AMIT PANDYA, MUMBAI V. ACIT 25(3), MUMBAI

ITA 5213/MUM/2009

• Counselvise Citation: [2012] 119 COUNSELVISE.COM (IT) 8893 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 11 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-09-2012
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 14-05-2012
• Assessment Year: 2005-2006
• Appeal Filed On: 11-09-2009
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: T D SINGH
• Assessee Lawyers: PRADEEP SAGAR

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH A BENCH BEFORE SHRI B.R.MITTAL(JUDICIAL MEMBER) AND SHRI B.RAMAKOTAIAH (ACCOUNTANT MEMBER) ITA NO.5213/MUM/2009 ASSESSMENT YEAR: 2005-06 AMIT PANDYA, 165, PAREKH NAGAR, S.V. ROAD, KANDIVALI(W), MUMBAI-67 PA NO.AFVPP 0474 K ACIT 25(3), PRATYAKSHAKAR BHAVAN, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI (APPELLANT) VS. (RESPONDENT) APPELLANT BY : SHRI PRADEEP SAGAR RESPONDENT BY: SHRI T.D.SINGH DATE OF HEARING: 23.8.2012 DATE OF PRONOUNCEMENT: 5 .9.2012 ORDER PER B.R.MITTAL, JM: THE ASSESSEE HAS FILED THIS APPEAL FOR ASSESSMENT YEAR 2005-06 AGAINST ORDER DATED 8.5.2009 OF LD CIT(A)-XXV, MUMBAI ON FOLLOW ING GROUNDS: 1. THE LD CIT(A) ERRED IN CONFIRMING ASSESSMENT OF INCOME EARNED BY THE APPELLANT FROM SALE OF SHARES HELD AS INVESTMEN T AND RETURNED UNDER THE HEAD SHORT TERM GAIN AS PROFITS AND GAINS OF BUSINESS. 2. THE LD CIT(A) ERRED IN DIRECTING THE ASSESSING A UTHORITY TO PROPORTIONALLY APPORTION ESTABLISHMENT EXPENSES ON BONUS SHARES AS PER THE PROVISIONS OF THE ACT. 2. AT THE TIME OF HEARING, LD A.R. SUBMITTED THAT A SSESSEE BE ALLOWED TO WITHDRAW HIS APPEAL. LEARNED D.R SUBMITTED THAT HE HAS NO O BJECTION TO ACCEPT THE PRAYER OF LD A.R. IN VIEW OF SUBMISSIONS OF LD REPRESENTATIVES O F PARTIES, WE ACCEPT ASSESSEES PRAYER TO WITHDRAW THE APPEAL. 3. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS D ISMISSED AS WITHDRAWN. PRONOUNCED IN THE OPEN COURT ON 5 TH SEPTEMBER, 2012 SD/- (B.RAMAKOTAIAH ) ACCOUNTANT MEMBER SD/- (B.R. MITTAL) JUDICIAL MEMBER MUMBAI, DATED 5 TH SEPTEMBER, 2012 ITA NO.5213/MUM/2009 ASSESSMENT YEAR: 2005-06 2 PARIDA COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. COMMISSIONER OF INCOME TAX (APPEALS),XXV, MUMBA I 4. COMMISSIONER OF INCOME TAX, CITY-25, MUMBAI 5. DEPARTMENTAL REPRESENTATIVE, BENCH A MUMBAI //TRUE COPY// BY ORDER ASSTT. REGISTRAR, ITAT, MUMBAI