RAJESH R. DAGA, MUMBAI V. ITO 14(1)(1), MUMBAI

ITA 2963/MUM/2015

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 2644 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 1 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-07-2016
• Appeal Filed By: Assessee
• Bench Allotted: SMC
• Assessment Year: 2004-2005
• Appeal Filed On: 18-05-2015
• Court: TRIBUNAL
• Department Lawyers: NEIL PHILIP
• Assessee Lawyers: VIPUL JOSHI KEYURI DESAI
• Section: 154

Judgement Text

, . . , IN THE INCOME TAX APPELLATE TRIBUNAL SMC , BENCH MUMBAI BEFORE SHRI R.C.SHARMA, ACCOUNTANT MEMBER ./ ITA NO. 2963 / MUM/20 1 5 ( / ASSESSMENT YEAR : 20 04 - 20 05 ) SHRI RAJESH R D AGA, 8 TH FLOOR, SURAJ CHS LTD., 71, BHULABHAI DESAI ROAD, MUMBAI - 400026 VS. ITO - 14(1)(1), MUMBAI ./ ./ PAN/GIR NO. : A EWPD 7914 A ( / APPELLANT ) .. ( / RESPONDENT ) /AS SESSEE BY : SHRI VIPUL JOSHI, KEYURI DESAI /REVENUE BY : SHRI NEIL PHILIP / DATE OF HEARING : 14 /0 7 /2016 / DATE OF PRONOUNCEMENT 14 / 0 7 /201 6 / O R D E R TH IS IS AN APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER O F CIT(A), MUMBAI, FOR THE ASSESSMENT YEAR 20 04 - 2005 , IN THE MATTER OF ORDER PASSED U/S. 154 OF THE I.T.ACT. 2. RIVAL CONTENTIONS HAVE BEEN HEARD AND RECORD PERUSED. IN THE ASSESSMENT YEAR UNDER CONSIDERATION THE AO FRAMED ASSESSMENT U/S.143(3), WHEREIN SHOR T TERM CAPITAL LOSS OF RS.6,88,716/ - AND RS.6,06,116/ - WAS DISALLOWED ON THE PLEA THAT INVESTMENTS WERE SOLD EX - BONUS BASIS. ASSESSEE FILED 154 PETITION BEFORE THE AO FOR RECTIFYING MISTAKE WITH REGARD TO THESE TWO LOSSES. CONTENTION OF ASSESSEE IN 154 PET ITION WAS THAT SHORT TERM CAPITAL LOSS OF RS.12,86,441/ - WAS ADDED TO THE TOTAL INCOME FOR WANT OF NECESSARY DETAILS. THE AO PASSED ORDER U/S.154 DATED 30 - 5 - 2008, WHEREIN LOSS WITH RESPECT TO JM BALANCE GROWTH ITA NO. 2963 /1 5 2 FUND WAS ALLOWED. HOWEVER, THE AO DID NOT CONS IDER LOSS OF RS.6,06,115.76 ON THE PLEA THAT ASSESSEE IS IN APPEAL BEFORE THE CIT(A) AGAINST THE ORDER OF AO PASSED U/S.143(3). 3. BY THE IMPUGNED ORDER THE CIT(A) DISMISSED THIS GROUND OF ASSESSEE BY OBSERVING THAT ASSESSEE HAS NOT FILED DETAILS OF SUCH LOSS DURING THE PROCEEDINGS U/S.154. 4. LD. AR DREW OUR ATTENTION TO THE DETAILS OF LOSS INCURRED, WHICH WAS DULY FILED BEFORE THE LOWER AUTHORITIES. 5. I HAVE CONSIDERED RIVAL CONTENTIONS, AS PER MATERIAL PLACED ON RECORD I FOUND THAT IN RESPECT OF UNIT OF IL&FS, BONUS UNIT WERE ALLOTTED ON 26 - 3 - 2004 AT RS.10,00,000 WHICH WERE SOLD ON 29 - 3 - 2004 FOR RS.3,93,884.24 , THUS LOSS OF RS.6,06,116/ - WAS INCURRED BY THE ASSESSEE . HOWEVER THE LOWER AUTHORITIES HAVE NOT PROPERLY EXAMINED THESE EVIDENCES PLACED ON REC ORD BY ASSESSEE. IN THE INTEREST OF JUSTICE AND FAIR PLAY, WE RESTORE THIS ISSUE TO THE FILE OF AO WITH A DIRECTION TO VERIFY THE DETAILS AND TO CONSIDER AFRESH ASSESSEES CLAIM OF LOSS OF RS.6,06,116/ - AS PER LAW . WE DIRECT ACCORDINGLY. 5. IN THE RESUL T, APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. O RDER PRONOUNCED IN THE OPEN COURT ON THIS 14 / 07 / 201 6 . SD/ - ( R.C.SHARMA ) / ACCOUNTANT MEMBER MUMBAI ; DATED 14 / 07/ 201 6 . . /PKM , . / PS ITA NO. 2963 /1 5 3 / COPY OF THE ORDER FORWARDED TO : / BY ORDER, / ( ASSTT. REGISTRAR) , / ITAT, MUMBAI 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CI T(A), MUMBAI. 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE. //TRUE COPY//