ITO 16(1)(1), MUMBAI V. MANISH S. MEHTA, MUMBAI

ITA 1829/MUM/2014

• Counselvise Citation: 182919914 RSA 2014
• Duration Of Justice: 1 year(s) 2 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-06-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2008-2009
• Appeal Filed On: 18-03-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A K DHONDIAL
• Assessee Lawyers: VISHESH DHULDHOYA
• Keywords: Speculation loss; Tax effect
• Section: 2

Judgement Text

, - , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES SMC, MUMBAI ,!' , BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER, ITA NOS.1829 & 1830/MUM/2014 ASSESSMENT YEARS: 2008-09 & 2009-10 INCOME TAX OFFICER-16(1)(1), MATRU MANDIR, TARDEO ROAD, MUMBAI-400007 / VS. SHRI MANISH S. MEHTA, 17, MAHESHWAR NIKETAN, PEDDAR ROAD, MUMBAI-400026 / REVENUE / ASSESSEE P.A. NO. AA BPM7817L $% / ASSESSEE BY SHRI VISHESH DHULDHOYA $% / REVENUE BY SHRI A.K.DHONDIAL-CIT-DR / DATE OF HEARING 11/06/2015 / DATE OF ORDER: 11/06/2015 / O R D E R PER JOGINDER SINGH (JUDICIAL MEMBER) BOTH THESE APPEALS ARE BY THE REVENUE FOR ASSESSME NT YEAR 2008-09 AND 2009-10 ON IDENTICAL GROUND, WHETH ER THE LD. COMMISSIONER OF INCOME TAX (APPEALS) WAS JUSTIF IED IN ALLOWING THE ALLEGED LOSS OCCURRED IN TRADING OF FU TURES AND OPTIONS WHICH WERE CLAIMED AS SPECULATION LOSS IN T HE RETURN OF INCOME WITHOUT CONSIDERING THE DECISION IN GOETZ E (INDIA) LTD. VS CIT 284 ITR 323. ITA NO.1829 & 1830/MUM/2014 SHRI MANISH S. MEHTA 2 2. DURING HEARING OF THESE APPEALS, I HAVE HEARD, SHRI A.K.DHONDIAL, LD. DR, WHO ADVANCED HIS ARGUMENTS ID ENTICAL TO THE GROUND RAISED BY DEFENDING THE ASSESSMENT OR DER. ON THE OTHER HAND, SHRI VISHESH DHULDHOYA, LD. COUNSE L FOR THE ASSESSEE, DEFENDED THE CONCLUSION ARRIVED AT IN THE IMPUGNED ORDERS. IT WAS ALSO POINTED THAT THE TAX EFFECT IN BOTH THE APPEALS IS BELOW PRESCRIBED MONETARY LIMIT, THEREFO RE, THE APPEAL OF THE REVENUE ARE NOT MAINTAINABLE. 2.1. I HAVE CONSIDERED THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD. I FIND T HAT THE INCOME ASSESSED FOR AY 2008-09 IS RS.2,86,299/-, WH EREAS, FOR AY 2009-10, THE ASSESSED INCOME IS RS.5,60,274/ -, THEREFORE, THE AMOUNT INVOLVED IN THESE APPEALS IS BELOW PRESCRIBED MONETARY LIMIT. 2.2. IN VIEW OF THE FACT THAT THE TAX EFFECT IN T HE APPEAL IS BELOW PRESCRIBED MONETARY LIMIT AS CONTAINED IN CBD T INSTRUCTION NO.3/2011 DATED 09/02/2011, FURTHER INS TRUCTION NO.5/2014 (F NO.279/MISC./142/2007-IT(PT) DATED 10/07/2014. THE CBDT REVISED THE MONETARY LIMIT FOR FILING THE APPEAL BEFORE VARIOUS AUTHORITIES/COURTS AND ADVISED/DIRECTED THE DEPARTMENT NOT TO FILE APPEAL IN THE CASES WHERE THE TAX EFFECT DOES NOT EXCEED THE FOLL OWING MONETARY LIMITS, THE APPEALS OF THE REVENUE IS NOT MAINTAINABLE. THE REVISED MONETARY LIMIT IS AS UND ER:- SL. NO. APPEALS IN INCOME TAX MATTERS MONETARY LIMIT (IN RS.) 1. BEFORE APPELLATE TRIBUNA L 4,00,000/ - ITA NO.1829 & 1830/MUM/2014 SHRI MANISH S. MEHTA 3 2. U/S 260 A BEFORE HIGH COURT 10,00,000/ - 3. BEFORE SUPREME COURT 25,00,000/ - AS PER THE AFORESAID INSTRUCTION, THE DEPARTMENT IS NOT TO FILE APPEAL BEFORE THE TRIBUNAL, WHEREIN THE TAX EFFECT IS LESS THAN RS.4,00,000/-, CONSEQUENTLY, CONSIDERING THE DECISION FROM THE HONBLE JURISDICTIONAL HIGH COURT IN THE CASE OF PITHWA ENGINEERING WORKS (276 ITR 519) (BOM ) , THE APPEALS OF THE REVENUE ARE NOT MAINTAINABLE. THERE FORE, IN VIEW OF THE ABOVE, THE APPEALS OF THE REVENUE ARE D ISMISSED AS NOT MAINTAINABLE. FINALLY THE APPEALS OF THE REVENUE ARE DISMISSED. THIS ORDER WAS PRONOUNCED IN THE OPEN COURT IN T HE PRESENCE OF LEARNED REPRESENTATIVES FROM BOTH THE S IDES AT THE CONCLUSION OF THE HEARING ON 11 TH JUNE 2015. SD/- (JOGIN DER SINGH) !' / JUDICIAL MEMBER MUMBAI; DATED : 11/06/2015 F{X~{T? P.S / ! $)!*+,+-* / COPY OF THE ORDER FORWARDED TO : 1. '#$%& / THE APPELLANT 2. '(%& / THE RESPONDENT. 3. ) ) * ( '#$ ) / THE CIT, MUMBAI. 4. ) ) * / CIT(A)- , MUMBAI 5. -./ ' , ) '#$ ' 1 , / DR, ITAT, MUMBAI 6. /2 3$ / GUARD FILE. / BY ORDER, (-# ' //TRUE COPY// / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI