ITO, New Delhi V. Shri Anil Gupta, Delhi

ITA 408/DEL/2013

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 6319 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 2 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-03-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 21-03-2016
• Assessment Year: 2009-2010
• Appeal Filed On: 22-01-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: KK JASWAL
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: A NEW DELHI BEFORE SMT DIVA SINGH, JUDICIAL MEMBER AND SH.PRASHANT MAHARISHI, ACCOUNTANT MEMBER I.T.A .NO.-408/DEL /2013 (ASSESSMENT YEAR-2009- 10) ITO, WARD-15(3), ROOM NO.-2207, BLOCK E-2, MUKHERJEE CIVIC CENTRE, NEW DELHI (APPELLANT) VS ANIL GUPTA, 79, ENGINEERS ENCLAVE, DELHI-110034. PAN-AFTPG9359L (RESPONDENT) APPELLANT BY SH. K.K.JASWAL, DR RESPONDENT BY NONE ORDER PER DIVA SINGH, JM THE PRESENT APPEAL HAS BEEN FILED BY THE REVENUE AS SAILING THE CORRECTNESS OF THE ORDER DATED 22.10.2012 OF CIT(A)-XXVIII, NEW DELHI PERTAINING TO 2009-10 ASSESSMENT YEAR ON THE FOLLOWING GROUNDS: 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW THE LD.CIT(A) ERRED IN DELETING THE ADDITION OF RS.15,9 7,402/- BY TREATING THE SPECULATIVE BUSINESS AS A REGULAR BUSINESS ACTI VITY AND ALLOWING THE SET OFF OF LOSS ON SUCH SPECULATIVE BUSINESS AGAINS T INCOME FROM CIVIL CONTRACT BUSINESS. 2. ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LD. CIT(A) HAS ERRED IN CONCLUDING THAT THE SHARE TRANSACTIONS OF THE ASSES SEE RESULTING IN LOSS WERE NOT SPECULATIVE IN NATURE AS DEFINED IN SEC. 4 3(5) OF THE I.T.ACT, EVEN THOUGH NO REFERENCE HAS BEEN MADE TO ANY MATER IAL ON WHICH SUCH CONCLUSION IS BASED. 3. THAT THE GROUNDS OF APPEAL ARE WITHOUT PREJUDICE TO EACH OTHER. 4. THE APPELLANT CRAVES TO BE ALLOWED TO ADD, AMEND OR MODIFY ANY/ALL THE GROUNDS OF APPEAL BEFORE OR DURING THE COURSE OF AP PEAL. 2. NO ONE WAS PRESENT AT THE TIME OF HEARING ON BEH ALF OF THE ASSESSEE. CONSIDERING THE AMOUNT AT STAKE FOR THE REVENUE, TH E LD. DR WAS REQUIRED TO ADDRESS CIRCULAR NO.21/2015 DATED 10TH DECEMBER, 20 15 OF CBDT. CONSIDERING THE SAME IN THE FACTS ON RECORD, THE LD. SR. DR FAI RLY CONCEDED THAT THE DATE OF HEARING 21.03.2016 DATE OF PRONOUNCEMENT 22.03.2016 I.T.A .NO.-408/DEL/2013 PAGE 2 OF 2 DEPARTMENTAL APPEAL HAS BEEN FILED WHEREIN THE TAX EFFECT INVOLVED IS MUCH LESS THAN RS.10 LAKH. 3. WE HAVE HEARD THE SUBMISSIONS OF THE LD. DR ON THIS ISSUE AND PERUSED THE MATERIAL ON RECORD. WE FIND THAT THE CBDT VIDE THE AFORESAID CIRCULAR DATED 10.12.2015 HAS REVISED THE MONETARY LIMIT TO RS.10 LAKH FOR FILING THE APPEAL BY THE DEPARTMENT BEFORE INCOME TAX APPELLATE TRIBUNAL . PARA 3 OF THE AFORESAID CIRCULAR HAS BEEN MADE APPLICABLE VIDE PARA 10 RETR OSPECTIVELY. CONSIDERING THE SETTLED LEGAL PRECEDENT THAT THE BOARDS INSTRUCTIO NS OR DIRECTIONS ISSUED TO THE INCOME TAX AUTHORITIES U/S 268A OF THE INCOME TAX A CT, 1961 ARE BINDING ON THE AUTHORITIES, WE DISMISS THE DEPARTMENTAL APPEAL CON SIDERING THE MATERIAL AVAILABLE ON RECORD. 4. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 22 ND MARCH, 2016. SD/- SD/- (PRASHANT MAHARISHI) (DIVA SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 22/03/2016 *AMIT KUMAR* COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSI STANT REGISTRAR ITAT NEW DELHI