M/s shree Bahubali Corporation Limited , Kolkata V. I.T.O.,Ward-3(3), Kolkata

ITA 1465/KOL/2019

• Counselvise Citation: [2019] 115 COUNSELVISE.COM (IT) 3171 (ITAT-KOLKATA)
• Duration Of Justice: 5 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-11-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Assessment Year: 2009-2010
• Appeal Filed On: 14-06-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: DHRUBAJYOTI RAY
• Assessee Lawyers: MANOJ KATARUKA
• Section: 147

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL SMC BENCH KOLKATA [BEFORE SRI S. S. GODARA, JUDICIAL MEMBER] ./I.T.A NO.1465/KOL/2019 ( [ [ / ASSESSMENT YEAR: 2009-10) M/S. SHREE BAHUBALI CORPORATION LTD. SARAF BHAWAN, 9, JAMES HICKY SARANI, KOLKATA 700069. VS. ITO, WARD-3(3), KOLKATA ./ ./PAN/GIR NO.: AAECS3868F (APPELLANT) .. (RESPONDENT) APPELLANT BY : SHRI MANOJ KATARUKA, ADVOCATE RESPONDENT BY : SHRI DHRUBAJYOTI RAY, JCIT, SR. DR / DATE OF HEARING : 11/11/2019 /DATE OF PRONOUNCEMENT : 15/11/2019 / O R D E R PER SHRI S. S. GODARA: THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2009-10 ARISES AGAINST THE COMMISSIONER OF INCOME TAX (A) - 16, KOLKATA ORDER DATED 27.05.2019 PASSED IN CASE NO.1294/CIT(A)-16/KOL/2019-20/W-3(3),KOL INVOLVING PROCEEDINGS U/S 147 OF THE INCOME TAX ACT, 1961 (IN SHORT THE ACT). HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. THE ASSESSEES TWIN SUBSTANTIVE GROUNDS RAISED IN THE INSTANT APPEAL CHALLENGE VALIDITY OF REOPENING AND CORRECTNESS OF BOTH THE LOWER AUTHORITIES ACTION TREATING HIS DERIVATIVE LOSS AMOUNTING TO RS.1,17,450/- AS A BOGUS ON ACCOUNT OF CLIENT CODE MODIFICATION. LEARNED COUNSEL DOES NOT PRESS FOR ASSESSEES FORMER SUBSTANTIVE GROUND. COMING TO LATTER GRIEVANCE, HIS ONLY CASE AS PER HIS PAPER BOOK RUNNING INTO 36 PAGES IS THAT THIS ASSESSEE HAS NOWHERE MADE ANY CLIENT CODE MODIFICATION EITHER HIMSELF OR THROUGH HIS BROKER. THE REVENUES CASE, IN THE OTHER HAND, IS THAT SINCE THE ASSESSING OFFICER CAME ACROSS THE ALLEGED CLIENT M/S. SHREE BAHUBALI CORPORATION LTD. I.T.A NO.1465/KOL/2019 PAGE | 2 MEDICATION, THE IMPUGNED ADDITION HAS RIGHTLY BEEN MADE IN HIS HANDS. I SEE NO MERIT IN THE REVENUES INSTANT ARGUMENTS. I FIND THAT ALTHOUGH THE ASSESSEE HAD FILED ALL THE NECESSARY DETAILS OF HIS DERIVATIVE TRANSACTIONS, HIS CLINCHING PLEA THAT HE HAS NOT MADE ANY CLIENT CODE MODIFICATION HAS NOT EVEN BEEN DEALT WITH OR DECLINED IN EITHER THE LOWER PROCEEDING. I THEREFORE ACCEPT THE ASSESSEES LATTER SUBSTANTIVE GROUND ON MERITS. THE IMPUGNED ADDITION IS DELETED. 3. THIS ASSESSEES APPEAL IS PARTLY ALLOWED IN ABOVE TERMS. ORDER IS PRONOUNCED IN THE OPEN COURT ON 15.11.2019. SD/- (S. S. GODARA) JUDICIAL MEMBER /KOLKATA; / DATE: 15/11/2019 (RS, SR.PS) / COPY OF THE ORDER FORWARDED TO : TRUE COPY BY ORDER ASSISTANT REGISTRAR, I.T.A.T, KOLKATA BENCHES, KOLKATA . 1. THE APPELLANT - M/S. SHREE BAHUBALI CORPORATION LTD. 2. THE RESPONDENT- ITO, WARD-3(3), KOLKATA 3. ( ) / THE CIT(A), KOLKATA [SENT THROUGH EMAIL] 4. / CIT 5. , , / DR, ITAT, KOLKATA [SENT THROUGH EMAIL] 6. [ / GUARD FILE.