ITO, JODHPUR V. Shri Surendra Kumar Jaggi, JODHPUR

ITA 83/JODH/2014

• Counselvise Citation: 8323314 RSA 2014
• Duration Of Justice: 2 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-05-2014
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2008-2009
• Appeal Filed On: 17-02-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: N A JOSHI
• Assessee Lawyers: ANIL BHANSALI
• Section: 143(3); 154

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL JODHPUR BENCH, JODHPUR BEFORE SHRI HARI OM MARATHA, JUDICIAL MEMBER AND SHRI N.K.SAINI, ACCOUNTANT MEMBER ITA NO. 83/JODH/2014 (A.Y. 2008-09) THE INCOME-TAX OFFICER VS. SHRI SU RENDRA KUMAR JAGGI WARD 1(4) M/S MANOHARLAL & SONS JODHPUR STATION ROAD, JODHPUR PAN NO. AABCL 3531 B (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI ANIL BHANSALI DEPARTMENT BY : SHRI N.A. JOSHI, DR. DATE OF HEARING : 05.05.2014 DATE OF PRONOUNCEMENT : 06.05.2014 ORDER PER HARI OM MARATHA, J.M. THIS APPEAL HAS BEEN FILED BY THE REVENUE FOR A.Y 2008-09 AGAINST THE ORDER OF THE CIT(A), JODHPUR, DATED 02.12.2013. 2 2. BRIEFLY STATED, THE FACTS OF THE CASE ARE THAT T HE ASSESSEE, WHO CARRIES ON HIS BUSINESS OF SHARES ETC, FILED HIS RE TURN FOR A.Y. 2008- 09 AND ASSESSMENT ORDER U/S 143(3) OF THE INCOME-TA X ACT, 1961 ['THE ACT', FOR SHORT] WAS COMPLETED ON 31.12.2010 . SUBSEQUENTLY, THE AUTHORIZED REPRESENTATIVE OF THE ASSESSEE SHRI SURENDRA KUMAR JAGGI SUBMITTED LETTER DATED 11.1.2011 U/S 154 OF T HE ACT STATING THEREIN THAT THE FOLLOWING MISTAKES HAVE CREPT INTO THE ASSESSMENT ORDER DATED 31.12.2010: A.Y. TO WHICH LOSS PERTAINED HEAD OF INCOME AM OUNT OF B/F LOSS 2007 - 08 BUSINESS [NORMAL] 58,52,788/ - 2008 - 09 BUSINESS [SPECULATION] 6,78,184/ - 200 2 - 0 3 SHORT TERM CAPITAL GAINS 24,014/ - 200 4 - 0 5 SHORT TERM CAPITAL GAINS 79,749/ - 200 2 - 0 3 SHORT TERM CAPITAL GAINS 41,770/ - 200 5 - 0 6 SHORT TERM CAPITAL GAINS 2,18,788/ - HOWEVER, THE A.O. WAS NOT AGREEABLE WITH THE LD. A. R. ON THE REASONING THAT FOR A.Y. 2007-08, THE ASSESSEE HAD F AILED TO FILE HIS RETURN OF INCOME IN THE PRESCRIBED FORM ITR IV AND HAD FILED IT ON 3 31.10.2007 IN FORM NO. 2D WHICH IS TO BE TREATED AS INVALID IN VIEW OF CIRCULAR NO. F. NO. 142 DATED 19.12.2007. THERE FORE, HE HAS NOT ALLOWED THE BROUGHT FORWARD LOSS TO CARRY FORWARD A ND BY OBSERVING THAT THERE IS NO MISTAKE APPARENT FROM RECORD, HE H AS REJECTED THE APPLICATION DATED 11.1.2011 SUBMITTED U/S 154 OF TH E ACT. AGAINST THIS ORDER OF REJECTION, THE ASSESSEE PREFERRED APP EAL AND THE LD. CIT(A) HAS FOUND THE PLEA OF THE ASSESSEE AS CORREC T AND THEREFORE, HE HAS ALLOWED THIS APPEAL. AGAINST THIS, THE REVE NUE IS IN APPEAL BEFORE THE APPELLATE TRIBUNAL. 3. WE HAVE HEARD THE RIVAL SUBMISSIONS AND HAVE CAR EFULLY PERUSED THE ENTIRE MATERIAL ON RECORD. BEFORE US, BOTH THE PARTIES HAVE REITERATED THEIR EARLIER ARGUMENTS. 3.1 IT WAS ARGUED BY THE LD. SR. DR. THAT THE LD. C IT(A) HAS ERRED IN DIRECTING THE A.O. TO ALLOW CARRY FORWARD OF LOSS O F RS. 67,32,723/- BY FOLLOWING THE TRIBUNAL ORDER IN ASSESSEES OWN C ASE RENDERED FOR A.Y. 2007-08. HE HAS FURTHER ARGUED THAT THERE ARE FACTUAL ERRORS IN THE TRIBUNAL ORDER FOR WHICH MISCELLANEOUS APPLICAT ION WAS FILED. 4 3.2 ON THE OTHER HAND, THE LD. A.R. APPEARING FOR T HE ASSESSEE RESPONDENT HAS SUPPORTED THE ORDER OF THE LD. CIT(A ) IN ITS LETTER AND SPIRIT. 4. AFTER CONSIDERING THE RIVAL SUBMISSIONS, WE HAVE FOUND THAT THE RETURN FILED FOR A.Y. 2007-08 HAS BEEN TREATED AS INVALID BOTH BY THE A.O. AND THE LD. CIT(A). HOWEVER, IN FURTHER A PPEAL, THE APPELLATE TRIBUNAL JODHPUR BENCH VIDE THEIR ORDER D ATED 13.03.2013 PASSED IN ITA NO. 63/JU/2011 AND CO NO. 11/JU/2011 FOR A.Y. 2007-08 HAS OBSERVED THAT THE ASSESSEES MISTAKE IN FILING THE WRONG RETRUN FOR A.Y. 2007-08 WAS A BONAFIDE AND TECHNICA L MISTAKE AND THEY PLEASED TO SET ASIDE THIS ISSUE BACK TO THE FI LE OF THE A.O. AND WITH A DIRECTION TO PASS APPROPRIATE ORDER BY CONSI DERING THE RETURN OF INCOME FILED BY THE ASSESSEE AS A VALID RETURN. THUS, THE APPELLATE TRIBUNAL IN ASSESSEES OWN CASE FOR A.Y. 2007-08 HAS TREATED THE RETURN FILED IN FORM 2D AS VALID. THER EFORE, THERE REMAINS NO REASON NOT TO CONFIRM THE ORDER APPEALED AGAINST BEFORE US. THE ISSUE RAISED IN THIS APPEAL STANDS FULLY C OVERED BY THE TRIBUNAL ORDER [SUPRA]. ACCORDINGLY, WE DO NOT FIN D ANY MERIT IN THIS APPEAL AND DISMISS THE SAME. 5 5. IN THE RESULT, THE APPEAL OF THE REVENUE STANDS DISMISSED. ORDER PRONOUNCED IN THE COURT ON 06 TH MAY, 2014. SD/- SD/- (N.K.SAINI) [HARI OM MARATHA] ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 06 TH MAY, 2014 VL/- COPY TO: THE APPELLANT THE RESPONDENT THE CIT BY ORDER THE CIT(A) THE DR ASSISTANT REGISTRAR ITAT, JODHPUR