SUNIL KUMAR SOOD, MUMBAI V. ITO 26(2)(2), MUMBAI

ITA 4374/MUM/2008

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 0931 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 1 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-07-2010
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: J
• Next Hearing Date: 14-07-2010
• Assessment Year: 2005-2006
• Appeal Filed On: 24-06-2008
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: HARIGOVIND SINGH

Judgement Text

ITA NO. 4374/MUM/2008 ASSESSMENT YEAR : 2005-06 PAGE 1 OF 4 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI J BENCH, MUMBAI BEFORE SHRI D. K. AGARWAL, (JUDICIAL MEMBER) AND SHRI PRAMOD KUMAR (ACCOUNTANT MEMBER) ITA NO. 4374/MUM/2008 ASSESSMENT YEAR 2005-06 DATE OF HEARING : 14.7.2010 SUNIL KUMAR SOOD ...... APPELLANT 402 A, KANTI APARTMENTS MOUNT MARY ROAD, BANDRA (W) MUMBAI 400 050 PAN AYOPS4614J VS. INCOME TAX OFFICER, WARD 26(2)(2) .. R ESPONDENT CHARNI ROAD, MUMBAI 400 002 APPELLANT BY : NONE RESPONDENT BY : SHRI HARI GOVIND SINGH O R D E R PER PRAMOD KUMAR: 1. BY WAY OF THIS APPEAL, THE ASSESSEE HAS CALLED I NTO QUESTION CORRECTNESS OF CIT(A)S ORDER DATED 21 ST APRIL 2008, FOR ASSESSMENT YEAR 2005-06. THE ASSESSEE HAS RAISED FOLLOWING GRIEVANC ES:- 1. THE LEARNED CIT IS NOT JUSTIFIED IN LAW AND FAC TS BY TREATING THE CAPITAL GAIN ON SURRENDER OF UNIT OF U TI (CGGF SCHEME) AS INTEREST INCOME IGNORING OUR WRITTEN SUB MISSION IN THIS REGARD. ITA NO. 4374/MUM/2008 ASSESSMENT YEAR : 2005-06 PAGE 2 OF 4 2. THE LEARNED CIT HAS FAILED TO APPRECIATE THE FAC T THAT THE INCOME ON SALE / SURRENDER OF UNIT OF UTI ARE TAXAB LE AS CAPITAL GAIN. IN MY CASE SINCE I HAVE HELD THE UNITS FOR MO RE THAN A YEAR I AM LIABLE TO PAY TAX ON SUCH GAIN AT 10% ONL Y WHERE AS HE HAS TAXED ME AT THE RATE OF 30% BY TREATING THE INCOME AS INTEREST INCOME. 3. THE LEARNED CIT HAS FAILED TO APPRECIATE THE FAC TS THAT THE APPELLANT HAS ONLY EARNED BONUS UNITS FROM HIS INVESTMENT AND HE HAS NOT SHOWN THESE BONUS UNITS AS HIS INCOM E IN THE YEAR OF RECEIPT THEREFORE THE APPELLANT IS ENTITLED TO SHOW THIS INCOME AS CAPITAL GAIN ON THE TRANSFER OF ORIGINAL AS BONUS UNIT BY TAKING THE COST OF ACQUIRING BONUS UNIT AS NIL. 2. WHEN THE CASE WAS CALLED FOR HEARING, NEITHER TH E ASSESSEE NOR ANY OF ITS AUTHORIZED REPRESENTATIVE APPEARED BEFO RE US TO ARGUE THE APPEAL. EVEN THERE IS NO INTIMATION IN THE FILE REG ARDING NON- APPEARANCE OF THE ASSESSEE AND/OR ITS AUTHORIZED R EPRESENTATIVE. IT SEEMS THE ASSESSEE IS NO MORE INTERESTED TO PROSECU TE ITS APPEAL. HENCE, NO PURPOSE WOULD BE SERVED IN KEEPING THE MA TTER ALIVE. WE, THEREFORE, RESPECTFULLY FOLLOWING THE DECISION OF T HE TRIBUNAL, DELHI BENCHES, IN THE CASE OF M/S. MULTIPLAN INDIA PVT. L TD., 38 ITD 320 (DEL.), TREAT THIS APPEAL AS UN-ADMITTED AND HOLD THE SAME AS LIABLE TO BE DISMISSED IN LIMINE AS SUCH. 3. IN THE RESULT, ASSESSEES APPEAL IS DISMISSED. P RONOUNCED IN THE OPEN COURT TODAY ON THIS 30 TH DAY OF JULY 2010. SD/XX SD/XX (D. K. AGARWAL) (PRAMOD KUMAR) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI; 30 TH DAY OF JULY 2010. ITA NO. 4374/MUM/2008 ASSESSMENT YEAR : 2005-06 PAGE 3 OF 4 COPY FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. DIRECTOR OF INCOME TAX (INTERNATIONAL TAXATION), MUMBAI 4. COMMISSIONER (APPEALS) , MUMBAI 5. DEPARTMENTAL REPRESENTATIVE, J BENCH, ITAT, MUMB AI 6. GUARD FILE TRUE COPY BY ORDER ASSISTANT REGISTRAR PRADEEP J. CHOWDHURY INCOME TAX APPELLATE TRIBUNAL SR. PRIVATE SECRETARY MUMBAI BENCHES, MUMBAI ITA NO. 4374/MUM/2008 ASSESSMENT YEAR : 2005-06 PAGE 4 OF 4 DATE INITIAL 1. DRAFT DICTATED ON 22.7.2010 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 23.7.2010 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER 23.7.2010 JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER 23.7.2010 JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS 23.7.2010 SR.PS/PS 6. DATE OF PRONOUNCEMENT 30.7.2010 SR.PS 7. FILE SENT TO THE BENCH CLERK SR.PS 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK 9. DATE OF DISPATCH OF ORDER