M.s. Sanklecha, Jj v. Shreyas S. Morakhia Reported In 342 Itr 285

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.2004 OF 2011 The Commissioner of Income Tax-4.Vs.M/s. Rosy Blue Securities Pvt. Ltd. ..Appellant. ..Respondent. Mr.A.R.Malhotra for the Appellant. Mr. Pankaj R. Toprani for the Respondent. CORAM : S.J.VAZIFDAR & M.S. SANKLECHA, JJ. DATE : 30th August, 2012 PC: This is an appeal under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal dated 30[th] November 2010 in ITA No.6030/Mum/2006 and 6411/Mum/06 pertaining to the assessment year 2003-04. It is admitted on behalf of the appellant that questions (A) and (B) are liable to be answered against the appellant in view of the judgment of this Court in Commissioner of Income Tax v. Shreyas S. Morakhia reported in 342 ITR 285. 2)The question which is sought to be raised in Paragraph 4(c) is as follows: Whether on the facts and circumstances of the case and in law, the Tribunal was justified in deleting the disallowance of Rs.1,00,000/- being transaction charges paid to the SEBI? 3)Mr. Toprani states that the respondent does not wish to contest this issue only in view of the fact that the incidence of tax is minimal. He accordingly states that the assessee is willing to have the deletion of the disallowance set aside. The disallowance is therefore, confirmed only in view of the concession which is made in view of the fact that tax incidence is minimal. Question (c) is answered accordingly. 4)The appeal is accordingly disposed off . No order as to costs. ( M.S. SANKLECHA, J. ) ( S. J. VAZIFDAR, J.)