ACIT RG 25(3), MUMBAI vs. NIDHI LODHA, MUMBAI

HZ_idy_Ex "tZ4s %* tl IN THE INCOME TAX APPELLATE TRIBUNAL "B" BENCH, MUMBAI sft Mifalorr Tr, 7fya HcF4 w) s1 Faly 3Rlst, ~T HcFr & HHE BEFORE SHRI JOGINDER SINGH, JM AND SHRI SANJAY ARORA, AM 314a 344 #.II. T.A , No , 5634/Mum/2010 furor &ff / Assessment Year: 2007-08) Asst: CIT-2503) Nidhi Lodha, C-11, R No. 308, Pratyaksh Kar 3C/204, Whispering Palms, TI Bhavan; Bandra Kurla Complex; Lokhandwala Township, Bandra (E); Mumbai-400 051 Vs . Kandivli (E); Mumbai-400 101 FrT dur #./T3s3117 H./PAN/GIR No. AA YPL 6785 B (3dtateff /Appellant) (9rr2ff Respondent) 3dlatreff &1 31 4 / Appellant by Shri D. Prathakar Reddy 9eif 4 3 # Respondent by Shri Rakesh Joshi JTars &1 Trw / 03.03.2016 Date 0 f Hearing Date of Order 07.03.2016 H8 LORDER Per_Sanjay Arora AM: This is an Appeal by the Revenue directed against the Order by the Commissioner of' Income Tax (Appeals)-35 Mumbai ( CIT(A)' for short) dated 26.4.2010, allowing the Assessee $ appeal contesting its assessment U/s.143(3) of the Income Tax Act, 1961 ("the Act' hereinafier) for the assessment year (A.Y.) 2007-08 vide order dated 24.12.2009 . 2 At the very outset, it was submitted by the Id. Authorized Representative (AR), the assessee's counsel, Shri Rakesh Joshi (adducing a working of the tax impact of the ITA No. 5634/Mum/2010 (A.Y2007-08, Asst. CIT vS. Nidhi Lodha instant appeal, showing the same at Rs.9.90,289/-), that the tax effect of the Revenue $ appeal is below Rs.10 lacs. and which is therefore not maintainable u/s. 2684 of the Act in view of the recent Instruction issued by the Board (Instruction No. 21 of 2015 dated 10.12.2015 (F. No. 279/Misc/142/2007-IT(PT)) The Id. DR would concede to the working provided by the assessee as being arithmetically correct as well as in conformity with the certificates issued by the Bombay Stock Exchange in respect of STT paid/exigible on the transactions during the year in the requisite form (Form 10DB). We decide accordingly, dismissing the Revenue's appeal as incompetent: 3_ In the result, the Revenue s appeal is dismissed as not maintainable. Order pronounced in the open court on March 3, 2016 - (Joginder Singh) (Sanjay Arora) 74fa Fo+ Judicial Member ~1T Hary Accountant Member das Mumbai; feaa Dated 07.03.2016 a.fa.H IRoshani, Sr. PS Encle: Anx.1, forming part of this order: H48 &qfflft eflCopy e the Order forwarded _ to 1_ 3d)areff The Appellant 2 9y2ff The Respondent 3 31477 3rjaa(3rdlat) 7 The CIT(A) 4 3Tah< 31*a 7 CIT concerned 5 faaraf Yaafu, 314a 34la 3fa01, jas / DR, ITAT, Mumbai 6_ Js WTs4 1 Guard File 3TaRITHR / BY ORDER, 34hOT4G taf (Dy IAsstt. Registrar) 314ar 3ilciy 3fearrut, jas / ITAT, Mumbai #NN EXvRE _ 1 Nidhi Lodha A Y 2007-08 working of tax effect Income from Share Transaction treating as Business Income Short term capital Gain Tax on above 30% Tax paid by assessee on STCG 59,01,637 17,70,491.10 5,90,164 11,80,327 2,97,717 8,82,610 88,261 9,70,871 19,417 9,90,289 Less:- 10% Less:- Rebate U/s 88E on account of STT Paid Net Tax Effect Surcharge @ 10% Education Cess @2% Total Tax +Surcharge Education Cess Note:- As per Circular No 6/2016 shares held for more than 12 months will be treated as Long term Capital Gain (LTCG) at the option of assessee STT Amount as per certificate Gandhi Sec & Inestment P Ltd BSE Gandhi Sec & Inestment P Ltd BSE Gandhi Sec & Inestment P Ltd NSE Gandhi Sec & Inestment P Ltd NSE B D Shah Sec Ltd- BSE B D Shah Sec Ltd- BSE Motilal Oswal Sec Ltd- NSE Motilal Oswal Sec Ltd- NSE Motilal Oswal Sec Ltd- BSE Motilal Oswal Sec Ltd- BSE 25,597 27,166 392 2,440 1,11,433 1,14,736 2,274 1,495 6,240 6,476 2,98,249 532 2,97,717 Less: - STT on LTCG Sale Value Total STT Paid on Short Term Transaction 2