DCIT 24(1), MUMBAI V. HARESH P. PAHUJA, MUMBAI

ITA 3982/MUM/2014

• Counselvise Citation: [2015] 134 COUNSELVISE.COM (IT) 1997 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 6 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-12-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: H
• Assessment Year: 2006-2007
• Appeal Filed On: 30-05-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: C N ANGOLKAR
• Assessee Lawyers: CHAMPA PUROHIT
• Keywords: Business income; Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL 'H' BENCH, MUMBAI BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI RAM LAL NEGI, JUDICIAL MEMBER ITA NO. 3982/MUM/2014 (ASSESSMENT YEAR: 2006-07) D C I T - 24(1) VS. SHRI HARESH P. PAHUJA C-13, ROOM NO. 503 PRATYAKSH KAR BHAVAN, BKC BANDRA (E), MUMBAI 400051 208, HEMU CLASSIC, OPP. NEW ERA CINEMA, MALAD (W) MUMBAIK 400064 PAN - AHQPP7525C APPELLANT RESPONDENT APPELLANT BY: SHRI C.N. ANGOLKAR RESPONDENT BY: MS. CHAMPA PUROHIT DATE OF HEARING: 23.12.2015 DATE OF PRONOUNCEMENT: 23.12.2015 O R D E R PER G.S. PANNU, A.M. THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER DATED 24.03.2013 PASSED BY THE CIT(A)-34, MUMBAI AND IT P ERTAIN TO A.Y. 2006-07. 2. ALTHOUGH THE REVENUE HAS RAISED MULTIPLE GROUNDS OF APPEAL BUT THE PERTINENT DISPUTE IS WITH RESPECT TO THE DECISI ON OF THE CIT(A) IN ACCEPTING THE SHORT TERM CAPITAL GAINS ON PURCHASE AND SALE OF SHARES DECLARED BY ASSESSEE IN RETURN OF INCOME AS AGAINST THE BUSINESS INCOME ASSESSED BY THE AO. 3. AT THE TIME OF HEARING, THE LEARNED A.R. FOR THE AS SESSEE STATED THAT THE TAX EFFECT OF THE DISPUTE IS BELOW THE LIM IT PRESCRIBED BY THE CBDT IN CIRCULAR NO. 21/2015 DATED 10 TH DECEMBER, 2015 AND THEREFORE THE SAID APPEAL OF THE REVENUE IS LIABLE TO BE DISMISSED. 4. AS PER THE WORKING SUBMITTED AT THE TIME OF HEARING , THE TAX EFFECT OF THE DISPUTE IS ` 8,41,297/-, WHICH HAS NOT BEEN DISPUTED BY THE LEARNED D.R. FOR THE REVENUE. IN THIS VIEW OF T HE MATTER, FILING OF ITA NO. 3982/MUM/2014 SHRI HARESH P. PAHUJA 2 THE CAPTIONED APPEAL BY REVENUE IS IN CONTRAVENTION TO THE CBDT CIRCULAR DATED 10 TH DECEMBER, 2015. 5. IN VIEW OF THE AFORESAID FACTUAL MATRIX, WHICH IS N OT DISPUTED BY THE LEARNED D.R., THE CAPTIONED APPEAL IS DISMISSED AS WITHDRAWN/NOT PRESSED HAVING REGARD TO THE CBDT CIRCULAR DATED 10 TH DECEMBER, 2015. ORDER PRONOUNCED IN THE OPEN COURT IN THE PRESENCE OF BOTH THE PARTIES ON 23 RD DECEMBER, 2015. SD/- SD/- (RAM LAL NEGI) (G.S. PANNU) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 23 RD DECEMBER, 2015 COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) 34, MUMBAI 4. THE CIT 24, MUMBAI CITY 5. THE DR, H BENCH, ITAT, MUMBAI BY ORDER //TRUE COPY// ASSISTANT REGISTRAR ITAT, MUMBAI BENCHES, MUMBAI N.P.