IN THE INCOME TAX APPELLATE TRIBUNAL,
                         MUMBAI BENCH "J", MUMBAI

     BEFORE SHRI D. KARUNAKARA RAO, ACCOUNTANT MEMBER AND
               SHRI SANJAY GARG, JUDICIAL MEMBER

                                ITA No.1998/M/2011
                              Assessment Year: 2006-07

        M/s. Instant Holdings Limited     Dy. CIT ­ 6(2),
        (Formerly known as M/s. KEC       Mumbai
        Holdings Ltd.)
                                      Vs.
        1st Floor, Ceat Mahal,
        463, Annie Besant Road,
        Mumbai ­ 400 030
        PAN: AACCK5600M
              (Appellant)                   (Respondent)

      Assessee by                 : Shri Sanjay Vasant Desai, A.R.
      Revenue by                  : Shri Maurya Pratap, D.R.

      Date of Hearing             : 03.04.2014
      Date of Pronouncement       : 03.04.2014

                                    ORDER

Per Sanjay Garg, Judicial Member:

      The present appeal has been filed by the assessee against the order of the
Commissioner of Income Tax (Appeals) [(hereinafter referred to as CIT(A)]
dated 08.12.10.

2.    The assessee has agitated the addition of incorporate deposits which
were written off by the assessee in earlier years and written back during the
current assessment year.






3.    At the outset, the ld. A.R. of the assessee has submitted that the
incorporate deposits written off by the assessee's predecessors company
M/s. Bespoke Finvest Limited were not allowed as deduction in earlier years
and hence the assessee had written back the said incorporate deposits during
the current assessment year which has been disallowed by the lower authorities
and as such the assessee has been doubly taxed on the said amount. The ld.
                                          2                            ITA No.1998/M/2011
                                                                   M/s. Instant Holdings Limited
                                                      (Formerly known as M/s. KEC Holdings Ltd.)

A.R. of the assessee has been fair enough to state that the assessee's claim for
earlier year has been allowed by the Tribunal. He has also produced a copy of
the order of the Tribunal passed in ITA No.3736/M/09 relating to assessment
year 2005-06 in this respect.






4.      Ld. A.R. has fairly admitted that since the claim of the assessee for
earlier years has been allowed by the Tribunal, hence the same deserves to be
disallowed for the current year.        His only concern has been that the ld.
Assessing Officer has not yet given effect to the orders of the Tribunal and
further that the Revenue may prefer the appeals against the orders of the
Tribunal for the earlier assessment years vide which the claim of the assessee
on this account has been allowed.

5.      We have considered the submissions of the ld. A.R. Admittedly the
claim of writing off of incorporate deposits has been allowed by the Tribunal
for earlier years, hence the said claim cannot be allowed to the assessee for this
year. The appeal of the assessee as such has become infructuous. So far the
contention of the ld. A.R. that the Revenue may prefer an appeal before the
Hon'ble High Court relating to earlier years is concerned, the assessee will be
at liberty to plead before the Hon'ble High Court or higher appellate authority
in this respect and may raise the cross objection/arguments in this respect
accordingly.

6.      In the result, the appeal of the assessee is thus dismissed.

               Order pronounced in the open court on 03.04.2014.


          Sd/-                                                Sd/-
  (D. Karunakara Rao)                                    (Sanjay Garg)
ACCOUNTANT MEMBER                                    JUDICIAL MEMBER

Mumbai, Dated: 03.04.2014.
* Kishore
                                            3                           ITA No.1998/M/2011
                                                                    M/s. Instant Holdings Limited
                                                       (Formerly known as M/s. KEC Holdings Ltd.)
Copy to: The Appellant
        The Respondent
        The CIT, Concerned, Mumbai
        The CIT (A) Concerned, Mumbai
        The DR "C" Bench
//True Copy//                           [




                                                By Order



                              Dy/Asstt. Registrar, ITAT, Mumbai.