I.T.O.Wd - 8(1),Kol., Kolkata V. M/s Baid Pariwahan Ltd, Kolkata

ITA 523/KOL/2013

• Counselvise Citation: 52323514 RSA 2013
• Duration Of Justice: 2 year(s) 9 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-12-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2004-2005
• Appeal Filed On: 12-03-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MD GHAYAS UDDIN
• Assessee Lawyers: SUBASH AGARWAL NA
• Keywords: Speculation loss; Tax effect

Judgement Text

I.T.A. NO. 523/KOL./2013 ASSESSMENT YEAR: 2004-2005 PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA B BENCH, KOLKATA BEFORE SHRI P.M. JAGTAP, ACCOUNTANT MEMBER AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER I.T.A. NO. 523/KOL/ 2013 ASSESSMENT YEAR: 2004-2005 INCOME TAX OFFICER,................................ .............................APPELLANT WARD-8(1), KOLKATA, P-7, CHOWRINGHEE SQUARE, 5 TH FLOOR, KOLKATA-700 069 -VS.- M/S. BAID PARIWAHAN LIMITED,....................... .................RESPONDENT 1-J, EMBASSY BUILDING, 4, SHAKESPEARE SARANI, KOLKATA-700 071 [PAN : AABCB 4759 R] APPEARANCES BY: MD. GHAYAS UDDIN, JCIT, SR. D.R., FOR THE DEPARTMENT SHRI SUBASH AGARWAL, ADVOCATE, FOR THE ASSESSEE NATE OF CONCLUDING THE HEARING : DECEMBER 14, 2015 DATE OF PRONOUNCING THE ORDER : DECEMBER 14, 2015 O R D E R PER SHRI P.M. JAGTAP :- THIS APPEAL IS PREFERRED BY THE REVENUE AGAINST THE ORDER OF LD. COMMISSIONER OF INCOME TAX (APPEALS)-VIII, KOLKATA DATED 30.11.2012 FOR THE ASSESSMENT YEAR 2004-05. 2. AS POINTED OUT BY THE LD. COUNSEL FOR THE ASSESS EE, AT THE OUTSET, THE TAX EFFECT INVOLVED IN THIS APPEAL OF THE REVENUE I S LESS THE REVISED MONETARY LIMIT RECENTLY FIXED BY THE CBDT VIDE CIRC ULAR NO. 21/2015 DATED 10 TH DECEMBER, 2015 AT RS.10,00,000/- FOR FILING THE AP PEAL BY THE REVENUE BEFORE THE TRIBUNAL. IN THIS REGARD, HE HAS INVITED OUR ATTENTION TO THE COMPUTATION OF THE TOTAL INCOME GIVEN BY THE ASSESSING OFFICER ON PAGE NO. 6 OF THE ASSESSMENT ORDER TO SHOW THAT THE ONLY ISSUE IN DISPUTE IN THE CASE OF THE ASSESSEE BEING THE SET OFF OF TH E ALLEGED SPECULATION LOSS AGAINST THE NORMAL SHORT-TERM CAPITAL GAIN AMOUNTIN G TO RS.16,38,724/-, I.T.A. NO. 523/KOL./2013 ASSESSMENT YEAR: 2004-2005 PAGE 2 OF 2 THE TAX EFFECT INVOLVED IS LESS THAN RS.10,00,000/- AND THIS POSITION CLEARLY EVIDENT FROM THE COMPUTATION OF TOTAL INCOM E AND TAX THEREON MADE BY THE ASSESSING OFFICER IN THE ASSESSMENT ORD ER IS NOT DISPUTED EVEN BY THE LD. D.R. IN CIRCULAR NO. 21/2015 (SUPRA ) RECENTLY ISSUED BY THE CBDT, THE MONETARY LIMIT FOR FILING THE APPEALS BY THE REVENUE BEFORE THE TRIBUNAL HAS BEEN INCREASED TO RS.10,00,000/- A ND AS CLARIFIED IN THE SAID CIRCULAR, THE SAID MONETARY LIMIT IS APPLICABL E RETROSPECTIVELY EVEN TO THE APPEALS PENDING BEFORE THE TRIBUNAL. THE CBD T HAS ALSO INSTRUCTED THAT SUCH PENDING APPEALS BELOW THIS SPECIFIED TAX LIMIT OF RS.10,00,000/- MAY BE WITHDRAWN/ NOT PRESSED. KEEPING IN VIEW THE INSTRUCTION GIVEN BY THE CBDT VIDE CIRCULAR NO. 21/2015 DATED 10.12.2015 , WHICH IS SQUARELY APPLICABLE IN THE PRESENT CASE, THE APPEAL FILED BY THE REVENUE IN THIS CASE IS TREATED AS WITHDRAWN/ NOT PRESSED AND DISMI SSED ACCORDINGLY. 3. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON DECEMBER 14, 2015. SD/- SD/- (S.S. VISWANETHRA RAVI) (P.M. JAGTAP) JUDICIAL MEMBER ACCOUNTANT MEMBER KOLKATA, THE 14 TH DAY OF DECEMBER, 2015 COPIES TO : (1) INCOME TAX OFFICER, WARD-8(1), KOLKATA, P-7, CHOWRINGHEE SQUARE, 5 TH FLOOR, KOLKATA-700 069 (2) M/S. BAID PARIWAHAN LIMITED, 1-J, EMBASSY BUILDING, 4, SHAKESPEARE SARANI, KOLKATA-700 071 (3) COMMISSIONER OF INCOME-TAX (APPEALS)-VIII, KOL KATA (4) COMMISSIONER OF INCOME TAX, KOLKATA (5) THE DEPARTMENTAL REPRESENTATIVE (6) GUARD FILE BY ORDER ASSISTANT REGISTRAR, INCOME TAX APPELLATE TRIBUNAL, KOLKATA BENCHES, KOLKATA LAHA/SR. P.S.