Income Tax Appellate Tribunal - Mumbai
Dcit-4(2)(1), Mumbai vs M/S.Nirmal Bang Equities Private ... on 6 December, 2018
IN THE INCOME TAX APPELLATE TRIBUNAL
MUMBAI BENCH "B", MUMBAI
BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND
SHRI MANOJ KUMAR AGGARWAL, HON'BLE ACCOUNTANT MEMBER
ITA No. 5707 & 5708/MUM/2017
(A.Ys: 2012-13 & 2013-14)
ACIT- 4(2)(1) v. M/s. Nirmal Bang Equities (P.) Ltd.
R.No. 642, 6th Floor, B-2, 301, 3rd Floor, Marathon Innova,
Aayakar Bhavan, M.K. Road, Off Ganapatrao Kadam Marg,
Mumbai-400 020 Mumbai - 400 013
PAN No: AAECS 5874 P
(Appellant) (Respondent)
Assessee by : Shri Anant N. Pai
Department by : Shri Abiramu Karthikeyan
Date of hearing : 06.12.2018
Date of pronouncement : 06.12.2018
ORDER
PER C.N. PRASAD, JUDICIAL MEMBER
These appeals are filed by the Revenue against the order of the Learned Commissioner of Income Tax (Appeals)-9, Mumbai in Appeal No. CIT(A)-9/Cir.4/75/2015-16 and Appeal No. CIT(A)-9/Cir.4/382/2015-16 dated 02.06.2016 for the Assessment Years 2012-13 & 2013-14.
2. The Revenue has raised the following grounds in its appeals: - ITA.No. 5707/MUM/2018
1. "On the facts and in the circumstances of the case and in law, the CIT(A) erred in not confirming the disallowance of interest related to Share Trading of Rs. 43,79,671/- made by the AO"2
ITA No. 5707 & 5708/MUM/2017 (A.Ys: 2012-13 & 2013-14) M/s. Nirmal Bang Equities (P.) Ltd.
2. "On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the disallowance made by the AO of Rs. 63,404/- in respect of sundry balance of MTNL Deposit and BSE Safe Deposit Vault written off and set off against revenue income."ITA.No. 5708/MUM/2018
1. "On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in not confirming the disallowance of interest related to Share Trading of Rs. 17,48,199/- made by the AO"
2. "On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the disallowance made by the AO u/s 40(a)(ia) of Rs. 20,38,247/- paid to Bloomberg Data Services(India) Pvt. Ltd. and Crisil Ltd. for not deducting TDS "
3. At the time of hearing, Authorized Representative of the assessee submitted that tax effect on the issues in the present appeals is below ₹ 20 Lacs and in view of the CBDT Circular No. 3/2018 dated 11/07/2018 in F.No.279/Misc.142/2007-ITJ (Pt), the appeals of the Revenue are not maintainable.
4. Departmental Representative also agreed with the above submission of the Authorized Representative of the assessee. Therefore, we dismiss the appeals of the Revenue on account of low tax effect.
5. In the result, both the appeals of the Revenue are dismissed.
Order Pronounced in the Court at the close of the hearing on Thursday, the 06th day of December, 2018.
Sd/- Sd/-
(MANOJ KUMAR AGGARWAL) (C.N. PRASAD)
ACCOUNTANT MEMBER JUDICIAL MEMBER
Mumbai / Dated 06/12/2018
Giridhar, Sr.PS
3
ITA No. 5707 & 5708/MUM/2017
(A.Ys: 2012-13 & 2013-14)
M/s. Nirmal Bang Equities (P.) Ltd.
Copy to:
1. The Assessee.
2. The Revenue.
3. The CIT
4. The CIT(A)
5. The D.R.
6. Guard file.
By order
Assistant Registrar
I.T.A.T., Mumbai