DILIP N CHHEDA, MUMBAI v. ADDL CIT 20(2), MUMBAI

ITA 1229/MUM/2015 | 2010-2011
Pronouncement Date: 18-10-2016 | Result: Dismissed

Appeal Details

RSA Number 122919914 RSA 2015
Assessee PAN AAAPC5740P
Bench Mumbai
Appeal Number ITA 1229/MUM/2015
Duration Of Justice 1 year(s) 7 month(s) 17 day(s)
Appellant DILIP N CHHEDA, MUMBAI
Respondent ADDL CIT 20(2), MUMBAI
Appeal Type Income Tax Appeal
Pronouncement Date 18-10-2016
Appeal Filed By Assessee
Order Result Dismissed
Bench Allotted D
Tribunal Order Date 18-10-2016
Assessment Year 2010-2011
Appeal Filed On 02-03-2015
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH D MUMBAI BEFORE SHRI SANJAY GARG JUDICIAL MEMBER AND SHRI ASHWANI TANEJA ACCOUNTANT MEMBER ITA NO.1229/M/2015 ASSESSMENT YEAR: 2010-11 SHRI DILIP N CHHEDA 7 KRISHNA MAHAL 94 BHAUDAJI CROSS ROAD NO.10 MATUNGA MUMBAI 400 019 PAN: AAAPC5740P VS. ADD. CIT 20(2) PIRAMAL CHAMBERS LAL BAUG MUMBAI 400 012 (APPELLANT) (RESPONDENT) PRESENT FOR: ASSESSEE BY : NONE REVENUE BY : SHRI B.S. BIST D.R. DATE OF HEARING : 18.10.2016 DATE OF PRONOUNCEMENT : 18.10.2016 O R D E R PER SANJAY GARG JUDICIAL MEMBER: THE PRESENT APPEAL HAS BEEN PREFERRED BY THE ASSES SEE AGAINST THE ORDER DATED 11.12.2014 OF THE COMMISSIONER OF INCOME TAX (APPEALS) [HEREINAFTER REFERRED TO AS THE CIT(A)] RELEVANT TO ASSESSMENT Y EAR 2010-11. 2. THE ASSESSEE HAS TAKEN THE FOLLOWING GROUNDS OF APPEAL: 1. THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS )-32 MUMBAI COMMITTED A GROSS ERROR OF LAW AND FACT IN CONFIRMING THE ORDER OF THE ASSESSING OFFICER TREATING THE SHO RT TERM CAPITAL GAINS DECLARED BY THE APPELLANT AS BUSINESS INCOME. 2. THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) COMMITTED A GROSS ERROR OF LAW AND FACT IN COMING TO THE CONCLU SION THAT THE INCOME GENERATED FROM PURCHASE AND SALE OF SHARES A ND DECLARED AS SHORT TERM CAPITAL GAINS BY THE APPELLANT HAS TO BE TREATED AS INCOME FROM BUSINESS. 3. THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) GROSSLY ERRED IN COMING TO HIS CONCLUSION BY MECHANICALLY U PHOLDING THE ORDER OF THE ASSESSING OFFICER WITHOUT ANY INDEPENDENT JU STIFICATION. 4. THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) COMMITTED A ITA NO.1229/M/2015 SHRI DILIP N CHHEDA 2 GROSS ERROR OF LAW AND FACT IN COMING TO HIS CONCLU SION WITHOUT APPRECIATING THAT IN THE EARLIER YEARS ON IDENTICAL FACTS AND CIRCUMSTANCES THE ASSESSING OFFICER HAD ACCEPTED TH E APPELLANTS STAND THAT THE SIMILAR IMPUGNED INCOME WAS LIABLE TO BE T REATED AS SHORT TERM CAPITAL GAINS. 5. THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) GROSSLY ERRED IN NOT DEALING WITH ALTERNATE THE GROUND OF APPEAL RAISED BY THE APPELLANT REGARDING THE VALUATION OF CLOSING INVESTMENT AS STOCK IN TRADE AND VALUING IT AT LOWER OF COST OR MARKET VALUE. 6. THE APPELLANT CRAVES LEAVE TO ADD ALTER OR AMEN D THE ABOVE GROUNDS OF APPEAL. 3. NONE HAS COME PRESENT ON BEHALF OF THE ASSESSEE. A LETTER DATED 14.10.16 HAS BEEN RECEIVED VIDE WHICH THE ASSESSEE HAS SOUGHT PERMISSION TO WITHDRAW THE APPEAL AS HE DOES NOT WANT TO PURSUE T HE MATTER. 4. THE LD. D.R. HAS NOT OBJECTED TO THE SAID APPLIC ATION. 5. THE APPLICATION OF THE ASSESSEE IS THEREFORE ALL OWED AND THE APPEAL OF THE ASSESSEE IS HEREBY DISMISSED AS WITHDRAWN . ORDER PRONOUNCED IN THE OPEN COURT ON 18.10.2016. SD/- SD/- (ASHWANI TANEJA) (SANJAY GARG) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI DATED: 24.10.2016. * KISHORE SR. P.S. COPY TO: THE APPELLANT THE RESPONDENT THE CIT CONCERNED MUMBAI THE CIT (A) CONCERNED MUMBAI THE DR CONCERNED BENCH //TRUE COPY// [ BY ORD ER DY/ASSTT. REGISTRAR ITAT MUMBAI.