DCIT, New Delhi V. M/s. VKG Securities Pvt. Ltd., New Delhi

ITA 4504/DEL/2011

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 65277 (ITAT-DELHI)
• Duration Of Justice: 10 month(s) 14 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-08-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: H
• Next Hearing Date: 21-08-2012
• Assessment Year: 2008-2009
• Appeal Filed On: 07-10-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MRS REENA S PURI
• Assessee Lawyers: AMIT GOEL
• Keywords: Tax effect

Judgement Text

I.T.A. NO. 4504/DEL/2011 1 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH H NEW DELHI BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND SHRI C.M. GARG, JUDICIAL MEMBER I.T.A. NO. 4504/DEL/2011 A.Y. : 2008-09 ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE 17(1), NEW DELHI VS. M/S V.K.G. SECURITIES PVT. LTD., 192, MUNIRKA ENCLAVE, NEW DELHI 110 067 (PAN/GIR NO. : AABCV 4426 H) (APPELLANT) (APPELLANT) (APPELLANT) (APPELLANT) (RESPONDENT) (RESPONDENT) (RESPONDENT) (RESPONDENT) ASSESSEE BY : SH. AMIT GOEL, CA DEPARTMENT BY : MRS. REENA S. PURI, C.I.T.(D.R.) ORDER ORDER ORDER ORDER PER SHAMIM YAHYA : AM PER SHAMIM YAHYA : AM PER SHAMIM YAHYA : AM PER SHAMIM YAHYA : AM THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST T HE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (APPEALS)-XIX, NEW DE LHI DATED 25.7.2011 FOR THE ASSESSMENT YEAR 2008-09. 2. THE GROUNDS RAISED IN THE APPEAL READ AS UNDER: - 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CAE AND IN LAW THE LD. COMMISSIONER OF INCOME TAX (A) HAS ERRED IN DIRECTING THAT THE LOSS OF ` 3,29,354/- S UFFERED BY THE ASSESSEE ON ACCOUNT OF FUTURE AND OPTION TRANSACTION WAS ALLOWABLE EVEN THOUGH THE DATE OF I.T.A. NO. 4504/DEL/2011 2 SETTLEMENT WAS BEYOND THE PREVIOUS YEAR RELEVANT TO THE ASSESSMENT YEAR UNDER CONSIDERATION. 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE C ASE THE LD. COMMISSIONER OF INCOME TAX (A) HAS ERRED IN NOT APPRECIATING THAT THE ASSESSING OFFICER HAD DISALLOWED THE CLAIM OF LOSS AS PER THE CBDTS INSTRUCTION NO. 3/2010 DATED 23.3.2010. 3. THE APPELLANT CRAVES LEAVE FOR RESERVING THE RIG HT TO AMEND, MODIFY, ALTER, ADD OR FOREGO ANY GROUND(S) O F APPEAL AT ANY TIME BEFORE OR DURING THE HEARING OF APPEAL. 3. AT THE THRESHOLD, WE NOTE THAT TAX EFFECT IN THI S CASE IS LESS THAN ` 3 LACS FIXED BY THE CBDT FOR FILING APPEAL BEFORE THE TRIBUNAL. AS PER INSTRUCTION NO. 3/2011 (F.NO. 279/MISC./142/2007-ITJ) DATED 09.02.2011 ISSUED BY THE CBDT, THE TAX EFFECT FOR FILING APPEA L BEFORE THE APPELLATE TRIBUNAL SHOULD BE MORE THAN ` 3 LAKHS. THE AFORES AID INSTRUCTIONS HAVE BEEN HELD TO BE APPLICABLE TO ALL PENDING APPE ALS BY THE HONBLE DELHI HIGH COURT IN THE DECISIONS IN THE CASES:- (I) C.I.T. VS. M/S P.S. JAIN & CO. IN ITA NO. 179/1 991, ORDER DATED 2 ND AUGUST, 2010. I.T.A. NO. 4504/DEL/2011 3 (II) C.I.T. VS. DELHI RACE CLUB IN ITA NO. 128/2008 , ORDER DATED 3 RD MARCH, 2011. 3.1 IN THE PRESENT CASE, ADMITTEDLY THE TAX IS BELO W ` 3 LAKHS. HENCE, THE APPEAL IS IN CONTRAVENTION OF THE AFORESAID CBDT CIRCULAR/INSTRUCTION. HENCE, THE SAME IS LIABLE TO BE DISMISSED. ACCORDINGLY, THIS APPEAL BY THE REVENUE STANDS DISMI SSED FOR TAX EFFECT. 4. IN THE RESULT, THE APPEAL FILED BY THE REVENUE S TANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 21/8/2012, UP ON CONCLUSION OF HEARING. SD/- SD/- [C.M. GARG] [C.M. GARG] [C.M. GARG] [C.M. GARG] [SHAMIM YAHYA] [SHAMIM YAHYA] [SHAMIM YAHYA] [SHAMIM YAHYA] JUDICIAL MEMBER JUDICIAL MEMBER JUDICIAL MEMBER JUDICIAL MEMBER ACCOUNTANT MEMBER ACCOUNTANT MEMBER ACCOUNTANT MEMBER ACCOUNTANT MEMBER DATE 21/8/2012 SRBHATNAGAR COPY FORWARDED TO: COPY FORWARDED TO: COPY FORWARDED TO: COPY FORWARDED TO: - -- - 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT (A) 5. DR, ITAT TRUE COPY BY ORDER, ASSISTANT REGISTRAR, ITAT, DELHI BENCHES