M/s. Starlite Securities, Surat V. The ACIT, Circle-5, Surat

MA 17/AHD/2014

• Counselvise Citation: [2014] 124 COUNSELVISE.COM (IT) 1951 (ITAT-AHMEDABAD)
• Duration Of Justice: 4 month(s) 29 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 27-06-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 06-06-2014
• Assessment Year: 2006-2007
• Appeal Filed On: 29-01-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: J P JHANGID
• Assessee Lawyers: J P SHAH
• Keywords: Business income

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, AHMEDABAD (BEFORE SHRI G.C.GUPTA VICE PRESIDENT & SHRI ANIL C HATURVEDI, A.M.) M. A. NO. 17 /AHD/2014 (IN ITA NO. 1113/AHD/2010) (ASSESSMENT Y EAR: 2006-07) M/S. STARLITE SECURITIES GARDEN MILLS COMPLES, SAHARA GATE, SURAT. V/S THE A.C.I.T, CIRCLE-5, AAYAKAR BHAVAN, MAJURA GATE, SURAT. (APPELLANT) (RESPONDENT) PAN: ABBFS 3825R APPELLANT BY : SHRI J.P. SHAH, ADVOCATE RESPONDENT BY : SHRI J.P. JHANGID, SR. D.R. ( )/ ORDER DATE OF HEARING : 06-06-2014 DATE OF PRONOUNCEMENT : 27 -06-2014 PER SHRI ANIL CHATURVEDI,A.M. 1. BY THIS MA, THE ASSESSEE HAS PRAYED FOR RECALLIN G THE ORDER OF TRIBUNAL IN ITA NO. 1113/AHD/2010 ORDER DATED 22.11.2013 FOR A.Y. 0 6-07. 2. BEFORE US, LD. A.R. REFERRED TO THE M.A. APPLICA TION AND SPECIFICALLY POINTED TO POINT NO. 6 OF THE M.A. TO STATE THAT AT THE TIME O F HEARING, THE SR. MEMBER (HONBLE V.P) STATED THAT THE BENCH WILL DRAW THE L INE SOMEWHERE DEPENDENT ON TIME SO THAT ALL SHARES WILL NOT BE STOCK IN TRADE AS ALL THE SHARES SHALL NOT BE INVESTMENT EITHER. IT WAS FURTHER SUBMITTED THAT IN THE ORDER, THE HONBLE TRIBUNAL HOWEVER HELD THAT THE MOTIVE OF THE ASSESSEE APPEAR S TO BE BUSINESS AND NOT AN INVESTOR AND THUS TREATED THE PROFIT ON SALE OF SHA RES TO BE BUSINESS INCOME. THE MA NO 17/A/2014 (IN ITA NO. 1113/A/10) . A.Y. 2006-07 2 LD. A.R. SUBMITTED THAT THE DECISION DEPARTING FROM WHAT WAS STATED BY SR. MEMBER IS AN APPARENT ERROR AND THEREFORE THE ORDER BE RECTIFIED. 3. THE LD. D.R. ON THE OTHER HAND OPPOSED THE SUBMI SSION OF LD. A.R. AND SUBMITTED THAT THERE WAS NO APPARENT ERROR IN THE ORDER. 4. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL ON RECORD. IN VIEW OF THE SUBMISSION OF THE LD. A.R. THAT THE BENCH HA D THOUGH AT THE TIME OF HEARING IT WAS STATED THAT THE BENCH WILL DRAW A LINE BASED ON TIME SO THAT ALL THE SHARES ARE NOT TREATED AS EITHER STOCK IN TRADE AND NOT IN VESTMENT EITHER BUT SINCE THE SAME HAS NOT BEEN DECIDED. WE ARE OF THE VIEW THAT THERE IS AN ERROR APPARENT ON RECORD. WE THEREFORE RECALL THE ORDER DATED 22.1 1.2013 SO THAT THE ISSUE IS DECIDED AFRESH. 5. IN THE RESULT THE M.A. OF ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN OPEN COURT ON 27 - 06 - 2014. SD/- SD/- (G.C.GUPTA) (ANIL CHATURVEDI) VICE PRESIDENT ACCOUNTANT MEMBER AHMEDABAD. TRUE COPY RAJESH COPY OF THE ORDER FORWARDED TO: - 1. THE APPELLANT. 2. THE RESPONDENT. 3. THE CIT (APPEALS) 4. THE CIT CONCERNED. 5. THE DR., ITAT, AHMEDABAD. 6. GUARD FILE. BY ORDER DEPUTY/ASSTT.REGISTRAR ITAT, AHMEDABAD