ACIT 4(2)(1), MUMBAI V. NIRMAL BANG COMMODITIES P.LTD, MUMBAI

ITA 5706/MUM/2017

• Counselvise Citation: [2018] 118 COUNSELVISE.COM (IT) 9107 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 3 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-12-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2013-2014
• Appeal Filed On: 07-09-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH B , MUMBAI BEFORE SHRI C.N. PRASAD , HONBLE JUDICIAL MEMBER AND SHRI MANOJ KUMAR AGGARWAL , HONBLE ACCOUNTANT MEMBER ITA NO. 5706 /MUM/201 7 (A.Y: 2013 - 14) A CIT 4(2)(1 ) R.NO. 642, 6 TH FLOOR, AAYAKAR BHAVAN, M.K. ROAD, MUMBAI - 400 020 V. M/S. NIRMAL BANG COMMODITIES (P.) LTD. , 19, SONAWALA BUILDING 25, BANK STREET, FORT, MUMBAI 400 023 PAN NO: AAACE 1479 L (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI ANANT N. PAI DEPARTMENT B Y : MRS. NEELIMA V. NADKARNI DATE OF HEARING : 13 .12.2018 DATE OF PRONOUNCEMENT : 13 .12.2018 O R D E R PER C.N. PRASAD , JUDICIAL MEMBER TH IS APPEAL IS FILED BY THE REVENUE AGAINST THE ORDER OF THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) - 9 , MUMBAI IN APPEAL NO. CIT(A) - 9 / CIR.4/381 /2015 - 16 DATED 02.06.2017 FOR THE ASSESSMENT YEAR 2013 - 14. 2. THE REVENUE HAS RAISED THE FOLLOWING GROUNDS IN ITS APPEAL: - 1. 'ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE CIT(A) ERRED IN NOT TREATING SHORT TERM CAPITAL LOSS AS BUSINESS LOSS KEEPING IN VIEW CBDT CIRCULAR NO. 06/2016 WHICH IS APPLICABLE FOR LISTED SHARES AND SECURITIES HELD FOR A PERIOD GREATER THAN 12 MONTHS UNLIKE IN THE CASE OF THE ASSESSEE. 3. AT THE TIME OF HEARING, AUTHORIZED REPRESENTATIVE OF THE ASSESSEE SUBMITTED THAT TAX EFFECT ON THE ISSUE IN THE PRESENT APPEAL IS BELOW 2 ITA NO. 5706/MUM/2017 (A.Y: 2013 - 14) M/S. NIRMAL BANG COMMODITIES (P.) LTD. 2 0 LAC S AND IN VIEW OF THE CBDT CIRCULAR N O . 3/2018 DATED 11/07 /201 8 IN F.NO.279/MISC.142/2007 - ITJ (PT) , THE APPEAL OF THE REVENUE IS NOT MAINTAINABLE. 4. DEPARTMENTAL REPRESENTATIVE ALSO AGREED WITH THE ABOVE SUBMISSION OF THE AUTHORIZED REPRESENTATIVE OF THE ASSESSEE AS THE CONCERNED ASSESSING OFFICER I.E. DY. COMMISSIONER OF INCOME TAX 4( 2) (1), MUMBAI THROUGH LETTER DATED 10.12.2018 CERTIFIED THAT THE TAX EFFECT IN THIS CASE IS RS.16,42,586/ - ONLY . THEREFORE, WE DI SMISS THE APPEAL OF THE REVENUE ON ACCOUNT OF LOW TAX EFFECT . 5. IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE COURT AT THE CLOSE OF THE HEARING ON THURSDAY , THE 13 TH DAY OF DECEMBER , 201 8 . S D/ - S D/ - ( MANOJ KUMAR AGGARWAL ) (C.N. PRASAD) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI / DATED 13 / 12/2018 GIRIDHAR, SR.PS COPY TO: 1. THE ASSESS E E. 2. THE REVENUE. 3. THE CIT 4. THE CIT(A) 5. THE D.R . 6. GUARD FILE. BY ORDER ASSISTANT REGISTRAR I.T.A.T., MUMBAI