The Commissioner Of Income-Tax-1 v. M/S.morgan Stanley Investment Management P.ltd

ttm IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.2413 OF 2009 The Commissioner of Income-Tax-1Vs.M/s.Morgan Stanley Investment Management P.Ltd. .. Appellant .. Respondent. Mr.Suresh Kumar for the appellant Mr.Subhash S. Shetty for the respondent CORAM: J.P. DEVADHAR & K.K. TATED, JJ.DATE: 23[rd] SEPTEMBER, 2011. P.C. 1.Whether the ITAT was justified in upholding the order of the CIT(A) directing the disallowance of expenses at 7% of the receipts as against the proportionate disallowance based on assessee’s own investment made by the Assessing Officer is the question raised in this appeal. directing the disallowance of expenses at 7% of the receipts as against the proportionate disallowance based on assessee’s own investment made by the Assessing Officer is the question raised in this appeal. 2. The assessment year involved herein is A.Y. 2003-04. 3.The disallowance of expenses made by the Assessing Officer were deleted by CIT(A). The ITAT has upholded the order of the CIT(A) by following its decision in the assessee’s own case for A.Y.2002-03.deleted by CIT(A). The ITAT has upholded the order of the CIT(A) by following its decision in the assessee’s own case for A.Y.2002-03. 4.The counsel for the revenue fairly states that the decision of the ITAT for A.Y.2002-03 has been accepted by the Respondent. for A.Y.2002-03 has been accepted by the Respondent. 5.No case is made out to find fault with the decision of the ITAT. Accordingly, the appeal is dismissed.Accordingly, the appeal is dismissed. (J.P. DEVADHAR, J.) (K.K. TATED, J.)