EKTA RESORT P.LTD, MUMBAI V. ITO 8(1)(3), MUMBAI

ITA 755/MUM/2011

• Counselvise Citation: [2015] 121 COUNSELVISE.COM (IT) 0671 (ITAT-MUMBAI)
• Duration Of Justice: 4 year(s) 3 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-05-2015
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: H
• Next Hearing Date: 10-02-2015
• Assessment Year: 2001-2002
• Appeal Filed On: 27-01-2011
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: YAGNESH M DESAI
• Keywords: Business income; Speculation loss; Condonation of delay

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL H BENCH, MUMBAI . . , . , BEFORE SHRI I.P. BANSAL, JM AND RAJENDRA, AM ./ I.T.A. NO.755/MUM/2011 ( / ASSESSMENT YEAR : 2001-02 M/S. EKTA RESORTS PRIVATE LTD., 93/94, BUILDING NO.4, NITYANAND NAGAR SOCIETY, 4,S.N.MARG, ANDHERI EAST, MUMBAI 400 069 / VS. THE ITO - 8 (1)(3), MUMBAI. ./ ./ PAN/GIR NO. : AAACF 3406H ( / APPELLANT ) .. ( / RESPONDENT ) A PPELLANT BY SHRI YAGNESH M. DESAI RESPONDENT BY SHRI SANJAY PUNGLIA ' #$ / DATE OF HEARING : 06/05/2015 ' #$ / DATE OF PRONOUNCEMENT : 06/05/2015 / O R D E R PER I.P.BANSAL, J.M: THIS IS AN APPEAL FILED BY THE ASSESSEE AND IT I S DIRECTED AGAINST ORDER PASSED BY LD. CIT(A)DATED 20/05/2010 FOR ASSESSMENT YEAR 2001-02. GROUNDS OF APPEAL READ AS UNDER: THE LEARNED ITO HAS FOLLOWING ADDITIONS/DISALLO WANCES 1.THE LEARNED ITO HAS ERRED IN TREATING BUSINESS INCOME AS INCOME FROM OTHER SOURCES OF RS.8,87,420/- 2. THE LEARNED ITO HAS ERRED IN DISALLOWANCES OF SET OFF OF UNABSORBED BUSINESS LOSS OF RS.6,11,316/-. 3. THE LEARNED ITO HAS ERRED IN DISALLOWANCES OF TREATING TRADING LOSS OF SHARES AS SPECULATION LOSS OF RS.1,11,291/- 2. THE IMPUGNED APPEAL IS BELATED BY 162 DAYS. TH E ASSESSEE HAS FILED APPLICATION FOR CONDONATION OF DELAY ALONGWITH AFFI DAVIT. THE CONTENTS OF APPLICATION AND AFFIDAVIT ARE AS UNDER: ./ I.T.A. NO.755/MUM/2011 ( / ASSESSMENT YEAR : 2001-02 2 DEAR SIR, SUB: APPLICATION FOR CONDONATION OF DELAY IN SUBMIS SION OF APPEAL . REF: APPEAL NO. 755/M/11 WITH ITAT, MUMBAI, ASSESS MENT YEAR 2001-02 WITH REFERENCE TO THE ABOVE CITED MATTER, I AMIT M EHRA, DIRECTOR OF M/S RESORTS PVT. LTD (HEREINAFTER REFERRED TO AS COMPAN Y) THE FOLLOWING OR YOUR KIND CONSIDERATION. 1.THE COMPANY HAS FILED THE ABOVE APPEAL ON 2RT JAN UARY, 2011 WHEREAS THE SAME WAS DUE ON IS' AUGUST, 2010, RESULTING 162 DAY S DELAY. THE DELAY IS ON ACCOUNT DUE TO MY BUSY AND UNPREDICTABLE SCHEDULE. HENCE, I COULD NOT ATTEND TO MY BUSINESS AND TAX AFFAIRS OF THE COMPANY DURIN G THE SAID PERIOD. 2. I AM HEREWITH SUBMITTING AN AFFIDAVIT ALSO NARR ATING ALL THE FACTS. I, THEREFORE, IN THE LIGHT OF THE ABOVE MENTIONED FACTS SUBMIT THAT THE DELAY IS DUE TO THE CIRCUMSTANCES BEYOND MY CONTROL. ACCORDI NGLY REQUEST YOU TO CONDONE THE DELAY AND ENTERTAIN THE PRAYER FOR COND ONATION OF DELAY. I REGRET FOR THE INCONVENIENCE CAUSED TO YOU. THANKING YOU, YOURS FAITHFULLY, FOR EKTA RESORTS PVT. LTD AFFIDAVIT I, AMIT MEHRA, SON OF SHRI RAJAN MEHRA, THE DIRECTO R OF M/S EKTA RESORTS PVT. LTD (HEREINAFTER REFERRED TO AS COMPANY) HAVING ITS REGISTERED OFFICE AT RANGOLI BUILDING, GROUND FLOOR, SAHAR CARGO COMPLEX, ANDHER I (E), MUMBAI - 400 069. COMPANY, BEING ASSESSED TO INCOME TAX VIDE PAN NO. AAACE 3406 H, HEREBY SOLEMNLY DECLARE AND AFFIRM AS UNDER: 1. FOR THE ASSESSMENT YEAR 2001-02, THE COMPANY HA S PREFERRED AN APPEAL BEFORE HON'BLE INCOME TAX APPELLATE TRIBUNAL, MUMBA I. 2. THE ABOVE REFERRED APPEAL SHOULD HAVE BEEN FILE D BEFORE 18TH AUGUST, 2010. HOWEVER, UNFORTUNATELY DUE TO MY BUSY AND UNP REDICTABLE SCHEDULE AS WELL AS BUSY SCHEDULE OF MY CHARTERED ACCOUNTANTS, WE COULD NOT INTERACT AND PREPARE AND LODGE THE APPEAL WITHIN THE PRESCRIBED TIME LIMIT. THE APPEAL WAS LODGED ON 27 TH JANUARY, 2011, ENTAILING DELAY OF 162 DAYS. THE SAID DELAY IS NOT DUE TO MY WILLFULL DEFAULT. IT IS PRAYED BEFORE HONBLE BENCH OF ITAT, MUMBAI T O CONDONE THE DELAY ON FILING THE APPEAL. ALL THAT IS STATED ABOVE ARE TRUE AND CORRECT TO TH E BEST OF MY BELIEF. DATED: DAY OF DECEMBER, 2012. FOR EKTA RESORTS PVT. LTD. SD/- (MR. AMIT MEHRA) DEPONENT. 3. DURING THE COURSE OF HEARING, IT WAS POINTED OU T TO LD. AR THAT THE REQUEST STATED IN THE APPLICATION AND AFFIDAVIT CAN NOT BE CONSIDERED TO BE A SUFFICIENT CAUSE AS NOTHING HAS BEEN FILED TO SUP PORT ABOUT THE STATEMENT OF BUSY UNPREDICTABLE SCHEDULE AS WELL AS SCHEDULE OF THE CHARTERED ./ I.T.A. NO.755/MUM/2011 ( / ASSESSMENT YEAR : 2001-02 3 ACCOUNTANT. LD. AR WAS REQUIRED TO SUBMIT THE DETA ILS IN RESPECT OF CAUSE STATED IN THE APPLICATION AS WELL AS AFFIDAVIT. LD . AR EXPRESSED HIS INABILITY TO SUBMIT THE SUPPORTIVE EVIDENCE AND PLEADED THAT WHAT IS THE REAL STATE OF AFFAIR HAS BEEN STATED IN THE APPLICATION AND AFFID AVIT. 4. IN THIS VIEW OF THE SITUATION, AFTER HEARING BOT H THE PARTIES, WE ARE OF THE OPINION THAT THERE WAS NO SUFFICIENT CAUSE EXIS TED IN NOT PRESENTING THE APPEAL WITHIN THE PRESCRIBED PERIOD. THEREFORE, WE HOLD THAT APPLYING PROVISIONS OF SECTION 253(5)THE APPEAL CANNOT BE AD MITTED AS THERE IS NO SUFFICIENT CAUSE FOR PRESENTING THE SAME WITHIN PRE SCRIBED PERIOD. 5. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS DISMISSED AS UNADMITTED FOR NON-CONDONATION OF DELAY IN FILING T HE APPEAL. ORDER PRONOUNCED IN THE OPEN COURT ON 06/05/2015 ' * +, 06/05/2015 ' SD/- SD/- (RAJENDRA) . . (I.P.BANSAL) /ACCOUNTANT MEMBER /JUDICIAL MEMBER MUMBAI; + DATED 06/05/2015 !'# $#! / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. /# ( ) / THE CIT(A)- 4. /# / CIT 5. 01 #23 , $ 23 , / DR, ITAT, MUMBAI 6. 4 / GUARD FILE. / BY ORDER, 0# # //TRUE COPY// / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI . . .VM , SR. PS