Vijaya Srinivasan, CHENNAI v. ACIT, CHENNAI

MA 101/CHNY/2013 | 2005-2006
Pronouncement Date: 17-07-2013 | Result: Partly Allowed

Appeal Details

RSA Number 10121724 RSA 2013
Assessee PAN ACEPV1779M
Bench Chennai
Appeal Number MA 101/CHNY/2013
Duration Of Justice 1 month(s) 5 day(s)
Appellant Vijaya Srinivasan, CHENNAI
Respondent ACIT, CHENNAI
Appeal Type Miscellaneous Application
Pronouncement Date 17-07-2013
Appeal Filed By Assessee
Order Result Partly Allowed
Bench Allotted A
Tribunal Order Date 17-07-2013
Date Of Final Hearing 12-07-2013
Next Hearing Date 12-07-2013
Assessment Year 2005-2006
Appeal Filed On 12-06-2013
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH : CHENNAI BEFORE SHRI N.S. SAINI ACCOUNTANT MEMBER AND SHRI VIKAS AWASTHY JUDICIAL MEMBER M . P . NO S . 1 01 & 102 /MDS/201 3 (IN ITA NOS. 1846 & 1847/MDS/2012) & (IN C.O.NOS. 176 & 177/MDS/2012) ASSESSMENT YEARS : 2005-06 & 2008-09 SMT. VIJAYA SRINIVASAN FLAT NO. 33/34 RISHIKESH APARTMENTS 38 G.N. CHETTY ROAD T. NAGAR CHENNAI-17 VS ASST. COMMISSIONER OF INCOME TAX BUSINESS CIRCLE-II CHENNAI -600 034. [PAN: ACEPV 1779 M) (PETITIONER) (RESPONDENT) PETITIONER BY : SHRI S. SUBRAMANIAN ADVOCATE RESPONDENT BY : SHRI N. MADHAVAN JCIT DATE OF HEARING : 12-07-2013 DATE OF PRONOUNCEMENT : 17-07-2013 O R D E R PER VIKAS AWASTHY JUDICIAL MEMBER THESE MISCELLANEOUS PETITIONS HAVE BEEN FILED BY T HE ASSESSEE FOR RECTIFICATION OF THE ORDER DATED 21-01 -2013 PASSED M.P. NOS. 101 & 102/MDS/2013 :- 2 -: BY THE TRIBUNAL IN ITA NOS. 1846 & 1847/MDS/2012 AN D C.O.NOS. 176 &177/MDS/2012. THE LD. COUNSEL FOR THE ASSESSE E SUBMITTED THAT IN THE ORDER IN PARA NO. 15 THE TRIBUNAL HAS HELD AS UNDER: 15. THEREFORE IN VIEW OF OUR AFORESAID FINDINGS WE ARE OF THE CONSIDERED OPINION THAT THE SHARES HELD BY THE ASSESSEE FOR LONGER PERIOD MAY BE TREATED AS INVESTMENT AND THE PROFIT ARISING THEREFROM BE TREATED AS LONG TERM CAPITAL GAIN. HO WEVER THE MAGNITUDE FREQUENCY AND VOLUME OF TRANSACTIONS GIV ES FLAVOR OF BUSINESS INCOME AND THE SAME IS CONSIDERED TO BE IN COME FROM BUSINESS. THE LD. COUNSEL SUBMITTED THAT A PERUSAL OF AFORES AID PARA SHOWS THAT IT IS NOT VERY CLEAR FROM THE LATER PART OF THE CONCLUDING PARA WHETHER THE FINDINGS OF THE TRIBUNAL RELATE TO LONG TERM INVESTMENTS OR SHORT TERM INVESTMENTS. 2. WE FIND THAT A TYPOGRAPHICAL ERROR OCCURRED IN P ARA NO. 15 OF THE ORDER OF THE TRIBUNAL DATED 21-01-2013 WHERE IN THE FOLLOWING LINES AFTER HOWEVER AS REGARDS SHARES HELD FOR SHORT DURATION ARE CONCERNED WERE OMITTED TO BE TYPED. WE THEREFORE MODIFY PARA NO. 15 OF THE ORDER DATED 21-01-2013 BY INCLUDING M.P. NOS. 101 & 102/MDS/2013 :- 3 -: THE FOLLOWING LINES AFTER HOWEVER AS REGARDS SHARES HELD FOR SHORT DURATION ARE CONCERNED . THUS THE AMENDED PARA NO. 15 OF THE ORDER READS AS UNDER: 15. THEREFORE IN VIEW OF OUR AFORESAID FINDINGS WE ARE OF THE CONSIDERED OPINION THAT THE SHARES HELD BY THE ASSESSEE FOR LONGER PERIOD MAY BE TREATED AS INVESTMENT AND THE PROFIT ARISING THEREFROM BE TREATED AS LONG TERM CAPITAL GAIN. HO WEVER AS REGARDS SHARES HELD FOR SHORT DURATION ARE CONCERNE D THE MAGNITUDE FREQUENCY AND VOLUME OF TRANSACTION GIVE S FLAVOR OF BUSINESS INCOME AND THE SAME IS CONSIDERED TO BE IN COME FROM BUSINESS. 3. HOWEVER THERE WILL BE NO CHANGE IN THE RESULT O F THE APPEAL AFTER NECESSARY RECTIFICATION IN THE ORDER. THE MI SCELLANEOUS PETITIONS OF THE ASSESSEE ARE PARTLY ALLOWED. ORDER PRONOUNCED ON WEDNESDAY THE 17 TH JULY 2013 AT CHENNAI. SD/- SD/- (N.S. SAINI) ACCOUNTANT MEMBER (VIKAS AWASTHY) JUDICIAL MEMBER DATED: 17 TH JULY 2013 TNMM COPY TO: PETITIONER/RESPONDENT/CIT(A)/CIT/DR