Appeal details
Counselvise Citation
[2011] 123 COUNSELVISE.COM (IT) 6436 (ITAT-MUMBAI)
Assessee PAN
Bench
Appeal Number
Duration Of Justice
2 month(s) 18 day(s)
Appellant
Respondent
Appeal Type
Miscellaneous Application
Pronouncement Date
29-04-2011
Appeal Filed By
Assessee
Order Result
Allowed
Bench Allotted
J
Assessment Year
2005-2006
Appeal Filed On
10-02-2011
Judgement Text
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH J : MUMBAI BEFORE SHRI D.K. AGARWAL, (JM) AND SHRI PRAMOD KU MAR (AM) MA NO.81/MUM/2011 ARISING OUT OF ITA NO.5905/MUM/2008 ASSESSMENT YEAR : 2004-05 MA NO.82/MUM/2011 ARISING OUT OF ITA NO.5906/MUM/08 ASSESSMENT YEAR : 2005-06 M/S. JHUNJHUNWALA STOCK BROKERS PVT. LTD., (NOW KNOWN AS ARJ SHARES & STOCK BROKERS PVT. LTD.) , 21, KHATAU BLDG., 2 ND FLOOR, 40/48, BANK STREET, FORT, MUMBAI-23. ..( APPLICANT ) P.A. NO. (AAACJ7576M) VS. ASSTT. COMMISSIONER OF INCOME TAX-4(3), 6 TH FLOOR, ROOM NO. 649, AAYAKAR BHAVAN, MUMBAI-400020. ..( RESPONDENT ) APPLICANT BY : SHRI HARESH P. SHAH RESPONDENT BY : SHRI SU RENDRA KUMAR O R D E R PER D.K. AGARWAL (JM). THESE TWO MISCELLANEOUS APPLICATIONS FILED BY THE A SSESSEE ARE DIRECTED AGAINST THE COMMON ORDER DATED 5.4.2010 PA SSED BY THE TRIBUNAL IN ITA NOS.5905 & 5906 /MUM/2008 FOR THE A SSESSMENT YEARS 2004-05 AND 2005-06. SINCE FACTS ARE IDENTICAL AND ISSUE INVOLVED IS COMMON BOTH THESE MISCELLANEOUS APPLICATIONS ARE DI SPOSED OF BY THIS COMMON ORDER FOR THE SAKE OF CONVENIENCE. MA NO.81 & 82/M/11 M/S J HUNJHUNWALA STOCK BROKERS PVT. LTD. 2 2. THE ASSESSEE IN ITS MISCELLANEOUS APPLICATIONS D ATED 10.02.2011 STATED THAT SINCE THE HONBLE SUPREME COURT HAS DEC IDED THE ISSUE OF DEPRECIATION ON BSE MEMBERSHIP CARD IN FAVOUR OF TH E ASSESSEE IN THE CASE OF M/S. TECHNO SHARES & STOCKS LTD. THEREFORE, DENIAL OF DEPRECIATION ON THE BASIS OF JUDGMENT OF THE HON'BL E JURISDICTIONAL HIGH COURT IN CIT VS. M/S. TECHNO SHARES & STOCKS LTD. ( 184 TAXMANN 103) CONSTITUTE A MISTAKE APPARENT FROM THE RECORD AND THE SAME MAY BE RECTIFIED ACCORDINGLY. 3. AT THE TIME OF HEARING BOTH PARTIES HAVE AGREED THAT THIS ISSUE NOW STANDS COVERED IN FAVOUR OF THE ASSESSEE BY THE DEC ISION OF THE HONBLE SUPREME COURT IN M/S. TECHNO SHARES & STOCKS LTD. V S. 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 APPLICATIONS MAY BE DECIDED ACCORDINGLY. 4. AFTER HEARING THE RIVAL PARTIES AND PERUSING THE MATERIAL AVAILABLE ON RECORD WE ARE OF THE OPINION THAT THE ISSUE INVO LVED 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 HONB LE SUPREME COURT IN TECHNO SHARES & STOCKS LTD. VS. CIT (2010) 327 ITR 323 (SC) WHEREIN IT HAS BEEN HELD THAT . THAT ON THE FACTS AND CIRCU MSTANCES OF THESE CASES THE TRIBUNAL WAS RIGHT IN HOLDING THAT DEPREC IATION WAS ALLOWABLE ON THE COST OF THE MEMBERSHIP CARD UNDER SECTION 32 (1)(II) OF THE 1961 ACT. RESPECTIVELY FOLLOWING THE AUTHORITATIVE PR ONOUNCEMENT OF THE HONBLE APEX COURT, THE MISCELLANEOUS APPLICATIONS FILED BY THE ASSESSEE ARE, THEREFORE, ALLOWED. MA NO.81 & 82/M/11 M/S J HUNJHUNWALA STOCK BROKERS PVT. LTD. 3 5. IN THE RESULT, THE MISCELLANEOUS APPLICATIONS ST AND ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 29.4.2011. SD/- SD/- (PRAMOD KUMAR) ( D.K. AGARWAL ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED: 29 TH APRIL, 2011. RK COPY TO: THE APPLICANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT(A) CONCERNED, MUMBAI THE DR J BENCH TRUE COPY BY ORDER DY/ASSTT. REGISTRAR, ITAT, MUMBAI. MA NO.81 & 82/M/11 M/S J HUNJHUNWALA STOCK BROKERS PVT. LTD. 4 DETAILS DATE INITIALS DESIGNATION 1 DRAFT DICTATED ON 29.4.2011 SR.PS/PS 2 DRAFT PLACED BEFORE AUTHOR 29.4.2011 SR.PS/PS 3 DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM/AM 4 DRAFT DISCUSSED/APPROVED BY SECOND MEMBER JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS/PS 6. KEPT FOR PRONOUNCEMENT ON SR.PS/PS 7. FILE SENT TO THE BENCH CLERK SR.PS/PS 8 DATE ON WHICH THE FILE GOES TO THE HEAD CLERK 9 DATE OF DISPATCH OF ORDER 10. DATE ON WHICH FILE SENT TO A.R.
