Vijaya Srinivasan, CHENNAI V. ACIT, CHENNAI

MA 102/CHNY/2013

• Counselvise Citation: [2013] 124 COUNSELVISE.COM (IT) 0475 (ITAT-CHENNAI)
• Duration Of Justice: 1 month(s) 5 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 17-07-2013
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: A
• Next Hearing Date: 12-07-2013
• Assessment Year: 2008-2009
• Appeal Filed On: 12-06-2013
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: N MADHAVAN
• Assessee Lawyers: S SUBRAMANIAN
• Keywords: Business income

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH : CHENNAI BEFORE SHRI N.S. SAINI, ACCOUNTANT MEMBER AND SHRI VIKAS AWASTHY, JUDICIAL MEMBER M . P . NO S . 1 01 & 102 /MDS/201 3 (IN ITA NOS. 1846 & 1847/MDS/2012) & (IN C.O.NOS. 176 & 177/MDS/2012) ASSESSMENT YEARS : 2005-06 & 2008-09 SMT. VIJAYA SRINIVASAN, FLAT NO. 33/34, RISHIKESH APARTMENTS, 38, G.N. CHETTY ROAD, T. NAGAR, CHENNAI-17 VS ASST. COMMISSIONER OF INCOME TAX, BUSINESS CIRCLE-II CHENNAI -600 034. [PAN: ACEPV 1779 M) (PETITIONER) (RESPONDENT) PETITIONER BY : SHRI S. SUBRAMANIAN, ADVOCATE RESPONDENT BY : SHRI N. MADHAVAN, JCIT DATE OF HEARING : 12-07-2013 DATE OF PRONOUNCEMENT : 17-07-2013 O R D E R PER VIKAS AWASTHY, JUDICIAL MEMBER THESE MISCELLANEOUS PETITIONS HAVE BEEN FILED BY T HE ASSESSEE FOR RECTIFICATION OF THE ORDER DATED 21-01 -2013 PASSED M.P. NOS. 101 & 102/MDS/2013 :- 2 -: BY THE TRIBUNAL IN ITA NOS. 1846 & 1847/MDS/2012 AN D C.O.NOS. 176 &177/MDS/2012. THE LD. COUNSEL FOR THE ASSESSE E SUBMITTED THAT IN THE ORDER IN PARA NO. 15, THE TRIBUNAL HAS HELD AS UNDER: 15. THEREFORE, IN VIEW OF OUR AFORESAID FINDINGS, WE ARE OF THE CONSIDERED OPINION THAT THE SHARES HELD BY THE ASSESSEE FOR LONGER PERIOD MAY BE TREATED AS INVESTMENT AND THE PROFIT ARISING THEREFROM BE TREATED AS LONG TERM CAPITAL GAIN. HO WEVER, THE MAGNITUDE, FREQUENCY AND VOLUME OF TRANSACTIONS GIV ES FLAVOR OF BUSINESS INCOME AND THE SAME IS CONSIDERED TO BE IN COME FROM BUSINESS. THE LD. COUNSEL SUBMITTED THAT A PERUSAL OF AFORES AID PARA SHOWS THAT IT IS NOT VERY CLEAR FROM THE LATER PART OF THE CONCLUDING PARA WHETHER THE FINDINGS OF THE TRIBUNAL RELATE TO LONG TERM INVESTMENTS OR SHORT TERM INVESTMENTS. 2. WE FIND THAT A TYPOGRAPHICAL ERROR OCCURRED IN P ARA NO. 15 OF THE ORDER OF THE TRIBUNAL DATED 21-01-2013 WHERE IN THE FOLLOWING LINES AFTER HOWEVER AS REGARDS SHARES HELD FOR SHORT DURATION ARE CONCERNED, WERE OMITTED TO BE TYPED. WE THEREFORE MODIFY PARA NO. 15 OF THE ORDER DATED 21-01-2013 BY INCLUDING M.P. NOS. 101 & 102/MDS/2013 :- 3 -: THE FOLLOWING LINES AFTER HOWEVER AS REGARDS SHARES HELD FOR SHORT DURATION ARE CONCERNED, . THUS, THE AMENDED PARA NO. 15 OF THE ORDER READS AS UNDER: 15. THEREFORE, IN VIEW OF OUR AFORESAID FINDINGS, WE ARE OF THE CONSIDERED OPINION THAT THE SHARES HELD BY THE ASSESSEE FOR LONGER PERIOD MAY BE TREATED AS INVESTMENT AND THE PROFIT ARISING THEREFROM BE TREATED AS LONG TERM CAPITAL GAIN. HO WEVER, AS REGARDS SHARES HELD FOR SHORT DURATION ARE CONCERNE D, THE MAGNITUDE, FREQUENCY AND VOLUME OF TRANSACTION GIVE S FLAVOR OF BUSINESS INCOME AND THE SAME IS CONSIDERED TO BE IN COME FROM BUSINESS. 3. HOWEVER, THERE WILL BE NO CHANGE IN THE RESULT O F THE APPEAL AFTER NECESSARY RECTIFICATION IN THE ORDER. THE MI SCELLANEOUS PETITIONS OF THE ASSESSEE ARE PARTLY ALLOWED. ORDER PRONOUNCED ON WEDNESDAY, THE 17 TH JULY, 2013 AT CHENNAI. SD/- SD/- (N.S. SAINI) ACCOUNTANT MEMBER (VIKAS AWASTHY) JUDICIAL MEMBER DATED: 17 TH JULY, 2013 TNMM COPY TO: PETITIONER/RESPONDENT/CIT(A)/CIT/DR