ROSY BLUE SECURITIES P. LTD,MUMBAI vs. ASST CIT CEN CIR 46, MUMBAI

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ITA 1221/MUM/2016Status: DisposedITAT Mumbai01 March 2018AY 2009-103 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the order of the CIT(A) confirming the disallowance of depreciation on the Bombay Stock Exchange membership card. This was based on the ITAT's previous decision against the assessee on the same issue.

What were the facts?

The assessee claimed depreciation on the written down value of a Bombay Stock Exchange membership card. The Assessing Officer disallowed this claim, following a previous ITAT decision in the assessee's own case. The CIT(A) upheld this disallowance.

What were the issues?

Whether depreciation is allowable on a Bombay Stock Exchange membership card. Whether a previous ITAT decision on the same issue binds the current appeal.

Which sections of the Income-tax Act were involved?

Not explicitly mentioned, but relates to depreciation provisions.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “D” BENCH, MUMBAI

Before: SHRI SHAMIM YAHYA, AM & SHRI RAM LAL NEGI, JM

For Appellant: Shri Nitesh Joshi, Shri Ram Tiwari
For Respondent: Shri Ram Tiwari

O R D E R Per Bench: These are appeals by the assessee against the respective order of the ld. Commissioner of Income Tax (Appeals) for the above four assessment years. Since the issues are common and the appeals were heard together, these are being disposed of by this common order.

2.

The common ground of appeal is that the ld. Commissioner of Income Tax (Appeals) erred in upholding the disallowance of deprecation on written down value of Bombay Stock Exchange membership card.

1.

2 M/s. Rosy Blue Securities Pvt. Ltd. 3. In these cases, the assessing officer made a disallowance of deprecation claimed on the membership card of Bombay Stock Exchange as under: assessment year amount

2009-10 7,03,710 2010-11 5,27,783 2011-12 3,95,837 2012-13 2,96,878

4.

While making the disallowance, the Assessing Officer noted that this issue was decided by the ITAT in assessee's own case in assessment year 2007 -08 against the assessee.

5.

Upon assessee's appeal, the ld. Commissioner of Income Tax (Appeals) noted that ITAT has duly decided the issue against of the assessee and the assessee has filed an appeal before the Hon’ble High Court and the Hon’ble High Court had admitted the assessee's appeal. However, since the Hon’ble High Court has not decided the matter, the ld. Commissioner of Income Tax (Appeals) followed the order of ITAT and confirmed the disallowance of deprecation.

6.

Against above order assessee is in appeal before us.

7.

We have heard both the counsel and perused the records. Learned counsel of the assessee fairly agreed that the issue has been decided by the ITAT in assessee's own case against the assessee. Accordingly, in light of the above ITAT decision against the assessee, we uphold the order of the ld. Commissioner of Income Tax (Appeals).

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