IMPERIAL INFIN PVT. LTD., Kota V. JCIT(OSD), Jaipur

ITA 472/JPR/2015

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 99453 (ITAT-JAIPUR)
• Duration Of Justice: 5 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-11-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: Not Allotted
• Assessment Year: 2009-2010
• Appeal Filed On: 14-05-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: O P BHATEJA CIT DHK
• Assessee Lawyers: VIJAY GOYAL
• Keywords: Capital asset

Judgement Text

VK;DJ VIHYH; VF/KDJ.K] T;IQJ U;K;IHB] T;IQJ IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES (SMC), JAIPUR JH IH-DS-CALY] YS[KK LNL; DS LE{K BEFORE: SHRI P.K. BANSAL, ACCOUNTANT MEMBER VK;DJ VIHY LA-@ ITA NO. 472/JP/2015 FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2009-10. M/S. IMPERIAL INFIN PVT. LTD., 112, CHAMBAL GARDEN SHAKTI NAGAR, KOTA. CUKE VS. THE JOINT COMMISSIONER OF INCOME-TAX (OSD) CENTRAL CIRCLE-3, JAIPUR. LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN/GIR/ NO.: AAACI 4807 J VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT FU/KZKFJRH DH VKSJ LS@ ASSESSEE BY : SHRI VIJAY GOYAL, C.A. JKTLO DH VKSJ LS@ REVENUE BY : SHRI O.P. BHATEJA, ADDL. CIT LQUOKBZ DH RKJH[K@ DATE OF HEARING : 06/11/2015 ?KKS'K .KK DH RKJH[K@ DATE OF PRONOUNCEMENT : 6/11/2015 VKNS'K@ ORDER PER P.K. BANSAL, A.M. THE ONLY ISSUE INVOLVED IN THIS APPEAL FILED BY TH E ASSESSEE AGAINST THE ORDER OF LD. CIT (A) DATED 23.03.2015 AS THE LD. CIT (A) HAS SET ASIDE THE SHORT TERM CAPITAL LOSS AMOUNTING TO RS. 8,76,490/- AGAINST THE LONG TERM C APITAL GAIN AMOUNTING TO RS. 9,11,878/-. 2. AFTER HEARING THE RIVAL SUBMISSIONS AND GOING TH ROUGH THE ORDERS OF THE TAX AUTHORITIES BELOW, I NOTED THAT THE ISSUE INVOLVED IS DIRECTLY COVERED BY THE PROVISIONS OF SECTION 70(2) OF THE IT ACT. THIS SECTION STIPULAT ES AS UNDER :- 2 ITA NO. 472/JP/2015 M/S. IMPERIAL INFIN PVT. LTD. VS. JCIT SEC. 70(2) : WHERE THE RESULT OF THE COMPUTATION MADE FOR ANY ASSESSMENT YEAR UNDER SECTIONS 48 TO 55 IN RESPECT OF ANY SHORT- TERM CAPITAL ASSET IS A LOSS, THE ASSESSEE SHALL BE ENTITLED TO HAVE THE AMOUNT OF SUCH LOSS SET OFF AGAINST THE INCOME, IF ANY, AS ARRIVED AT UNDER A SIMILAR COMPUTATION MADE FOR THE ASSESSMENT YEAR IN RESPECT OF ANY OTHER CAPITAL ASSET. IN VIEW OF THE AFORESAID PROVISIONS, THE SHORT TERM CAPITAL LOSS CAN BE SET OFF AGAINST THE INCOME, IF ANY, FOR THE ASSESSMENT YEAR IN RESPECT OF ANY OTHER CAPITAL ASSET. NO CONTRARY PROVISION WAS BROUGHT TO MY NOTICE BY THE LD. D/R EVEN THOUGH HE RELIED ON THE ORDER OF THE LD. CIT (A). IN VIEW OF THE PROVI SIONS OF SECTION 70(2), I DIRECT THE AO TO SET OFF THE SHORT TERM CAPITAL LOSS AGAINST THE LONG TERM CAPITAL GAIN EARNED BY THE ASSESSEE FROM THE TWO PROPERTIES. 3. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS A LLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 6/11/2015. SD/- IH-DS-CALY ( P.K. BANSAL ) YS[KK LNL;@ ACCOUNTANT MEMBER TK;IQJ@ JAIPUR FNUKAD@ DATED:- 6/11/ 2015 DAS/ VKNS'K DH IZFRFYFI VXZSF'KR@ COPY OF THE ORDER FORWARDED TO: 1. VIHYKFKHZ@ THE APPELLANT- M/S. IMPERIAL INFIN PVT. LTD., KOTA. 2. IZR;FKHZ@ THE RESPONDENT- THE JCIT (OSD) CENTRAL CIRCLE-3, J AIPUR. 3. VK;DJ VK;QDRVIHY@ CIT(A). 4. VK;DJ VK;QDR@ CIT, 5. FOHKKXH; IZFRFUF/K] VK;DJ VIHYH; VF/KDJ.K] T;IQJ@ DR, ITAT, JAIPUR 6. XKMZ QKBZY@ GUARD FILE (ITA NO. 472JP/2015) VKNS'KKUQLKJ@ BY ORDER, LGK;D IATHDKJ@ ASSISTANT. REGISTRAR