SHARAD CHANDRA JAIN, Jaipur V. ACIT, Jaipur

ITA 854/JPR/2013

• Counselvise Citation: 85423114 RSA 2013
• Duration Of Justice: 2 year(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-11-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2009-2010
• Appeal Filed On: 14-11-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: RAJ MEHRA JCIT DR DHK
• Assessee Lawyers: S S GOGRA SHRI S K GOGRA
• Keywords: Speculation loss
• Section: 54; 154

Judgement Text

VK;DJ VIHYH; VF/KDJ.K] T;IQJ U;K;IHB] T;IQJ IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES (SMC), JAIPUR JH VKJ-IH-RKSYKUH] U;KF;D LNL; DS LE{K BEFORE: SHRI R.P. TOLANI, JUDICIAL MEMBER VK;DJ VIHY LA-@ ITA NO. 854/JP/2013 FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2009-10 SHRI SHARAD CHANDRA JAIN S/O SHRI SATISH CHANDRA JAIN A-27, AMANI SHAH DARGAH ROAD SHASTRI NAGAR, JAIPUR CUKE VS. THE ITO WARD- 4 (1) JAIPUR LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN/GIR NO.: AAQPJ 4430 R VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT FU/KZKFJRH DH VKSJ LS@ ASSESSEE BY : SHRI S.S. GOGRA (ADVOCATE) SHRI S.K. GOGRA (CA) JKTLO DH VKSJ LS@ REVENUE BY :SHRI RAJ MEHRA, JCIT- DR LQUOKBZ DH RKJH[K@ DATE OF HEARING : 18/11/2015 ?KKS'K .KK DH RKJH[K@ DATE OF PRONOUNCEMENT : 30 /11/2015 VKNS'K@ ORDER PER R.P. TOLANI, JM THE ASSESSEE HAS FILED AN APPEAL AGAINST THE ORDER OF THE LD. CIT(A)-II, JAIPUR DATED 05-09-2013 FOR THE ASSES SMENT YEAR 2009-10 AGITATING VARIOUS ISSUES EFFECTIVELY RAISING ONE GR OUND OF APPEAL: ITA NO. 854//JP/2013 SHRI SHARAD CHANDRA JAIN VS. ITO WARD- 4(1), JAIPUR . 2 (1) LD. CIT(A) ERRED IN LAW AND ON FACTS IN UPHOLDING THE ORDER OF LD. AO (CPV, BANGLORE) REJEC TING THE ASSESSEES APPLICATION U/S 154 TO ALLOW THE CARRY F ORWARD OF SPECULATION LOSS OF RS. 2,75,965/- INCURRED FROM SH ARE TRADING WHICH WAS CLAIMED IN THE ELECTRONIC RETURN FILED BY THE ASSESSEE. 2.1 LD. COUNSEL FOR THE ASSESSEE REFERRED TO THE PA PER BOOK FILED BY IT THAT IN THE E- RETURN FILED BY THE ASSESSEE ON RELE VANT PAGE NO 4 A PROPER CLAIM FOR CARRY FORWARD OF SHARE TRADING SPECULATIO N OF RS. 2,75,965/- WAS MADE WHICH IS FURTHER EVIDENT FROM SCHEDULE BP I. E. COMPUTATION OF INCOME FROM BUSINESS AND PROFESSION BY MAKING A PRO PER MENTION IN ROW NO. B-38. HOWEVER WHILE PROCESSING THE E RETURN, AS SESSEES VALID CLAIM FOR CARRY FORWARD OF SUCH SPECULATION LOSS REMAINED TO BE MENTIONED. CONSEQUENTLY ASSESSEE MOVED A PROPER APPLICATION U/ S 154 REQUESTING THE LD. AO (CPV, BANGLORE) TO MAKE NECESSARY RECTIFICAT ION IN THIS BEHALF AS THE MISTAKE WAS APPARENT FROM THE RECORD. LD. AO HO WEVER REJECTED THE SAID APPLICATION U/S 154. 2.2 AGGRIEVED, ASSESSEE PREFERRED APPEAL BEFORE LD . CIT(A) WHO BY IMPUGNED ORDER CONFIRMED THE ACTION OF LD. AO. 2.3 LD. COUNSEL REITERATED THE FACTS AND SUBMISSION AND DEMONSTRATED FROM THE COPY OF THE E- RETURN, COMPUTATION OF INCO ME CONTAINED THEREIN ITA NO. 854//JP/2013 SHRI SHARAD CHANDRA JAIN VS. ITO WARD- 4(1), JAIPUR . 3 AND THE RELEVANT SCHEDULE FOR CLAIMING CARRY FORWAR D LOSS TO THE EFFECT THAT A PROPER CLAIM FOR CARRY FORWARD OF SUCH SPECULATIO N LOSS WAS DULY MADE. WHILE PROCESSING THE RETURN U/S 143(1) NO CLAIM CAN BE DISALLOWED. IT IS SUBMITTED THAT THE REJECTION OF ASSESSEES APPLICAT ION 154 IS UNJUSTIFIED AND THE CLAIM FOR CARRY FORWARD OF SUCH SPECULATION LOSS FROM SHARE TRADING MAY BE ALLOWED. 2.4 LD. DR SUPPORTED THE ORDERS OF LOWER AUTHORITIE S. 2.5 I HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD. ASSESSEES COUNSEL BY REFERRIN G TO THE PAPER BOOK HAS DEMONSTRATED THAT THE COPY OF THE E RETURN, COMPUTA TION OF INCOME CONTAINED THEREIN AND THE RELEVANT SCHEDULE FOR CLA IMING CARRY FORWARD LOSS REFLECTS THAT A PROPER CLAIM FOR CARRY FORWARD OF SUCH SPECULATION LOSS WAS DULY MADE. SINCE A PROPER CLAIM WAS MADE IT CAN NOT BE IGNORED WHILE PROCESSING THE RETURN. ASSESSEES APPLICATION U/S 1 54 WAS JUSTIFIED AND MERITED TO BE ALLOWED. IN THESE FACTS AND CIRCUMST ANCES, THE ORDERS OF LOWER AUTHORITIES REJECTING THE RECTIFICATION ARE N OT PROPER. THE CLAIM FOR CARRY FORWARD OF SHARE TRADING SPECULATION OF RS. 2 ,75,965/- MADE BY ASSESSEE IS TO BE ALLOWED. ITA NO. 854//JP/2013 SHRI SHARAD CHANDRA JAIN VS. ITO WARD- 4(1), JAIPUR . 4 3.0 IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED ORDER PRONOUNCED IN THE OPEN COURT ON 30 /1 1/2015 SD/- VKJ-IH-RKSYKUH (R.P.TOLANI) U;KF;D LNL;@ JUDICIAL MEMBER TK;IQJ@ JAIPUR FNUKAD@ DATED:- 30/11/ 2015 *MISHRA VKNS'K DH IZFRFYFI VXZSF'KR@ COPY OF THE ORDER FORWARDED TO: 1. VIHYKFKHZ@ THE APPELLANT- SHRI SHARAD CHANDRA JAIN, JAIPUR 2. IZR;FKHZ@ THE RESPONDENT- THE ITO, WARD- 4(1), JAIPUR 3. VK;DJ VK;QDRVIHY@ CIT(A). 4. VK;DJ VK;QDR@ CIT, 5. FOHKKXH; IZFRFUF/K] VK;DJ VIHYH; VF/KDJ.K] T;IQJ@ DR, ITAT, JAIPUR 6. XKMZ QKBZY@ GUARD FILE (ITA NO. 854/JP/2013) VKNS'KKUQLKJ@ BY ORDER, LGK;D IATHDKJ@ ASSISTANT. REGISTRAR