AMOL CAPITAL MARKETS PVT. LTD, Mumbai V. ITO 4(1)(1), Mumbai

MA 217/MUM/2021

• Counselvise Citation: [2022] 104 COUNSELVISE.COM (IT) 4581 (ITAT-MUMBAI)
• Duration Of Justice: 6 month(s) 30 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 27-04-2022
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2013-2014
• Appeal Filed On: 28-09-2021
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: VENUGOPAL NAIR
• Keywords: Transactions in derivatives; Speculative transactions
• Section: 254(2)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER MA No. 217/Mum/2021 (in ITA No. 1503/Mum/2019) (Assessment Year: 2013-14) M/s. Amo l Capital Markets Pvt Ltd A-1 06, Motalib ai Wadia Bld g, 22-D, SA Brelvi Street road , Fort, Mu mbai – 400001. बनाम/ Vs. ITO, 4(1)(1) Roo m No. 635, Aay kar Bhav a, MK Road Mu mbai – 400020. लेख सं./ज आइआर सं./PAN/GI R No. : AADCS8022N ( ल /Appellant) . . ( / Respondent) ल र से / Appellant by : Shri Venugopal Nair.AR र से/Respondent by : Shri R.A. Dhyani, DR स र ख / D a t e o f H e a r i n g 25/03/2022 !"# र ख /D a t e o f P r o n o u n c e m e n t 13/04/2022 आदेश / O R D E R PER PAVAN KUMAR GADALE - JM: The assessee has filed the miscellaneous application (M.A) in ITA.No.1503/Mum/2019 order dated 20.05.2020 seeking rectification of mistake and recall of the Hon’ble Tribunal order. MA No. 217/Mum/2021 M/s Amol Capital Markets Pvt Ltd, Mumbai. - 2 - 2. The Ld. AR submitted that the Hon’ble Tribunal has restored the issue to the file of the CIT(A) for adjudication afresh in respect of speculative transactions under Sec. 45(5)(d) of the Act. whereas the F&O transactions cannot be categorized a speculative transaction and on the second issue, allow consequential relief by not disallowing 50% of business expenditure and prayed for allowing the miscellaneous application. 3. Contra, the Ld.DR supported the Hon’ble Tribunal order and submitted that the Hon’ble Tribunal has considered the assessee’s own case for the A.Y 2012-13 and the restored the issues to the file of the CIT(A). 4. We heard the rival submissions and perused the material on record. The contention of the Ld. AR that the Hon’ble Tribunal has not considered the facts with respect to speculative transactions under Sec. 45(5)(d) of the Act. We find the Hon’ble Tribunal has dealt on the facts and relied on the judicial decisions and the assessee own case for A.Y.2012-13 and restored the both the issues to the file of the CIT(A) for fresh adjudication. 5. We find that while deciding the issue the Hon’ble Tribunal has considered the overall facts in respect of MA No. 217/Mum/2021 M/s Amol Capital Markets Pvt Ltd, Mumbai. - 3 - speculative transactions and relied on the findings in the assessee’s own case for earlier year and restored the both the disputed issues to the file of the CIT(A). Whereas, now the Ld.AR tried to argue on the merits of the case in the miscellaneous application and praying for restoring the disputed issues to the file of the assessing officer. We find the provisions of section 254(2) of the Act are envisaged for rectification of mistake apparent from the record but not to review the order. Further, if the submissions of the Ld.AR are accepted, it amount to review of the order, which is not within the purview of Section 254(2) of the Act. Accordingly, we do not find merits in the miscellaneous application filed by the assessee and is dismissed. 6. In the result the MA filed by the assessee is dismissed. Order pronounced in the open court on 13.04.2022 Sd/- Sd/- (OM PRAKASH KANT) (PAVAN KUMAR GADALE ) ACCOUNTANT MEMBER JUDICIAL MEMBER Mumbai, Dated 13/04/2022. MA No. 217/Mum/2021 M/s Amol Capital Markets Pvt Ltd, Mumbai. - 4 - KRK, PS /Copy of the Order forwarded to : 1. The Appellant 2. The Respondent. 3. The CIT(A) 4. Concerned CIT 5. AR, ITAT, Mumbai 6. Guard file. BY ORDER, //True Copy// 1. ( Asst. Registrar) ITAT, Mumbai