AMOL CAPITAL MARKETS P.LTD, MUMBAI V. DCIT 4(1), MUMBAI

MA 47/MUM/2018

• Counselvise Citation: [2018] 124 COUNSELVISE.COM (IT) 6953 (ITAT-MUMBAI)
• Duration Of Justice: 6 month(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 26-07-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2012-2013
• Appeal Filed On: 25-01-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: RAJESH KUMAR YADAV
• Assessee Lawyers: VENUGOPAL NAIR
• Keywords: Business income; Speculation loss

Judgement Text

P A G E | 1 M.A. NO. 47/MUM/2018 A.Y 2012 - 13 (ARISING OUT OF ITA NO. 1974/MUM/2016) M/S AMOL CAPITAL MARKETS P. LTD. VS. DCIT - 4(1)(1) IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, M UMBAI BEFORE SHRI G.S.PANNU, AM AND SHRI RAVISH SOOD, JM M.A. NO. 47/MUM/2018 (ARISING OUT OF ITA NO. 1974/MUM/2016) ( / ASSESSMENT YEAR:2012 - 13) M/S AMOL CAPITAL MARKETS P. LTD. 106, MOTALIBHAI WADIA BLDG, 1ST FLOOR, 22ND S.A. BRELVI ROAD FORT, MUMBAI - 400 001 / VS. DCIT - 4(1)(1), 6 TH FLOOR, AAYAKAR BHAVAN, MUMBAI ./ ./ PAN NO. AADCS8022N ( / APPLICANT) : ( / RESPONDENT ) / APPLICANT BY : SHRI VENUGOPAL NAIR , A.R / RESPONDENT BY : SHRI RAJESH KUMAR YADAV , D.R / DATE OF HEARING : 29.06 .2018 / DATE OF PRONOUNCEMENT : 2 6 .07.2018 / O R D E R PER RAVISH SOOD, JUDICIAL MEMBER: ORDER U/S 254(2) THE PRESENT MISCELLANEOUS APPLICATION FILED BY THE ASSESSEE APPLICANT UNDER SEC.254(2) OF THE INCOME TAX ACT, 1961 (FOR SHORT ACT) ARISES FROM THE ORDER PASSED BY THE TRIBUNAL UNDER SEC. 254(1) IN ITA NO. 1974/MUM/2016, DATED 21.08.2017. 2. THE LD. AUTHORIZED REPRESENTATIVE (FOR SHORT A.R) FOR THE ASSESSEE AT THE VERY OUTSET OF THE HEARING OF THE APPLICATION SUBMITTED THAT AS THE P A G E | 2 M.A. NO. 47/MUM/2018 A.Y 2012 - 13 (ARISING OUT OF ITA NO. 1974/MUM/2016) M/S AMOL CAPITAL MARKETS P. LTD. VS. DCIT - 4(1)(1) TRIBUNAL WHILE DISPOSING O F F THE APPEAL OF THE ASSESSEE HAD CONCLUDED T HAT THE LOSS ON SALE OF SHARE S HELD BY THE ASSESSEE AS AN INVEST MENT WAS TO BE HELD AS SPECULATIVE LOSS, THEREFORE, THE ASSESSEE MAY BE GIVEN THE CONSEQUENTIAL RELIEF PROVIDED BY THE AMENDMENT MADE AVA ILABLE ON THE STATUTE VIDE THE EXPLANATION 2 TO SEC.73 OF THE INCOME TAX ACT, 1961. IT WAS THE CONTENTIO N OF THE LD. A.R THAT A DIRECTION BE ISSUED TO THE A.O TO CONSIDER THE LOSS WHICH HAD BEEN HELD AS SPECULATIVE , AS A BUSINESS LOSS TO BE ALLOWED TO BE SET OF F AGAINST THE BUSINESS INCOME OF THE ASSESSEE FOR THE SUBSEQUENT YEARS , IN CONFORMITY WITH THE AMENDMENT MADE AVAILABLE ON THE STATUTE VIDE THE EXPLANATION 2 TO SEC.73 BY THE FINANCE (NO. 2) ACT, 2014. PER CONTRA, THE LD. DEPARTMENTAL REPRESENTATIVE (FOR SH ORT D.R) SUBMITTED THAT AS NO MISTAKE DID EMERGE FROM THE ORDER OF THE TRIBUNAL, THUS THE MISCELLANEOUS APPLICATION FILED BY THE ASSESSEE BEING ABSOLUTELY DEVOID OF ANY FORCE WAS LIABLE TO BE DISMISSED. 3. WE HAVE HEARD THE AUTHORIZED REPRESENTATIVE S F OR BOTH THE PARTIES. W E FIND THAT THE ASSESSEE BY FILING THE PRESENT APPLICATION HAS SOUGHT A REVIEW OF THE ORDER PASSED BY THE TRIBUNAL. WE ARE UNABLE TO COMPREHEND AS TO WHAT IS THE MISTAKE IN THE ORDER PASSED BY THE TRIBUNAL UNDER SEC. 254(1), WHICH THE ASSESSEE BY FILING THE PRESENT APPLICATION HAS SOUGHT TO BE RECTIFIED. RATHER, IN OUR CONSIDERED OPINION THE ASSESSEE BY FILING THE PRESENT MISCELLANEOUS APPLICATION UNDER SEC. 254(2) OF THE ACT HAD TRIED TO PERSUADE US TO REVIEW THE ORDER PASSED IN ITS C ASE UNDER SEC.254(1) OF THE ACT. WE NOT BEING OBLIVIOUS OF THE FACT THAT THE POWERS UNDER SEC.254(2 ) CAN ONLY BE EXERCISED TO RECTIFY A MISTAKE WHICH IS FOUND TO BE GLARING, APPARENT, PATENT AND OBVIOUS FROM RECORD AND IN NO WAY CAN EXTEND FOR REVIEWING OF AN ORDER PASSED BY THE TRIBUNAL, THUS ARE NOT PERSUADED TO SUBSCRIBE TO THE REVIEW AS HAD BEEN SOUGHT BY THE ASSESSEE IN THE GARB OF FILING THE PRESENT APPLICATION UNDER SEC.254(2) OF THE ACT. WE THUS BEING OF THE CONSIDERED VIEW THAT AS THE LD. A.R HAD FAILED TO POINT OUT ANY MISTAKE IN THE ORDER PASSED BY THE TRIBUNAL UNDER SEC.254(1) OF THE ACT, THUS DISMISS THE MISCELLANEOUS APPLICATION FILED BY THE ASSESSEE. P A G E | 3 M.A. NO. 47/MUM/2018 A.Y 2012 - 13 (ARISING OUT OF ITA NO. 1974/MUM/2016) M/S AMOL CAPITAL MARKETS P. LTD. VS. DCIT - 4(1)(1) 4. THE MISCELLANEOUS APPLICATION FILED BY THE ASSESSEE IS DISMISSED IN TERMS OF OUR AFORES AID OBSERVATIONS. ORDER PRONOUNCED ON 2 6 .07.2018 S D / - S D / - (G.S. PANNU) (RAVISH SOOD) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI; 2 6 .07.2018 PS. ROHIT / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) - 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE . //TRUE COPY// / BY ORDER, / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI P A G E | 4 M.A. NO. 47/MUM/2018 A.Y 2012 - 13 (ARISING OUT OF ITA NO. 1974/MUM/2016) M/S AMOL CAPITAL MARKETS P. LTD. VS. DCIT - 4(1)(1)