The ITO, Ward-7(1), Ahmedabad V. Shri Jayantibhai N. Patel, HUF, Ahmedabad

ITA 31/AHD/2014

• Counselvise Citation: [2017] 130 COUNSELVISE.COM (IT) 9289 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 1 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-02-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC
• Next Hearing Date: 10-02-2017
• Assessment Year: 2010-2011
• Appeal Filed On: 06-01-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DEEPAK SUTARIA
• Assessee Lawyers: MONIL SHAH
• Keywords: Business income; Tax effect

Judgement Text

ITA NO. 31 /AHD/201 4 A SSESSMENT Y EAR: 20 10 - 11 PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCH, SMC , AHMEDABAD [CORAM: PRAMOD KUMAR AM] ITA NO. 31 /AHD/201 4 ASSESSMENT Y EAR : 20 10 - 11 INCOME TAX OFFICER , WARD 7(1), AHMEDABAD. .... ................ APPELLANT VS. JAYANTIBHAI N PATEL, HUF .......... . RESPONDENT 1, SHREEDHAR BUNGALOWS , OPP. GRAND BHAGWATI, S.G. HIGHWAY, BODAKDEV AHMEDABAD 380 054. [PAN: AA EHJ 1082 P ] APPEARANCES BY: DEEPAK SUTAR I A FOR THE APPELLANT MONIL SHAH FOR THE RESPONDENT D ATE OF CONCLUDING T HE HEARING : 10.02. 201 7 DATE OF PRONOUNCING THE ORDER : 10 . 0 2 .2017 O R D E R 1. BY WAY OF THIS APPEAL, THE ASSESSING OFFICER HAS CHALLENGED CORRECTNESS OF THE ORDER DATED 17 TH OCTOBER, 2013, PASSED BY THE L EARNED CIT(A) - XIV, AHMEDABAD FO R THE ASSESSMENT YEAR 20 10 - 11 , ON THE FOLLOWING GROUND S : - I) THE LD. CIT(A) HAS ERRED IN LAW AND ON FACTS IN TREATING THE LOSS OF RS.31,48,000/ - ARISING OUT OF PURCHASE AND SALE OF SHARES AS BUSINESS LOSS AND FURTHER DIRECTING TO SET OFF THE SAME AGAI NST THE BUSINESS INCOME ARISEN OUT OF SALE OF LAND. II) THE LD. CIT(A) HAS FURTHER ERRED IN LAW AND ON FACTS IN D IRECTING THE A.O. TO ADOPT THE LOSS AS DECLARED BY THE ASSESSEE AS AGAINST THE REWORKED LOSS OF RS.17,61,517/ - BY INVOKING THE RULE 11UA AND SECTION 55A OF THE ACT. III ) ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LD. COMMISSIONER OF INCOME TAX (A) OUGHT TO HAVE UPHELD THE ORDER OF THE ASSESSING OFFICER. ITA NO. 31 /AHD/201 4 A SSESSMENT Y EAR: 20 10 - 11 PAGE 2 OF 2 I V) IT IS, THEREFORE, PRAYED THAT THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (A) MAY BE SET - ASIDE AND THAT OF THE ASSESSING OFFICER BE RESTORED. 2. I HAVE NOTICED THAT THE TAX EFFECT INVOLVED IN TH IS APPEAL IS LESS THAN RS.10,00,000/ - . IN VIEW OF THIS UNDISPUTED FACT AND IN THE LIGHT OF CBDT CIRCULAR NO.21/2015 DATED 10 TH DECEMBER, 2015, I AM OF THE CONSIDERED VIEW THAT TH IS APPEAL IS LIABLE TO BE DISMISSED AS WITHDRAWN FOR THE SIMPLE REASON THAT TAX EFFECT INVOLVED IN TH IS APPEAL IS LESS THAN RS.10,00,000/ - . 3. IN THE RESULT, APPEAL IS DISMISSED. PRONOUNCED IN THE OPEN COURT ON THIS 10 TH D AY OF FEBRUARY , 2017 . PRAMOD KUMAR (ACCOUNTANT MEMBER) DATED: THE 10 TH D AY OF FEBRUARY , 2017 . PBN/* COPIES TO: (1) THE APPELLANT (2) THE RESPONDENT (3) CIT (4) CIT(A) (5) DR (6) GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCHES, AHMEDABAD