Emerald Resilient Tyre Manufactures Pvt Ltd., CHENNAI V. DCIT, CHENNAI

MA 379/CHNY/2017

• Counselvise Citation: [2018] 124 COUNSELVISE.COM (IT) 6402 (ITAT-CHENNAI)
• Duration Of Justice: 6 month(s) 1 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 13-04-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 13-04-2018
• Assessment Year: 2008-2009
• Appeal Filed On: 12-10-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: MRS S VIJAYA PRABHA
• Assessee Lawyers: R VIJAYARAGHAVAN
• Keywords: Speculation loss

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH: CHENNAI . , , ! ' BEFORE SHRI ABRAHAM P GEORGE, ACCOUNTANT MEMBER AND SHRI GEORGE MATHAN, JUDICIAL MEMBER MISCELLANEOUS PETITION NO. 379 / CHNY /201 7 (IN ITA NO.371/CHNY/2014) /ASSESSMENT YEAR: 2008-09 M/S.EMRALD RESILIENT TYRE- MANUFACTURES PVT. LTD., NO.3, 9 TH LANE, SHASTRI NAGAR, ADYAR, CHENNAI-600 020. [PAN: AAACE 9718 N] VS. THE DY. COMMISSIONER OF INCOME TAX, COMPANY CIRCLE-II(1), CHENNAI. ( % /APPELLANT) ( &'% /RESPONDENT) % ( / APPELLANT BY : MR.R.VIJAYARAGHAVAN, ADV. &'% ( /RESPONDENT BY : MRS.S.VIJAYAPRABHA, JCIT ( /DATE OF HEARING : 13.04.2018 ( /DATE OF PRONOUNCEMENT : 13.04.2018 / O R D E R PER GEORGE MATHAN , JUDICIAL MEMBER : THIS IS A MISCELLANEOUS PETITION FILED BY THE ASSE SSEE IN ITA NO.379/CHNY/2017 FOR THE AY 2008-09. 2. MRS. S.VIJAYAPRABHA, JCIT, REPRESENTED ON BEHALF OF THE REVENUE AND MR.R.VIJAYARAGHAVAN, ADV. REPRESENTED ON BEHALF OF THE ASSESSEE. SP NO379 /CHNY/2017 (IN ITA NO.371/CHNY/2014) :- 2 -: 3. IT WAS SUBMITTED BY THE LD.AR THAT IN THE ORDER OF THE TRIBUNAL, IT WAS HELD THAT THE LOSS ARISING FROM THE EXCHANGE FL UCTUATION WAS TO BE TREATED AS A SPECULATIVE LOSS WAS ERRONEOUS IN SO F AR AS THE DECISION RELIED UPON BY THE TRIBUNAL, THE LOSS ARISING FROM THE EXC HANGE FLUCTUATION HAD BEEN HELD TO BE A CAPITAL LOSS ONLY. IT WAS A SUBM ISSION THAT THE TRIBUNAL ERRED IN CONCLUDING THAT THE LOSS ARISING FROM THE SWAP TRANSACTION IN FOREIGN EXCHANGE CURRENCY WAS A SPECULATIVE LOSS. IT WAS A PRAYER THAT THE ORDER OF THE TRIBUNAL IS LIABLE TO BE RECALLED IN ORDER TO GRANT THE ASSESSEE ANOTHER OPPORTUNITY TO SUBSTANTIATE ITS CA SE. 4. IN REPLY, THE LD.DR VEHEMENTLY OPPOSED THE MISCE LLANEOUS PETITION. IT WAS A SUBMISSION THAT THE TRIBUNAL HAS TAKEN A D ECISION ON THE FACTS AS WERE AVAILABLE. IT WAS A SUBMISSION THAT NOW THE M ISCELLANEOUS PETITION HAS BEEN FILED ONLY FOR THE PURPOSE OF REVIEW, WHIC H WAS NOT PERMISSIBLE. 5. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS. 6. A PERUSAL OF THE ORDER OF THE TRIBUNAL CLEARLY S HOWS THAT THE DECISION HAS BEEN RENDERED ON THE FACTS AS HAVE BEEN PLACED BEFORE IT. THE TRIBUNAL HAS ALSO GIVEN A VERY SPECIFIC FINDING. I T IS THE PROVISION OF THE LAW AS ALSO THE RATIO OF THE DECISION WHICH HAS BEE N APPLIED TO TREAT THE SWAP TRANSACTION AS GIVING RISE TO SPECULATIVE LOSS . THE MISCELLANEOUS SP NO379 /CHNY/2017 (IN ITA NO.371/CHNY/2014) :- 3 -: PETITION FILED CONSEQUENTLY, IS IN FACT PETITION FO R REVIEW WHICH IS NOT PERMISSIBLE, CONSEQUENTLY, STANDS DISMISSED. 7. IN THE RESULT, THE MISCELLANEOUS PETITION FILED BY THE ASSESSEE STANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON APRIL 13, 20 18 AT CHENNAI. SD/- SD/- ( . ) ( ABRAHAM P GEORGE ) ! /ACCOUNTANT MEMBER ( ) (GEORGE MATHAN) ! /JUDICIAL MEMBER /CHENNAI, 0 /DATED: APRIL 13, 2018. TLN ( &23 43 /COPY TO: 1. % /APPELLANT 4. 5 /CIT 2. &'% /RESPONDENT 5. 3 & /DR 3. 5 ( ) /CIT(A) 6. /GF