Pr. Commissioner Of Income Tax-4 vs J. M. Financial Services Ltd
2022 Latest Caselaw 7980 Bom

R. V. Patil                                        1 of 2                 13 ITXA.263.2018 OS.doc




              IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                  ORDINARY ORIGINAL CIVIL JURISDICTION

                         INCOME TAX APPEAL NO. 263 OF 2018

Pr. Commissioner of Income Tax-4, Mumbai                             ...Appellant

              Versus

M/s. J. M. Financial Services Ltd.                                   ...Respondent

                                ****
Mr. Suresh Kumar, Advocate for the Appellant.
Dr. K. Shivaram, Senior Advocate a/w Mr. Rahul K. Hakani i/b Ms.
Neelam C. Jadhav, Advocate for the Respondent.
                                                       ****
                                        CORAM :      DHIRAJ SINGH THAKUR AND
                                                     ABHAY AHUJA, JJ.

                                        DATE   :     18th AUGUST, 2022.

P.C. :

.             This appeal fled under Section 260A of the Income Tax Act,

1961, challenges the order dated 28th December, 2016 passed by the

Income Tax Appellate Tribunal, Bench 'J', Mumbai (ITAT), whereby

the ITA No. 3654/M/2014 fled by the assessee for the assessment

year 2009-10, partly came to be allowed.

2. We have heard learned Counsel for the parties.

3. Learned Counsel for the parties agree that question No. 1 as

proposed in the memo of appeal is covered by the judgment of the

Apex Court in Techno Shares and Stocks Ltd. V/s.

Commissioner of Income-Tax1.

1 [2010] 327 ITR 323 (SC).

Digitally signed by RUSHIKESH RUSHIKESH V PATIL V PATIL Date:

2022.08.20 12:16:04 +0530 R. V. Patil 2 of 2 13 ITXA.263.2018 OS.doc

4. We admit the present appeal on the following substantial

questions of law:

"(2) Whether in the facts and circumstances of the present case, the Tribunal was justifed in directing the Assessing Ofcer to delete the disallowance of Rs.21,48,928/- made u/s 14A read with Rule 8D of the Income Tax Act, 1961?

(3) Whether in the facts and circumstances of the present case and in law, the Tribunal was justifed in directing the Assessing Ofcer to delete the disallowance made towards set of of loss of cash segment against the income from Futures & Options segment as the assessee's business is covered by the Explanation to Section 73 of the Income Tax Act, 1961?"

5. Registry is directed to communicate a copy of this order to the

Tribunal. This would enable the Tribunal to keep papers and

proceedings relating to the present appeal available, to be produced

when sought for by the Court.

(ABHAY AHUJA, J.) (DHIRAJ SINGH THAKUR, J.)