Baldevsingh Santsingh Wahi (HUF), Ahmednagar V. CIT, Pune-1, Pune

ITA 1102/PUN/2013

• Counselvise Citation: 110224514 RSA 2013
• Duration Of Justice: 1 year(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-05-2014
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 27-06-2016
• Assessment Year: 2008-2009
• Appeal Filed On: 17-05-2013
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: VERMA
• Keywords: Business income
• Section: 143(3); 263

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH A, PUNE BEFORE SHRI SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER, AND SHRI G.S. PANNU, ACCOUNTANT MEMBER ITA NO.1102/PN/2013 (A.Y: 2008-09) BALDEVSINGH SANTSINGH WAHI (HUF) RAJ. CHAMBERS, KOTHALA ROAD, AHMEDNAGAR PAN: AADHB5922R APPELLANT VS. ADDL. CIT, AHMEDNAGAR RANGE, AHMEDNAGAR RESPONDENT APPELLANT BY : SHRI S.N. P URANIK RESPONDENT BY : SMT. M.S . VERMA, CIT DATE OF HEARING: 19.05.2014 DATE OF ORDER : 21.05.2014 ORDER PER SHAILENDRA KUMAR YADAV, J.M: THIS APPEAL HAS BEEN FILED BY THE ASSESSEE AGAINST THE ORDER OF COMMISSIONER OF INCOME TAX-I [IN SHORT CIT] PUNE , DATED 26.03.2013 FOR A.Y. 2008-09 ON THE FOLLOWING GROUND S. 1. ORDER U/S 263 PASSED BY HONOURABLE COMMISSIONER IS BAD IN LAW AND WITHOUT JURISDICTION. APPELLANT PRA YS TO CANCEL THE SAME. 2. ASSESSING OFFICER HAS TREATED APPELLANTS INVESTMENT S IN SHARES AS TRADING ACTIVITY ASSESSING IT AS BUSINESS INCOME AND STILL NOT ALLOWING DEDUCTION FOR INTEREST PAID FOR INVESTMENT, BANK CHARGES, AND OTHER INVESTMENT RELA TED EXPENSES DEBITED TO CAPITAL A/C. CIT, THEREFORE HAS ERRED IN DIRECTING ASSESSING OFFICER. 3. APPELLANT PRAYS TO ADD, ALTER, AMEND AND / OR WITHD RAW THE GROUND/S OF APPEAL AS ACCESSION MAY DEMAND, DUR ING APPELLANT PROCEEDINGS. 2 2. THE LEARNED AUTHORIZED REPRESENTATIVE HAS SUBMIT TED THAT IN SET-ASIDE PROCEEDINGS U/S. 143(3) R.W.S. 263, DA TED 28.03.2014, THE ASSESSING OFFICER HAS HELD AS UNDER : IN VIEW OF THE ABOVE, NO DISALLOWANCE U/S.14A R.W. RULE 8D IS REQUIRED TO BE MADE U/S.143(3) R.W.S. 263 OF THE INCOME TAX ACT, 1961. IN VIEW OF ABOVE, THE LEARNED AUTHORIZED REPRESENT ATIVE HAS SUBMITTED THAT THE ASSESSING OFFICER HAS GRANTED RE LIEF TO THE ASSESSEE, SO, THE ISSUE AT HAND U/S.263 GOES ACADEM IC. IN VIEW OF ABOVE DISPUTED POSITION, WE DISMISS THE ASSESSEE S APPEAL BEING ACADEMIC. 3. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS D ISMISSED AS DISCUSSED ABOVE. PRONOUNCED IN THE OPEN COURT ON THIS THE DAY 21 ST OF MAY, 2014. SD/- SD/- (G.S. PANNU) (SHAILENDRA KUMAR YADAV ) ACCOUNTANT MEMBER JUDICIAL MEMBER PUNE, DATED: 21 ST MAY, 2014 GCVSR COPY TO:- 1) ASSESSEE 2) DEPARTMENT 3) THE CIT-I, PUNE 4) THE DR, A BENCH, I.T.A.T., PUNE. 5) GUARD FILE BY ORDER //TRUE COPY// SENIOR PRIVATE SECRETARY, I.T.A.T., PUNE