ANGEL BROKING P.LTD,MUMBAI vs. DCIT 4(1)(1), MUMBAI
In the result, the appeal filed by the assessee, is allowed
ITA 5433/MUM/2016[2009-10]Status: DisposedITAT Mumbai28 Feb 2018AY 2009-10
Bench: Shri C. N. Prasad, Jm &Dr. A.L.Saini, Am आयकरअपीऱसं./Ita No.5433/M/2016 (निर्धारणवषा / Assessment Year: 2009-10) M/S Angle Broking P. Ltd. Vs. Dcit Cen Cir.7(3), Mumbai G-1, Akruti Trade Centre, Rood Room No.640, Aaykarbhavan, M.K. No.7, Midc, Andheri(East), Road, Mumbai – 400 020. Mumbai – 400 093. स्थायीऱेखासं./ जीआइआरसं./ Pan/Gir No. : Aaacm6094 R (Appellant) .. (Respondent) Appellant By :Shriadityamaheswari, Ar Respondent By :Shri V. Vidhyadhar, Dr सुनवाईकीतारीख/ Date Of Hearing : 21/02/2018 घोषणाकीतारीख/Date Of Pronouncement : 28/02/2018 आदेश / O R D E R Per Dr. Arjunlalsaini, Am: The Captioned Appeal Filed By The Assessee, Pertaining To Assessment Year 2009-10, Is Directed Against An Order Passed By The Commissioner Of Income Tax-(Appeals)-9, Mumbai, In Appeal No.Cit(A)- 9/Cir-4(1)/284/2015-16, Dated, 24.06.2016, Which In Turn Arises Out Of A Penaltyorder Passed By The Assessing Officer U/S 271(1)(C) Of The Income Tax Act, 1961 (Hereinafter Referred To As The ‘Act’), Dated 30.03.2015. 2.The Solitary Grievance Of The Assessee In This Appeal Is That The Ld. Commissioner Of Income Tax(Appeals) Was Erred In Confirming Penalty U/S 271(1)(C) Of Rs.4,03,895/-. 3.The Brief Facts Apropos This Issue Are That While Completing Assessment U/S 143(3) Of The Act, The Ao Made Disallowance Of Rs.11,88,275/- U/S 94(7) Of The Act & Also Made Disallowance Of Speculation Loss Of Rs.27,62,83,681/- . In Pursuance Of The Disallowance Made By The Ao In His
For Appellant: ShriAdityaMaheswari, ARFor Respondent: Shri V. Vidhyadhar, DR
Section 143(3)Section 271(1)(c)Section 45Section 94(7)
section 94(7) of the Act and disalloweda small loss to the tune of Rs.11,88,275/- u/s 94(7) of the Act on account of dividend stripping. However, the AO rejected thecontention of the assessee and imposed penalty of Rs.4,03,895/- u/s 271
