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Income Tax Appellate Tribunal, KOLKATA ‘B’ BENCH, KOLKATA
Before: Shri P.M. Jagtap & Shri S.S. Vishwanethra Ravi
Per Shri P.M. Jagtap, A.M.: This appeal is preferred by the Revenue against the order of ld. Commissioner of Income Tax (Appeals)-XIX, Kolkata dated 04.11.2013 for the assessment year 2009-10 on the following grounds:- “1. For that on the facts and in the circumstances of the case, the Ld. CIT(A) erred in treating the loss of Rs.11,45,430/- as business loss as against AO’s claim of capital loss (Long term capital loss (non- STT) and short-term capital loss (non-STT) arising out of sale and purchase of shares.
2. For that on the facts and in the circumstances of the case, the ld. CIT(A) erred in treating capital loss as business loss just on the basis of declaration of the closing stock of shares as stock-in-trade and assessee’s income from profit from the shares trading was accepted in earlier year.
./2014 Assessment year: 2009-2010 Page 2 of 3
3. For that in any even treatment of share trading loss of Rs.22,45,430/- as business loss is bad in law as well as on facts.
2 We have heard the ld. D.R. and perused the relevant material available on record. We find that the tax effect involved in this appeal of the Revenue is less than the revised monetary limit recently fixed by the CBDT vide Circular No. 21/2015 dated 10th December, 2015 at Rs.10,00,000/- for filing the appeal by the Revenue before the Tribunal and this position clearly evident from the grounds raised by the Revenue in this appeal is not disputed even by the ld. D.R. In Circular No. 21/2015 (supra) recently issued by the CBDT, the monetary limit for filing the appeal by the Revenue before the Tribunal has been increased to Rs.10,00,000/- and as clarified in the said Circular, the said monetary limit is applicable retrospectively even to the appeals pending before the Tribunal. The CBDT has also instructed that such pending appeals below this specified tax limit of Rs.10,00,000/- may be withdrawn/ not pressed. Keeping in view the instruction given by the CBDT vide Circular No. 21/2015 dated 10.12.2015, which is squarely applicable in the present case, the appeal filed by the Revenue in this case is treated as withdrawn/not pressed and dismissed accordingly.
In the result, the appeal of the Revenue is dismissed. Order pronounced in the open Court on August 10, 2016. Sd/- Sd/- (S.S. Vishwanethra Ravi) (P.M. Jagtap) Judicial Member Accountant Member Kolkata, the 10th day of August, 2016 Copies to : (1) Assistant Commissioner of Income Tax, Circle -31, Kolkata, 10B, Middleton Row, 4th Floor, Kolkata-700 071 (2) M/s. Sanjay Commercial Company, 234/3A, A.J.C. Bose Road, 5 th Floor, Block BL, FMC Fortuna, Kolkata-700 020 ./2014 Assessment year: 2009-2010 Page 3 of 3