L& T CAPITAL COMPANY LIMITED, MUMBAI V. D.C.I.T., CIRCLE 2(2), MUMBAI

ITA 1783/MUM/2011

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 79284 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 3 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-06-2014
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: I
• Next Hearing Date: 30-06-2014
• Assessment Year: 2007-2008
• Appeal Filed On: 04-03-2011
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: T POORAN MS HEENA DOSHI
• Keywords: Business income

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH I, MUMBAI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND DR. S.T.M. PAVALAN, JUDICIAL MEMBER ITA NO. 1783/MUM/2011 ASSESSMENT YEAR: 2007-08 M/S. L&T CAPITAL COMPANY LIMITED, TAXATION DEPARTMENT, L&T HOUSE, N.M. MARG, BALLARD ESTATE, MUMBAI-400 001 PAN: AAACL 5880 E VS. DCIT CIRCLE 2(2) ROOM NO. 577, 5 TH FLOOR, AAYAKAR BHAWAN, M.K.ROAD, MUMBAI- 400 020 (APPELLANT) (RESPONDENT) ASSESSEE BY : MR. T. POORAN, MS. HEENA DOSHI REVENUE BY : SHRI SANJEEV JAIN DATE OF HEARING : 30.06.2014 DATE OF PRONOUNCEMENT : 30.06.2014 O R D E R PER DR. S.T.M. PAVALAN, JM: THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAI NST THE ORDER OF THE LD.CIT(A)-5, MUMBAI DATED 09.12.2010 FOR THE ASSESS MENT YEAR 2007-08. 2. IN THIS APPEAL, THE ASSESSEE HAS AGITATED THE AC TION OF THE LD.CIT(A) CONFIRMING THE DECISION OF THE AO IN CHARGING THE S HORT TERM CAPITAL GAIN ARISING ON SALE OF SHARES CLAIMED BY THE ASSESSEE AS BUSINESS INCOME. 3. AT THE OUTSET, IT IS FOUND THAT THE ISSUE IS SQU ARELY COVERED AGAINST THE ASSESSEE BY THE DECISION OF THE TRIBUNAL IN THE ASS ESSEES OWN CASE IN ITA NO. 4302/MUM/2010 FOR THE ASSESSMENT YEAR 2006-07, WHER EIN THE TRIBUNAL CONFIRMED THE TREATMENT GIVEN TO SIMILAR TRANSACTION AS BUSIN ESS ACTIVITY OF THE ASSESSEE. IT IS FURTHER NOTED THAT THE LD.CIT(A) FOR UPHOLDING THE SAID TREATMENT HAS FOLLOWED HIS PREDECESSORS ORDER FOR THE ASSESSMENT YEAR 2006-07 . AS THE SAID ORDER FOR THE YEAR 2006-07 HAS BEEN UPHELD BY THE TRIBUNAL IN THE ASSE SSEES OWN CASE AND IN THE ITA NO. 1783/MUM/2011 M/S. L&T CAPITAL COMPANY LIMITED, ASSESSMENT YEAR: 2007-08 2 ABSENCE OF ANY CONTRADICTORY FACTS BROUGHT ON RECOR D BY THE ASSESSEE DURING THE YEAR UNDER CONSIDERATION, THE IMPUGNED ORDER OF THE LD.CIT(A) IS UPHELD. 4. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS DISMISSED . ORDER PRONOUNCED IN THE OPEN COURT ON THIS 30 TH DAY OF JUNE, 2014. SD/- SD/- (N.K. BILLAIYA) (DR. S.T.M. PAVALAN) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED: 30.06.2014 COPY TO: THE APPELLANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT(A) CONCERNED, MUMBAI THE DR I BENCH //TRUE COPY// BY ORDER DY/ASSTT. REGISTRAR, ITAT, MUMBAI.