DCIT, CIR-7(1), KOLKATA, KOLKATA vs. M/S C. D. EQUISEARCH PVT. LTD., KOLKATA

- This Revenue’s appeal for assessment year 2007-08 arises against the Commissioner of Income Tax (Appeals)-3, Kolkata’s order dated27.02.2015 in case No.112/CIT(A)-3/Cir-7(1)/14-15(13-14)/Kol, accepting assessee’s rectification, thereby reversing the Assessing Officer’s order dated 28.05.2013, in proceedings u/s 154/263/143(2) of the Income Tax Act, 1961 (in short ‘the Act’). Heard both the parties. Case file perused.

The Revenue pleads the following substantive grounds in its instant appeal:- “1]”Whether under the law in the facts and circumstances of the case, was the Ld. CIT(A) correct in allocating the common business expenses with the turnover of each segmental business of the assessee company instead of net income as credited to P&L account? A.Y. 2007-08 DCIT Cir-7(1) Kol. Vs. M/s C.D. Equisearch Pvt. Ltd. Page 2 2[“Whether under the law in the facts and circumstances of the case, was the Ld. CIT(A) correct in considering the proportional allocation on the basis of total sales/turnover of share trading proprietary business instead of the net brokerage as credited to P&L account?” 3]”Whether under the law in the facts and circumstances of the case, was the Ld. CIT(A) correct in allowing the loss on valuation of stock of Mutual Fund thereby resulting diminution in value of Mutual Fund Units in the order u/s 154 of the IT Act, 1961 despite the fact that the diminution in the value of investment in units of MF as on close of the financial year is not allowable as per IT Act as the profit/loss on units of MF arises on redemption of such units only?” 4] “That the appellant craves leave to add, delete, alter, modify or take new grounds of appeal”.