MONESHI CONSULTANCY P. LTD, MUMBAI v. ITO 3(2)(1), MUMBAI

ITA 555/MUM/2009 | 2003-2004
Pronouncement Date: 25-01-2010 | Result: Dismissed

Appeal Details

RSA Number 55519914 RSA 2009
Bench Mumbai
Appeal Number ITA 555/MUM/2009
Duration Of Justice 11 month(s) 29 day(s)
Appellant MONESHI CONSULTANCY P. LTD, MUMBAI
Respondent ITO 3(2)(1), MUMBAI
Appeal Type Income Tax Appeal
Pronouncement Date 25-01-2010
Appeal Filed By Assessee
Order Result Dismissed
Bench Allotted B
Tribunal Order Date 25-01-2010
Assessment Year 2003-2004
Appeal Filed On 27-01-2009
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES B : MUMBAI BEFORE SHRI D. MANMOHAN HONBLE VICE PRESIDENT AND SHRI T.R. SOOD ACCOUNTANT MEMBER ITA. NO. 555/MUM/2009 ASSESSMENT YEAR 2003-2004 M/S. MONESHI CONSULTANCY PVT. LTD. MUMBAI 400 005. PAN AAACM-4216-D VS. I.T.O. 3 (2) (1) MUMBAI. (APPELLANT) (RESPONDENT) FOR APPELLANT : SHRI SANJAY R. PARIKH FOR RESPONDENT : S/SHRI S.S. RANA/LALCHAND AND MR S. VANDANA SAGAR (DR) ORDER PER D. MANMOHAN V.P. 1. THE ONLY GROUND URGED BY THE ASSESSEE-COMPANY R EADS AS UNDER : 1. THE LEARNED CIT(A) HAS ERRED IN TREATING THE SHARE TRADING LOSS OF RS.43 49 306/- AS SPECULATION LOSS BY APPLYING EXPLANATION TO SECTION 73. 2. AT THE TIME OF HEARING LEARNED COUNSEL APPEAR ING ON BEHALF OF THE ASSESSEE FAIRLY SUBMITTED THAT THE ISSUE STA NDS COVERED AGAINST THE ASSESSEE BY THE DECISION OF THE ITAT IN THE FOLLOWI NG CASE : AMP SPINNING & WEAVING MILLS PVT. LTD. 100 ITD 142 (AHD) (SB) 3. IN FACT THE LEARNED CIT(A) HAS TAKEN INTO CONSI DERATION THE AFORECITED DECISION WHILE UPHOLDING THE ORDER OF TH E ASSESSING OFFICER. 2 UNDER THESE CIRCUMSTANCES WE DO NOT FIND ANY INFIR MITY IN THE ORDER PASSED BY THE LEARNED CIT(A). 4. IN THE RESULT APPEAL FILED BY THE ASSESSEE IS DISMISSED AS PRONOUNCED IN THE OPEN COURT. SD/- SD/- (T.R.SOOD) (D.MANMOHAN) ACCOUNTANT MEMBER VICE PRESIDENT MUMBAI DATE 25 TH JANUARY 2010. VBP/- COPY TO 1. M/S. MONESHI CONSULTANCY PVT. LTD. OXFORD CENTRE 10 SHROFF LANE COLABA CAUSEWAY MUMBAI 400 005. PAN AAACM-4216-D 2. I.T.O. 3 (2) (1) MUMBAI. 4. CIT(A)-III MUMBAI. 5 CIT-III MUMBAI 6. D.R. B BENCH MUMBAI. 7. GUARD FILE. (TRUE COPY) BY ORDER ASST. REGISTRAR ITAT MUMBAI BENCHES MUMBAI. SNO DATE INITIALS 1 DRAFT DICTATED ON 25-01-2010 SR.P.S 2. DRAFT PLACED BEFORE AUTHOR 25-01-2010 SR.P.S 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER V.P. 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER A.M 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.P.S 6. KEPT FOR PRONOUNCEMENT ON SR.P.S 7. FILE SENT TO THE BENCH CLERK SR.P.S 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK 9. DATE OF DISPATCH OF ORDER