LATE SHRI HARSHAD S. MEHTA,MUMBAI vs. DCIT CEN CIR 4(1), MUMBAI

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ITA 5702/MUM/2017Status: DisposedITAT Mumbai08 May 2019AY 1992-935 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal rectified its earlier order, specifically addressing the issue of the share market oversold position. It was held that the addition confirmed by the CIT(A) on this account should be deleted, aligning with a previous decision in a related case.

What were the facts?

The appeals concerned assessment years 1992-93 and 1993-94, involving additions made by the Assessing Officer related to the share market oversold position. The Tribunal had previously issued a common order on January 14, 2019.

What were the issues?

The primary issue was the addition made by the AO on account of the share market oversold position and whether the relief sought by the assessee in relation to this position should be granted.

Which sections of the Income-tax Act were involved?

Not specified in the provided text

AI-generated summary — verify with the full judgment below

Heard together (7 matters)

ITA No. 5702/Mum/2017
ITA No. 6028/Mum/2017
ITA No. 3427/Mum/2017
ITA No. 6120/Mum/2017
ITA No. 3386/Mum/2017
ITA No. 4204/Mum/2017
ITA No. 4310/Mum/2017

Read from the judgment's own cause title. This page is filed under one of them.

During the course of hearing Department’s appeal in the case of Ashwin Mehta for AY 1993-94 in today i.e. 07.05.2019, the learned Sr. Standing Counsel, Shri P. Daniel, informed the Bench that there is mistake crept in the order of Tribunal i.e. common order of Harshad S Mehta, Ashwin Mehta, Jyoti Mehta dated 14.01.2019. The learned Sr. Standing Counsel particularly referred to assessee’s appeal in the case of Ashwin Mehta in ITA No. 6120/Mum/2017 wherein Tribunal has observed that the Revenue’s appeal is being disposed off, whereas Revenue’s appeal was not before the Bench for hearing at that point of time. Hence, he referred to page 292 of the Tribunal’s order dated 14.01.2019 at Para 66 and 66.1, wherein mistakes have crept in. The relevant Paras 66 & 66.1 are now being rectified and may be read as under: - “66. The next issue in this of assessee is as regards to the addition on account of share market oversold position of Rs. 3,48,74,591/-. For this, assessee has raised following ground No. 5: -

5. On the facts and in the circumstances of the case and in law, the Hon'ble CIT(A) has erred in not allowing entire relief sought by the Appellant in relation to Share Market oversold position.

The Appellant prays that the learned AO be directed to delete the entire addition on account of Share Market oversold position.”

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