BALKRISHNA MOHAN HATLE, MUMBAI V. NFAC, DELHI

ITA 1074/MUM/2023

AI Insights

The case involves Balkrishna Mohan Hatle, the appellant, who contested an order from the Commissioner of Income-tax (Appeals) - National Faceless Appeal Centre, Delhi, concerning the assessment year 2014-15. The primary contention revolved around the treatment of Short Term Capital Gains/Losses as business income, influenced by Circular 6/2016, which allowed assessee's discretion in classifying shares and securities. The appellant had initially not disclosed certain losses in his Income Tax Returns, believing there was no tax benefit in doing so. However, before the tribunal, the appeal was withdrawn by the appellant's counsel, leading to the dismissal of the case as infructuous without a substantive ruling on the issues raised.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 123175 (ITAT-MUMBAI)
• Duration Of Justice: 1 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-05-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 28-05-2023
• Assessment Year: 2014-2015
• Appeal Filed On: 02-04-2023
• Laws Referred To: Circular 6/2016
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Capital asset

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) ITA No. 1074/MUM/2023 Assessment Year: 2014-15 Balkrishna Mohan Hatle, 07/B, Sammishra Co-op Society, P K Road, Keshav Pada, Mulund West Maharashtra-400080. Vs. National Faceless Appeal Centre (NFAC), Room No. 245-A, North Block Delhi-110001. PAN No. ADVPH 0858 H Appellant Respondent Assessee by : None Revenue by : Mr. Suresh Periasamy, DR Date of Hearing : 29/05/2023 Date of pronouncement : 31/05/2023 ORDER PER OM PRAKASH KANT, AM This appeal by the assessee is directed against order dated 03.02.2023 passed by the Ld. Commissioner of Income-tax (Appeals) – National Faceless Appeal Centre, Delhi [in short ‘the Ld. CIT(A)’] for assessment year 2014-15, raising following grounds: “1) Circular 6/2016 dated 29 th February 2016, gives the option to the assessee regarding the shares and securities held by him irrespective of the period of holding, to treat them either as capital assets or as stock Page | 2 Balkrishna Mohan Hatle ITA No. 1074/Mum/2023 in trade, without condition. Hence, I believe that Short Term Capital Gain/Loss cannot be treated as business income. The assessee had ignored to disclosed those losses in the Income Tax Returns, with truly a Bonafide belief that there were no incentives to the assessee by making a claim for the benefit of tax by disclosing it in the Income Tax Returns. Moreover, the case filed under CIT(A), was dismissed merely on the ground, that Recovery Order was uploaded instead of Assessment order. 2. Before us, the Ld. Counsel of the assessee filed a letter dated 8/5/23 withdrawing the appeal. In view of the withdrawal of the appeal by the assessee, same is dismissed as infructuous. Order pronounced in the open Court on 31/05/2023. Sd/- Sd/- (KAVITHA RAJAGOPAL) (OM PRAKASH KANT) JUDICIAL MEMBER ACCOUNTANT MEMBER Mumbai; Dated: 31/05/2023 Rahul Sharma, Sr. P.S. Copy of the Order forwarded to : 1. The Appellant 2. The Respondent. 3. CIT 4. DR, ITAT, Mumbai 5. Guard file. BY ORDER, //True Copy// (Assistant Registrar) ITAT, Mumbai