Techno Shares and Stocks Ltd. v. CIT

Grishma Securities P.Ltd, Mumbai vs. ITO 4(1)(2), Mumbai

…2009, relying upon the decision of the Hon’ble Bombay High Court in ITA No.s. 971 of 2006 and 2018 of 2007 in the case of Techno Shares and Stores Ltd, that the said judgment of the Hon’ble Bombay High Court was later on reversed by the Hon’ble Supreme Court (327 ITR 323), that the identical issue arose in the case of the assessee for the subsequent assessment year and that the Tribunal allowed the appeal filed by the assessee. 3.After considering the rectification-application of the assessee, the FAA held that the assessee was a member of BSE and NSE to provide electronic transfer of securities, that it had rais…

The Dy CIT 4(1), Mumbai vs. M/S. Icici Brokerage Services, Mumbai

In the result, appeal of the assessee

…is also covered by the order of Tribunal in assessee’s own case for assessment year 20001- 2001 in ITA No.4326/Mum/2004, order dated 9th May, 2007. The issue is also covered by the decision of Hon’ble Supreme Court in the case of Techno Shares & Stocks Ltd., 327 ITR 323. Respectfully following the same, we do not find any infirmity in the order of CIT(A) for allowing assessee’s claim for depreciation on BSE Membership Card. 14. Ground with regard to deleting disallowance of incentive of 50% have already been dealt by us while discussing assessee’s appeal (i.e. ITA No.3767/Mum/2007), following the same reasoning,…

The Dy CIT 4(1), Mumbai vs. M/S. Icici Brokerage Services Ltd, Mumbai

In the result, appeal of the assessee

…is also covered by the order of Tribunal in assessee’s own case for assessment year 20001- 2001 in ITA No.4326/Mum/2004, order dated 9th May, 2007. The issue is also covered by the decision of Hon’ble Supreme Court in the case of Techno Shares & Stocks Ltd., 327 ITR 323. Respectfully following the same, we do not find any infirmity in the order of CIT(A) for allowing assessee’s claim for depreciation on BSE Membership Card. 14. Ground with regard to deleting disallowance of incentive of 50% have already been dealt by us while discussing assessee’s appeal (i.e. ITA No.3767/Mum/2007), following the same reasoning,…

Icici Securities Ltd. (Formerly Known As Icici Brokerage Services Ltd., Mumbai vs. ACIT Circle 4(1), Mumbai

In the result, appeal of the assessee

…is also covered by the order of Tribunal in assessee’s own case for assessment year 20001- 2001 in ITA No.4326/Mum/2004, order dated 9th May, 2007. The issue is also covered by the decision of Hon’ble Supreme Court in the case of Techno Shares & Stocks Ltd., 327 ITR 323. Respectfully following the same, we do not find any infirmity in the order of CIT(A) for allowing assessee’s claim for depreciation on BSE Membership Card. 14. Ground with regard to deleting disallowance of incentive of 50% have already been dealt by us while discussing assessee’s appeal (i.e. ITA No.3767/Mum/2007), following the same reasoning,…

M/S. Gujarat Glass Ltd vs. The Addl CIT RG 6(3)

In the result, appeals are allowed in part, in terms indicated hereinabove

…nch in the case of Shreya Life Science Private Limited, ITA No.7071/Mum/2010, order dated 14-1-2016, wherein the Tribunal after relying various judicial pronouncements as well as the decision of Hon’ble Supreme Court in the case of Smifs Securities Pvt. Ltd., 327 ITR 323, allowed the depreciation on non-compete fees after having the following observations :- “19. Now coming to the claim for depreciation on non compete fee, we found that after paying the non compete fee the assessee has acquired commercial rights. Commercial right comes into existence whenever the assessee makes payment for non compete fee and aft…

Twin Earth Securities Pvt. Ltd., Mumbai vs. A.C.I.T.4(2), Mumbai

In the result, the appeal filed by the assessee company is dismissed

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 2640/Mum/2012 ("नधा"रण वष" / Assessment Year : 2008-09)

…p right in the earlier years from which shares have emerged and such depreciation shall be reduced from the cost of acquisition of the shares of BSE Ltd. The Hon’ble Supreme Court has in the case of Techno Shares and ITA 2640/M/12 4 Stocks Limited in (2010) 327 ITR 323(SC) has held that membership rights in BSE(AOP) is eligible for depreciation as intangibles. While calculating the long term capital gains on sale of such shares as shares of BSE Ltd are long term capital asset within the meaning of Section 2(42A) explanation1 (ha) of the Act and if the contentions of the assessee company is accepted , Section 50…

DCIT 8(3), Mumbai vs. Shreya Life Scinida P. Ltd, Mumbai

In the result, the ground of reopening is decided in favour of assessee, whereas ground of treating the non compete fee as revenue expenditure is decided in favour of Revenue

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./Ita No.7071/Mum/2010 (नििाारण वषा / Assessment Year: 2002-03) Acit, Cc-44, Mumbai. Vs. Shreya Life Science Pvt. Ltd. Shreya House, 301-A, Pareira Hill Road, Andheri (East), Mumbai-400099 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aadcs 9890 C (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri Rajneesh K. Arvind (Dr) ननधाारयती की ओर से /Assessee By : Shri Satish R Mody सुनवाई की तायीख / Date Of Hearing : 26/10/2015 घोषणा की तायीख/Date Of Pronouncement 14/01/2016 आदेश / O R D E R Per R.C.Sharma (A.M): This Is An Appeal Filed By The Revenue Against The Order Of Cit(A), For The Assessment Year 2002-03, In The Matter Of Order Passed U/S.143(3) R.W.S. 147-13A Of The I.T. Act. 2. Following Grounds Taken By The Revenue :- “1. On The Facts & In The Circumstances Of The Case, The Ld. Cit(A) Erred In Law In Holding That The Notice Issued U/S.147 Is Bad In Law & Reassessment Made Is Invalid Without Appreciating The Fact That The Ao Had Not Discussed This Issue At All In His Original Assessment Order. 2. On The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A) Erred In Deleting The Disallowance Of Rs.2.50 Cr. Being 1/4Th Of Rs.10 Cr. Paid To M/S Rallies India Ltd As Non-Compete Fees Treated By The Ao As Capital Expenditure Without Appreciating The Facts Brought On Record By The Ao. The Appellant Prays That The Order Of Cit(A) On The Above Grounds Be Set Aside & That Of Assessing Officer Be Restored.”

…to depreciation as in intangible asset. The bench applied the decision of the Mumbai Tribunal in the case of Techno Shares and Stocks Ltd. (101 TTJ 349) (Bom) (depreciation on stock exchange membership card) which was confirmed by the Hon’ble Supreme Court in 327 ITR 323. Recently Hon’ble Supreme Court in case of Simfs Securities Ltd. held that even goodwill which is a commercial right is eligible for claim of depreciation. 21. In a recent ruling, the Hon’ble Madras High Court in the case of Pentasoft Technologies Ltd. held that non-compete fee paid to a transferor under a composite agreement for restraining him…

Elder It Solutions P.Ltd, Mumbai vs. Pr CIT 4, Mumbai

In the result appeal of the assessee is allowed

…e agreement. This aspect was looked into by the Assessing Officer in A.Y.2009-10 and had restricted the claim of depreciation from Rs.25.9 crs. to RS.6.06 crs. The assessee relied upon the following decisions before Tribunal :- i. Techno Shares and Stock Ltd. 327 ITR 323 ii. B. Raveendran Pillai v CIT 332 ITR 531 iii. CIT v Hindustan Coco Cola Beverages P. Ltd. 331 ITR 192 iv. Areva T & D India Ltd. v DCIT 345 ITR 421 During the year under consideration the assessee has continued the claim of depreciation in respect of the above agreement. It was submitted that when the order u/s.263 for A.Y.2009-10 is set aside,…

Saroj Sales Organization, Mumbai vs. ITO 16(1)(4), Mumbai

In the result, the appeal of the assessee is hereby dismissed

Bench: Shri R.C. Sharma & Shri Sanjay Gargassessment Year: 2008-09 M/S. Saroj Sales Organisation, Ito 16(1)(4), Plot No.A/62-63, Mumbai Vs. Midc, Andheri (E), Mumbai – 400 093 Pan: Aaafs 3944H (Appellant) (Respondent) Present For: Assessee By : Dr. K. Shivaram, A.R. Revenue By : Shri B. Yadagiri, D.R. Date Of Hearing : 30.10.2015 Date Of Pronouncement : 11.12.2015

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “E”, MUMBAI BEFORE SHRI R.C. SHARMA, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER Assessment Year: 2008-09 M/s. Saroj Sales Organisation, ITO 16(1)(4), Plot No.A/62-63, Mumbai Vs. MIDC, Andheri (E), Mumbai – 400 093 PAN: AAAFS 3944H (Appellant) (Respondent) Present for: Assessee by : Dr. K. Shivaram, A.R. Revenue by : Shri B. Yadagiri, D.R. Date of Hearing : 30.10.2015 Date of Pronouncement : 11.12.2015 O R D E R Per Sanjay Garg, Judicial Member: The present appeal has been preferred by the assessee against the order dated 13.01.2012 of the Commiss…