SHRI PRAFUL D. MODI, V. ACIT 14(3),

MA 70/MUM/2011

• Counselvise Citation: [2011] 123 COUNSELVISE.COM (IT) 6671 (ITAT-MUMBAI)
• Duration Of Justice: 5 month(s) 12 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 15-07-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2006-2007
• Appeal Filed On: 02-02-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: T T JACOB
• Keywords: Business income

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL 'C' BENCH, MUMBAI BEFORE SHRI R.S. PADVEKAR, JUDICIAL MEMBER AND SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER MA NO.70/MUM/2011 (ARISING OUT OF ITA NO. 1334/MUM/2010) (ASSESSMENT YEAR: 2006-07) SHRI PRAFUL D. MODI ACIT - 14(3) 1ST FLOOR, UJJMSHI BHUVAN 6TH FLOOR, EARNEST HOUSE 127, V.P. ROAD, MUMBAI 400002 VS. NARIMAN POINT PAN - AAHPM 7041 F MUMBAI 400021 APPLICANT RESPONDENT APPLICANT BY: NONE RESPONDENT BY: SHRI T.T. JACOB O R D E R PER B. RAMAKOTAIAH, A.M. BY THIS MISCELLANEOUS APPLICATION ASSESSEE SEEKS RE CTIFICATION OF AN INADVERTENT MISTAKE OCCURRED IN PARA 5 IN PAGE 3 OF THE ITAT ORDER. 2. THE ITAT, WHILE DISMISSING THE REVENUE APPEAL IN IT A NO.1334/MUM/2010 DATED 30 TH DECEMBER 2010 WHILE REFERRING TO THE LATER YEARS ACTION OF THE A.O. IN NOT DISPUTING THE COMP UTATION OF INCOME MISTAKENLY STATED THAT THE A.O. DID NOT CHANGE THE HEAD OF INCOME BUT TREADED IT AS BUSINESS INCOME. THE REFERENCE TO BU SINESS INCOME IS NOT CORRECT. THAT SHOULD BE READ AS SHORT TERM CAPITAL LOSS. THEREFORE THE LATER PART OF PARA 5 SHOULD BE READ AS UNDER: - NOT ONLY THAT, IN THE LATER YEAR WHEN THE ASSESSEE HAS SHORT TERM CAPITAL LOSS OF ALMOST ` 1.37 CRORES THE A.O. DID NOT CHANGE THE HEAD OF INC OME BUT TREATED IT AS SHORT TERM CAPITAL LOSS . ONLY IN THIS ASSESSMENT YEAR, THE REVENUE PREFERRED APPEAL. KEEPING THE STAND TAKEN B Y THE REVENUE IN THE EARLIER YEAR AND IN THE LATER YEAR AND ALSO KEEPING IN MIND THE ORDER OF THE MA NO.70/MUM/2011 SHRI PRAFUL D. MODI 2 CIT(A) WHICH IS GIVEN ON FACTS, WE FIND THAT THERE IS NO MERIT IN THE REVENUES APPEAL. ACCORDINGLY, WE REJECT THE REVENU ES GROUND. 3. IN THE RESULT, MISCELLANEOUS APPLICATION OF THE ASS ESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 15 TH JULY 2011. SD/- SD/- (R.S. PADVEKAR) (B. RAMAKOTAIAH) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 15 TH JULY 2011 COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) XIV, MUMBAI 4. THE CIT XIV, MUMBAI CITY 5. THE DR, C BENCH, ITAT, MUMBAI BY ORDER //TRUE COPY// ASSISTANT REGISTRAR ITAT, MUMBAI BENCHES, MUMBAI N.P.