MONESHI CONSULTANCY P. LTD, MUMBAI V. ITO 3(2)(1), MUMBAI

ITA 555/MUM/2009

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 9350 (ITAT-MUMBAI)
• Duration Of Justice: 11 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-01-2010
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2003-2004
• Appeal Filed On: 27-01-2009
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: S S RANALALCHAND; S VANDANA
• Assessee Lawyers: SANJAY R PARIKH
• Keywords: Speculation loss

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES B : MUMBAI BEFORE SHRI D. MANMOHAN, HONBLE VICE PRESIDENT AND SHRI T.R. SOOD, ACCOUNTANT MEMBER ITA. NO. 555/MUM/2009 ASSESSMENT YEAR 2003-2004 M/S. MONESHI CONSULTANCY PVT. LTD. MUMBAI 400 005. PAN AAACM-4216-D VS. I.T.O. 3 (2) (1) MUMBAI. (APPELLANT) (RESPONDENT) FOR APPELLANT : SHRI SANJAY R. PARIKH FOR RESPONDENT : S/SHRI S.S. RANA/LALCHAND AND MR S. VANDANA SAGAR (DR) ORDER PER D. MANMOHAN, V.P. 1. THE ONLY GROUND URGED BY THE ASSESSEE-COMPANY R EADS AS UNDER : 1. THE LEARNED CIT(A) HAS ERRED IN TREATING THE SHARE TRADING LOSS OF RS.43,49,306/- AS SPECULATION LOSS BY APPLYING EXPLANATION TO SECTION 73. 2. AT THE TIME OF HEARING, LEARNED COUNSEL, APPEAR ING ON BEHALF OF THE ASSESSEE FAIRLY SUBMITTED THAT THE ISSUE STA NDS COVERED AGAINST THE ASSESSEE BY THE DECISION OF THE ITAT IN THE FOLLOWI NG CASE : AMP SPINNING & WEAVING MILLS PVT. LTD. 100 ITD 142 (AHD) (SB) 3. IN FACT THE LEARNED CIT(A) HAS TAKEN INTO CONSI DERATION THE AFORECITED DECISION WHILE UPHOLDING THE ORDER OF TH E ASSESSING OFFICER. 2 UNDER THESE CIRCUMSTANCES, WE DO NOT FIND ANY INFIR MITY IN THE ORDER PASSED BY THE LEARNED CIT(A). 4. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS DISMISSED AS PRONOUNCED IN THE OPEN COURT. SD/- SD/- (T.R.SOOD) (D.MANMOHAN) ACCOUNTANT MEMBER VICE PRESIDENT MUMBAI, DATE 25 TH JANUARY, 2010. VBP/- COPY TO 1. M/S. MONESHI CONSULTANCY PVT. LTD. OXFORD CENTRE , 10, SHROFF LANE, COLABA CAUSEWAY, MUMBAI 400 005. PAN AAACM-4216-D 2. I.T.O. 3 (2) (1) MUMBAI. 4. CIT(A)-III, MUMBAI. 5 CIT-III, MUMBAI 6. D.R. B BENCH, MUMBAI. 7. GUARD FILE. (TRUE COPY) BY ORDER ASST. REGISTRAR, ITAT, MUMBAI BENCHES MUMBAI. SNO DATE INITIALS 1 DRAFT DICTATED ON 25-01-2010 SR.P.S 2. DRAFT PLACED BEFORE AUTHOR 25-01-2010 SR.P.S 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER V.P. 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER A.M 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.P.S 6. KEPT FOR PRONOUNCEMENT ON SR.P.S 7. FILE SENT TO THE BENCH CLERK SR.P.S 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK 9. DATE OF DISPATCH OF ORDER