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Appeals partially allowed in tax case for assessment year 2005-06 The Revenue's appeal was partly allowed, and the assessee's appeal was allowed in the case involving cross-appeals against the order of the ld. CIT(A) -4, ...
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Appeals partially allowed in tax case for assessment year 2005-06
The Revenue's appeal was partly allowed, and the assessee's appeal was allowed in the case involving cross-appeals against the order of the ld. CIT(A) -4, Mumbai for the assessment year 2005-06. The Tribunal dismissed various grounds raised by both parties, with some being allowed for statistical purposes or in favor of the assessee based on previous decisions. The judgment was pronounced on 3rd Feb, 2015.
Issues Involved: Cross-appeals by Revenue and assessee against the order of ld. CIT(A) -4, Mumbai for the assessment year 2005-06.
Analysis:
I.T.A. No.7037/Mum/2008 (by Revenue): - Ground No.1: Disallowance of depreciation on membership of Bombay Stock Exchange. - First Appellate Authority allowed depreciation following Tribunal's decision in assessee's own case. Revenue's appeal dismissed. - Ground No.2: Disallowance of depreciation of &8377; 4.5 lakhs. - CIT(A) directed AO to compute depreciation on WDV as per law. Ground No.2 allowed for statistical purposes. - Grounds No.3 to 5: Allowance of loss on derivative transactions as non-speculative. - Tribunal in assessee's case for AY 2003-04 dismissed similar issue. Ground Nos.3 to 5 dismissed. - Grounds No.6 to 8: Disallowance of client assistance charges. - Tribunal allowed the appeal of the assessee in a similar case. Grounds No.6 to 8 dismissed. Revenue's appeal partly allowed.
I.T.A. No.6860/Mum/2008 (by Assessee): - Ground No.1: Disallowance of bad debts. - Tribunal in AY 2004-05 decided in favor of the assessee. Ground No.1 allowed. - Ground No.2: Disallowance of transaction charges paid to Stock Exchange. - Covered in favor of the assessee by High Court decision. Addition directed to be deleted. - Ground No.3: Disallowance of &8377; 37,40,000. - AO treated it as loss on Future and Option margins, but Tribunal allowed it as bad debts. Ground No.3 allowed. - Ground No.4: Levy of interest u/s 234B and 234C. - AO directed to levy interest as per the provisions of the Act.
Conclusion: - Revenue's appeal partly allowed, and assessee's appeal allowed. The judgment was pronounced on 3rd Feb, 2015.
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