ITO 4(3)(3), MUMBAI vs. MAHAKOSH HOLDINGS P.LTD, MUMBAI

This appeal has been filed by the revenue against the order dated 04.02.2013 passed by the Commissioner of Income Tax (Appeals)-8 (for short ‘the CIT(A), Mumbai, for the assessment year 2009-10, whereby the Ld. CIT(A) has partly allowed the appeal filed by the assessee against the assessment order passed u/s 143 (3) of the Income Tax Act, 1961 (for short the ‘Act’).

The revenue has challenged the impugned order passed by the Ld. CIT (A), on the following effective grounds:- 1. “On the facts and in the circumstances of the case and in law, the Ld. CIT (A) erred in not treating loss of Rs. 63,63,773/- in delivery based trading as speculation loss applying provisions of explanation to section 73 of the Act. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT (A) erred in not apportioning administrative expenses to the extent of Rs. 30,65,751/- treating the same as having been incurred towards speculation activity. 3. On the facts and in the circumstances of the case and in law, the impugned order of the Ld. CIT (A) is contrary to law and Assessment Year: 2009-10 consequently merits to be set aside and that of the Assessing Officer be restored.”