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Income Tax Appellate Tribunal, MUMBAI BENCH “F”, MUMBAI
Before: SHRI PAWAN SINGH & SHRI RAJESH KUMAR
Per Rajesh Kumar, Accountant Member:
The present appeal has been preferred by the assessee against the order dated 29.03.2016 of the Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A)] relevant to assessment year 2007-08.
The various grounds raised by the assessee are as under:
“The Appellant respectfully craves leave to prefer an appeal against the order passed by Commissioner of Income Tax (Appeals) ['CIT(A)'] dated 29 March 2016 under section 250 of the Income-tax Act, 1961 ('the Act') on the following ground:
2 M/s. Tata Industries Ltd. Non granting of deduction for cost of USD 150 million while computing the short term capital gains. On the facts and in the circumstances of the case and in law, the learned 1. CIT(A) erred in upholding the action of the Assessing Officer in not considering the cost of acquisition of US$150 Million i.e. Rs 661,57,50,000/- paid by the Appellant to acquire shares of Apex Investment (Mauritius) Holding (P) Limited while computing the short term capital gains.
2. On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in holding that the earlier CIT(A) ' has not only given a finding about the nature of addition but also the quantum of such short-term capital gain.”
The issue raised by the assessee is against the order of Ld. CIT(A) upholding the action of the AO in not considering the cost of acquisition paid by the assessee to purchase the shares of Apex Investment (Mauritius) Holding (P) Ltd. while computing the short term capital gain.
At the outset, the Ld. senior counsel Mrs. Arati Vissanji brought to the notice of the Bench that the issue raised by the assessee has become academic in nature in view of the fact that the issue has been decided by the co-ordinate bench of the Tribunal in the assessee’s own case in A.Y. 2007-08 vide order dated 10.11.17. The Ld. A.R. referred to para No.8.1 of the said order and submitted that the co-ordinate bench of the Tribunal has decided the issue in favour of the assessee so far the applicability of provision of section 93 of the Act is concerned and accordingly no tax is payable.
The Ld. D.R. also fairly agreed to the contention of the Ld. A.R. on the issue that the issue has been covered in favour
Having heard both the parties and perused the relevant material placed before us including the impugned order, we are of the view that issue has already been decided by the ITAT and thus the appeal has become academic. Accordingly, appeal of the assessee is dismissed as infructuous.
Order pronounced in the open court on 22.03.2018.