ACIT, CHENNAI V. Vijaya Srinivasan, CHENNAI

MA 136/CHNY/2013

• Counselvise Citation: [2013] 124 COUNSELVISE.COM (IT) 0776 (ITAT-CHENNAI)
• Duration Of Justice: 28 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 30-08-2013
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2008-2009
• Appeal Filed On: 02-08-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S DASGUPTA
• Assessee Lawyers: R KUMAR MR K BALASUBRAMANIAN
• 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. NOS. 135 & 136/MDS/2013 (IN ITA NOS. 1846 & 1847/MDS/2012) ASSESSMENT YEARS : 2005-06 & 2008-09 THE DEPUTY COMMISSIONER OF INCOME TAX, BUSINESS CIRCLE-II, CHENNAI. VS SMT. VIJAYA SRINIVASAN, FLAT NO. 33/34, RISHIKESH APARTMENTS, 38, G.N. CHETTY ROAD, T. NAGAR, CHENNAI-17 [PAN: ACEPV 1779 M] (PETITIONER) (RESPONDENT) PETITIONER BY : SHRI S. DAS GUPTA, JCIT RESPONDENT BY : SHRI R. KUMAR, ADVOCATE (FOR MR.K.BALASUBRAMANIAN, ADVOCATE) DATE OF HEARING : 30-08-2013 DATE OF PRONOUNCEMENT : 30-08-2013 O R D E R PER VIKAS AWASTHY, JUDICIAL MEMBER: THESE MISCELLANEOUS PETITIONS HAVE BEEN FILED BY T HE REVENUE FOR RECTIFICATION OF THE MISTAKE IN THE ORD ER OF THE M.P. NOS. 135 & 136/MDS/2013 :- 2 -: TRIBUNAL DATED 21-01-2013 IN THE AFOREMENTIONED APP EALS. THE DR APPEARING ON BEHALF OF THE REVENUE SUBMITTED THA T IN PARA NOS. 14 AND 15 OF THE ORDER OF THE TRIBUNAL IT HAS BEEN HELD THAT THE ACTIVITY CARRIED ON BY THE ASSESSEE IN PURCHASE AND SALE OF SHARES HAVE TO BE TREATED AS BUSINESS INCOME, WHE REAS IN PARA NO. 16, IT HAS BEEN MENTIONED THAT THE APPEAL OF TH E DEPARTMENT IS PARTLY ALLOWED. SINCE, THE CLAIM OF THE REVEN UE HAS BEEN ALLOWED IN FULL, NECESSARY RECTIFICATION MAY BE MAD E TO REPLACE THE WORDS PARTLY ALLOWED WITH THE WORD ALLOWED. 2. THE LD. COUNSEL FOR THE ASSESSEE SUBMITTED THAT IN THE MISCELLANEOUS PETITIONS FILED BY THE ASSESSEE, I.E. , M.P.NOS. 101 & 102/MDS/2013, NECESSARY CORRECTIONS HAVE ALREADY BEEN MADE. THEREFORE, NO FURTHER RECTIFICATION IS REQUIRED. 3. WE HAVE HEARD THE SUBMISSIONS MADE BY BOTH THE S IDES. IN M.P.NOS. 101 & 102/MDS/2013, THE TRIBUNAL VIDE ITS ORDER DATED 17-07-2013 HAS MADE NECESSARY RECTIFICATION IN THE ORDERS DATED 21-01-2013. SINCE, NECESSARY RECTIFICATION HAS AL READY BEEN M.P. NOS. 135 & 136/MDS/2013 :- 3 -: DONE, THE PRESENT PETITIONS OF THE REVENUE HAVE BEC OME INFRUCTUOUS. THE SAME ARE DISMISSED AS SUCH. ORDER PRONOUNCED ON FRIDAY, THE 30 TH AUGUST, 2013 AT CHENNAI. SD/- SD/- ( N.S. SAINI ) ACCOUNTANT MEMBER ( VIKAS AWASTHY ) JUDICIAL MEMBER DATED: 30 TH AUGUST, 2013 TNMM COPY TO: PETITIONER/RESPONDENT/CIT(A)/CIT/DR