ACIT 32(3), MUMBAI V. RAJESH D. NANDU (HUF), MUMBAI

ITA 6848/MUM/2016

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 9825 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 4 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-03-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: Not Allotted
• Assessment Year: 2012-2013
• Appeal Filed On: 22-11-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: N HEMALATHA LD
• Assessee Lawyers: MITESH N SHAHLD
• Keywords: Business income

Judgement Text

ITA NO.6848/MUM/2016 RAJESH D. NANDU (HUF) ASSESSMENT YEAR: 2011-12 - IN THE INCOME TAX APPELLATE TRIBUNAL SMC BENCH, MUMBAI . , , BEFORE SHRI C.N. PRASAD, JM AND SHRI MANOJ KUMAR AGGARWAL, AM ./I.T.A. NO.6848/MUM/2016 ( / ASSESSMENT YEAR: 2011-12) ASSISTANT COMMISSIONER OF INCOME TAX 32(3) ROOM NO.108,1 ST FLOOR C-11,PRATYAKSHKAR BHAVAN BKC BANDRA MUMBAI-400 061 / VS. RAJESH D.NANDU (HUF) 101,BORIVALI ASIRVAD CHS LTD. A-103,ADITYA TOWER CHANDAVARKAR ROAD MUMBAI-400 092 ./ ./ PAN/GIR NO. AAAHR-1531-H ( ! /APPELLANT ) : ( ' ! / RESPONDENT ) REVENUE BY : N.HEMALATHA, LD. DR ASSESSEE BY : MITESH N.SHAH,LD.AR / DATE OF HEARING : 21/03/2018 / DATE OF PRONOUNCEMENT : 23/03/2018 /ORDER PER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. THE CAPTIONED APPEAL BY REVENUE FOR ASSESSMENT Y EAR [AY] 2011-12 CONTEST THE ORDER OF THE LD. COMMISSIONER OF INCOME -TAX (APPEALS)-44 2 ITA NO.6848/MUM/2016 RAJESH D. NANDU (HUF) ASSESSMENT YEAR: 2011-12 [CIT(A)], MUMBAI, APPEAL NO.CIT(A)-44/ACIT 32(2)/ITA-65/14-15 DATED 30/09/2016. THE ASSESSMENT FOR IMPUGNED AY WAS FRAM ED BY LD. ASSISTANT COMMISSIONER OF INCOME TAX-25(2), MUMBAI [AO] U/S 1 43(3) OF THE INCOME TAX ACT,1961 ON 24/03/2014 WHEREIN THE INCOME OF THE ASSESSEE HA S BEEN DETERMINED AT RS.12.62 LACS AFTER CERTAIN ADJUSTMEN TS. THE ONLY DISPUTE UNDER THE APPEAL IS HEAD OF INCOME UNDER WHICH GAIN/LOSS ON SHARE TRANSACTIONS WOULD BE ASSESSABLE. 2. DURING ASSESSMENT PROCEEDINGS, IT WAS NOTED THAT THE ASSESSEE EARNED LONG TERM CAPITAL GAIN [LTCG] ON SHARES FOR RS.274.60 LACS AND SUFFERED SHORT TERM CAPITAL LOSS FOR RS.107.67 LACS. THE LTCG WAS CLAIMED EXEMPT UNDER THE PROVISIONS OF THE ACT. THESE TRANS ACTIONS, IN THE OPINION OF LD. AO, WERE ASSESSABLE AS BUSINESS INCOME . RESULTANTLY THE NET GAIN OF RS.166.92 LACS WAS ADDED TO THE INCOME OF THE ASSES SEE. 3. AGGRIEVED, THE ASSESSEE CONTESTED THE SAME BEFOR E THE LD. CIT(A) VIDE IMPUGNED ORDER DATED 30/09/2016 WHERE THE LD. CIT(A) RELYING UPON THE DECISION OF THE TRIBUNAL IN ASSESSEES OWN CASE FOR AY 2010-11 ALLOWED THE APPEAL OF THE ASSESSEE. AGGRIEVED, THE REVENUE IS IN FURTHER APPEAL BEFORE US. 4. THE LD. DEPARTMENTAL REPRESENTATIVE SUPPORTED TH E STAND OF THE LD. AO WHEREAS THE LD. AUTHORIZED REPRESENTATIVE FOR TH E ASSESSEE POINTED OUT THAT THE ISSUE SQUARELY STOOD IN ASSESSEES OWN CASE BY THE DECISION OF THE TRIBUNAL FOR AY 2010-11. 3 ITA NO.6848/MUM/2016 RAJESH D. NANDU (HUF) ASSESSMENT YEAR: 2011-12 5. WE HAVE CAREFULLY PERUSED THE RIVAL CONTENTIONS AND ORDER OF THE TRIBUNAL ITA NO.1721/MUM/2014 DATED 02/03/2016 FOR AY 2010-11 WHERE THE APPEAL OF THE ASSESSEE HAS BEEN ALLOWED ON SIMI LAR ISSUE. SINCE A VIEW HAS ALREADY BEEN TAKEN BY THE TRIBUNAL AND LD. CIT (A) HAS RELIED UPON THE SAME, OUR INTERFERENCE IN THE MATTER IS NOT REQUIRE D. 6. RESULTANTLY REVENUES APPEAL STAND DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 23 RD MARCH , 2018. SD/- SD/- (C. N. PRASAD) (MANOJ KUMAR AGGARWAL) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI; DATED : 23. 03.2018 SR.PS:- THIRUMALESH ! / COPY OF THE ORDER FORWARDED TO : 1. ! / THE APPELLANT 2. ' ! / THE RESPONDENT 3. * ( ) / THE CIT(A) 4. * / CIT CONCERNED 5. $, , , , / DR, ITAT, MUMBAI 6. -. / GUARD FILE / BY ORDER, / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI