. (AAACT4464G) ..( RESPONDENT ) APPLICANT BY : SHRI SANJAY KUMAR RESPONDENT BY : NONE O R D E R PER D.K. AGARWAL (JM). THIS MISCELLANEOUS APPLICATION FILED BY THE REVENUE IS D IRECTED AGAINST THE ORDER DATED 13.03.2009 PASSED BY THE TRIB UNAL IN ITA NO.3665/MUM/2007 FOR THE ASSESSMENT YEAR 2003-04 WHEREI N THE TRIBUNAL HAS ALLOWED DEPRECIATION ON BSE MEMBERSHIP CAR D. 2. THE REVENUE IN ITS MISCELLANEOUS APPLICATION DATED NI L STATED THAT SINCE THE HONBLE JURISDICTIONAL HIGH COURT HAS DECIDED T HE ISSUE IN FAVOUR OF THE DEPARTMENT VIDE JUDGMENT DATED 11.9.2 009 IN THE CASE OF M/S. TECHNO SHARES & STOCKS LTD IN INCOME TAX APPEAL NO.218 OF 2007 [(SINCE REPORTED IN (2010) 323 ITR 69(BOM.)] WHE REIN IT HAS BEEN HELD THAT THE DEPRECIATION ON BSE CARD IS NOT A LLOWABLE. IT WAS, MA NO.802/M/09 A.Y:03-04 2 THEREFORE, SUBMITTED THAT THE DEPRECIATION ALLOWED TO THE ASSESSEE BE RECTIFIED BEING LEGAL MISTAKE. 3. AT THE TIME OF HEARING LD. DEPARTMENTAL REPRESENT ATIVE AGREED THAT THIS ISSUE NOW STANDS COVERED IN FAVOUR OF THE ASSESSEE BY THE DECISION OF THE HONBLE SUPREME COURT IN M/S. TECHNO SHA RES & STOCKS LTD. VS. CIT IN CIVIL APPEAL NO.7780-7781 OF 2010 (ARISING OUT OF SLP (C) NOS.4053-4054 OF 2010) DATED 9.9.2010, THEREFORE , THE MISCELLANEOUS APPLICATION MAY BE DECIDED ACCORDINGLY. 4. AFTER HEARING THE RIVAL PARTIES AND PERUSING THE M ATERIAL AVAILABLE ON RECORD WE ARE OF THE OPINION THAT THE I SSUE INVOLVED IN THE PRESENT CASE IS NO MORE RES INTEGRA AND IS COVERED AGAINST THE REVENUE AND IN FAVOUR OF THE ASSESSEE BY THE JUDGMENT OF THE HON BLE SUPREME COURT IN TECHNO SHARES & STOCKS LTD. VS. CIT SINCE REPORTE D IN (2010) 327 ITR 323 (SC) WHEREIN IT HAS BEEN HELD THAT . THAT ON THE FACTS AND CIRCUMSTANCES OF THESE CASES THE TRIBUNAL WAS RIGHT IN HO LDING THAT DEPRECIATION WAS ALLOWABLE ON THE COST OF THE MEMBERSHIP CARD UNDER SECTION 32(1)(II) OF THE 1961 ACT. RESPECTIVELY FOLL OWING THE AUTHORITATIVE PRONOUNCEMENT OF THE HONBLE APEX COURT , THE MISCELLANEOUS APPLICATION FILED BY THE REVENUE IS, THERE FORE, REJECTED. 5. IN THE RESULT, THE MISCELLANEOUS APPLICATION STANDS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 20.10.2010. SD/- SD/- (RAJENDRA SINGH ) ( D.K. AGARWAL ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED: 20.10.2010. JV. MA NO.802/M/09 A.Y:03-04 3 COPY TO: THE APPLICANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT(A) CONCERNED, MUMBAI THE DR E BENCH TRUE COPY BY ORDER DY/ASSTT. REGISTRAR, ITAT, MUMBAI.