ITO, Ward-3(1), Kolkata, Kolkata V. M/S. Jackson Trexim, Kolkata

ITA 2019/KOL/2014

• Counselvise Citation: 201923514 RSA 2014
• Duration Of Justice: 9 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-08-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2006-2007
• Appeal Filed On: 03-11-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SOUMESH KR DAS
• Assessee Lawyers: VARSHA JALAN
• Keywords: Speculation loss

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH SMC , KOLKATA (BEFORE SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER ) ITA NO. 201 9 /KOL/201 4 : ASSTT. YEAR : 2006 - 2007 I.T.O., WARD - 3 (1 ) , KOLKATA VS M/S. JACKSON TREXIM PVT. LTD. AA ACJ 7292A (APPELLANT) (RESPONDENT) A PPELLANT BY : SHRI SOUMESH KR. DAS , JCIT, SR.DR RESPONDENT BY : MISS VARSHA JALAN, ADVOCATE DATE OF HEARING : 24 .08 .2015 DATE OF PRONOUNCEMENT : 26 .08 .20 15 ORDER THIS IS AN APPEAL FILED BY THE DEPARTMENT DIRECTED AGAINST THE ORDER OF THE COMMISS IONER OF INCOME - TAX (APPEALS) - I , KOLKATA DATED 18 .07 .2014 FOR THE ASSESSMEN T YEA R 2006 - 07 ON THE FOLLOWING GROUNDS. 1. O N THE FACTS AND CIRC UMSTANCES OF THE CASE, THE LD. CIT(A PPEALS ) - I, KOLKATA, IS NOT JUSTIFIED IN DELETING ADDITION OF RS.15,58,702/ - WITHOUT CONSIDERING CBDT S NOTIFICATION NO.2/206 ISSUED ON 25 - 01 - 2006. 2. AFTER HEARING THE RIVAL CONTENTIONS, I FIND THAT THE DECISION OF THE LD. CIT(A) REGARDING THE APPLICABILITY OF SECTION 43(B)(D) OF THE INCOME TAX ACT, 1961 IN RESPECT OF DERIVATIVE TRANSACTION, BY VIRTUE OF THE AMENDMENT TO THIS SECTION W.E.F. 01.04.2006 WHAT TO BE TAKEN AS NON - SPECULATIVE TRANSACTION AND THE LOSS INCURRED , IF ANY , ON THIS DERIVATIVE TRANSACTION SHOULD NOT BE CONSIDERED AS SPECULATIVE LOSS IS CORRECT, I N 2 ITA NO. 201 9 /KOL/2014 M/S . JACKSON TREXIM PVT. LTD. ASSESSMENT YEAR: 20 0 6 - 07 VIEW OF THE ORDER OF THE SPECIAL BENCH OF THE TRIBUNAL IN RES PECT OF SHREE CAPITAL SERVICES L TD. VS - ACIT 318 ITR (AT ) 1 (KOL - SB) . HENCE, THIS HAS TO BE UPHELD, A S THE DECISION OF THE SPECIAL BENCH IS BINDING ON US. RESPECTFULLY FOLLOWING THE ABOVE DECISION OF THE SPECIAL BENCH IN THE CASE OF SHREE CAPITAL SERVICES LTD. ( SUPRA ), I UPHOLD THE ORDER OF THE LD. CIT(A). THUS, THIS APPEAL OF THE REVENUE IS DISMISSED. 4 . IN THE RESULT , THE APPEAL FILED BY THE DEPARTMENT IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 26 /08 /2015. SD/ - ( J. SUDHAKAR REDDY ) ACCOUNTANT MEMBER DATED: 26 /08 /2015 TALUKDAR/SR.PS COPY OF ORDER FORWARDED TO : 1 M/S. JACKSON TREXIM PVT. LTD. , 1, BRITISH INDIA STREET, R.NO.608 & 609, KOLKATA 700 069 2 I TO, WARD - 3(1 ) , KOLKATA 3 THE CIT(A), 4 5 CIT, 5. D.R. TRUE COPY, BY ORDER, ASSTT. REGISTRAR , ITAT, KOLKATA