Dr.M.R.Girinath , CHENNAI V. ACIT Non Corporate Circle 10(1), CHENNAI

CO 11/CHNY/2018

• Counselvise Citation: [2018] 123 COUNSELVISE.COM (IT) 4092 (ITAT-CHENNAI)
• Duration Of Justice: 5 month(s) 13 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 06-08-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 25-04-2018
• Assessment Year: 2012-2013
• Appeal Filed On: 22-02-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: MRS JHARNA B HARILAL FLP
• Keywords: Business income
• Section: 14A

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, CHENNAI , , $ BEFORE SHRI GEORGE MATHAN, JUDICIAL MEMBER AND SHRI S. JAYARAMAN, ACCOUNTANT MEMBER /. I.T.A. NO. 2656/CHNY/2017 & CO. NO: 11/CHNY/2018 / ASSESSMENT YEAR : 2012-13 ASSISTANT COMMISSIONER OF INCOME TAX, NON CORPORATE CIRCLE 10(1), 121 MAHATMA GANDHI ROAD, CHENNAI 600 034. VS. DR. M.R. GIRINATH, NO.3, HRIDAY KUNJ, PLAYGROUND STREET, KILPAUK GARDEN COLONY, CHENNAI 600 010. [PAN: AACPG 1258N] ( / APPELLANT) ( %&' /RESPONDENT & CROSS OBJECTOR) REVENUE BY : SHRI. AR V SREENIVASAN, JCIT ASSESSEE BY : MRS. JHARNA B. HARILAL, FLP . /DATE OF HEARING : 06.08.2018 . /DATE OF PRONOUNCEMENT : 06.08.2018 / O R D E R PER S. JAYARAMAN, ACCOUNTANT MEMBER : THE REVENUE FILED THIS APPEAL AGAINST THE ORDER OF COMMISSIONER OF INCOME TAX (APPEALS)- 2, CHENNAI IN ITA NO. 23/C IT(A)-12/2015-16 DATED :-2-: ITA NO. 2995/CHNY/2017 & CO NO: 39/CHNY/2018 28.09.2017 FOR ASSESSMENT YEAR 2012-13, WHILE THE A SSESSEE FILED THE CO FOR THE SAME ASSESSMENT YEAR. 2. SHRI. M.R. GIRINATH, THE ASSESSEE, IS A MEDICAL PRACTITIONER. WHILE COMPLETING THE ASSESSMENT FOR ASSESSMENT YEAR 2012 -13, THE ASSESSING OFFICER FOUND THAT THE ASSESSEE WAS TRADING IN LARG E VOLUMES OF SHARES AND OTHER DERIVATIVES. AFTER GIVING ADEQUATE OPPORTUNI TY TO THE ASSESSEE, THE AO ASSESSED THE INCOME RETURNED BY THE ASSESSEE UNDER THE HEAD CAPITAL GAINS UNDER THE HEAD BUSINESS INCOME. FURTHER, HE MADE DISALLOWANCE U/S. 14A R.W.R. 8D. AGGRIEVED, THE ASSESSEE FILED APPEAL BE FORE THE LD. CIT(A). THE LD. CIT(A) DIRECTED THE AO TO TREAT THE TRANSACTION S IN SHARES UNDER HEAD CAPITAL GAINS AND RESTRICTED THE 14A DISALLOWANCE FROM RS. 8,50,871/- TO RS. 4,64,074/-. 3. AGGRIEVED, THE REVENUE FILED THE ABOVE APPEAL AN D THE ASSESSEE FILED THE CO. AT THE TIME OF HEARING, THE LD. DR SUBMITT ED THAT THE APPEAL IS FALLING WITHIN THE MONETARY LIMIT AS PER THE CBDT CIRCULAR AND THE LD. AR ALSO WITHDREW THE CO. IN THE FACTS AND CIRCUMSTANCES, T HE APPEAL FILED BY THE REVENUE AND THE CO FILED BY THE ASSESSEE ARE DISMIS SED. :-3-: ITA NO. 2995/CHNY/2017 & CO NO: 39/CHNY/2018 4. IN THE RESULT, THE REVENUES APPEAL AND THE CO F ILED BY THE ASSESSEE ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 06 TH AUGUST, 2018 AT CHENNAI. SD/- ( ) (GEORGE MATHAN) ! /JUDICIAL MEMBER SD/- ( ) (S. JAYARAMAN) ! /ACCOUNTANT MEMBER /CHENNAI, 3 /DATED: 06 TH AUGUST, 2018 JPV .%5676 /COPY TO: 1. ' / APPELLANT 2. %&' /RESPONDENT 3. 9 ) ( /CIT(A) 4. 9 /CIT 5. 6% /DR 6. /GF