sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
From the Courts »
 M/s A Daga Royal Arts vs. ITO (ITAT Jaipur)
 Gagan Infraenergy Ltd vs. DCIT (ITAT Delhi)
 PCIT vs. Chawla Interbild Construction Co. Pvt. Ltd (Bombay High Court)
 All India Federation of Tax Practitioners vs. ITO (ITAT Mumbai)
  Suresh M. Jamkhindikar vs. ACIT (Bombay High Court)
  Suresh M. Jamkhindikar vs. ACIT (Bombay High Court)
 Mangammal @ Thulasi vs. T.B. Raju (Supreme Court)
 Mahabir Industries vs. PCIT (Supreme Court)
  Oriental Bank Of Commerce Vs. Additional Commissioner Of Income Tax
  Suresh M. Jamkhindikar vs. ACIT (Bombay High Court)
  Union of India vs. Pirthwi Singh (Supreme Court)

Asstt. Commissioner of Income Tax, Circle 3(3) Room No.609, 6 th Floor, Aayakar Bhavan, M.K. Road, Mumbai - 400020 Vs. M/s. Wham Investments Pvt. Ltd., 78A & 78B, Jolly Maker Chamber No.2, 7th Floor, Nariman Point,Mumbai 400 021
July, 30th 2014
                       MUMBAI BENCH "G", MUMBAI


                                ITA No.2090/M/2012
                              Assessment Year: 2007-08

        Asstt. Commissioner of Income     M/s. Wham Investments Pvt.
        Tax,                              Ltd.,
        Circle ­ 3(3)                     78A & 78B, Jolly Maker
        Room No.609, 6th Floor,           Chamber No.2,
        Aayakar Bhavan,                   7th Floor, Nariman Point,
        M.K. Road,                        Mumbai ­ 400 021
        Mumbai - 400020                   PAN: AAACW0522E
              (Appellant)                     (Respondent)

      Assessee by                 : Shri M. Subramanian, A.R.
      Revenue by                  : Shri B. Yadagiri, D.R.

      Date of Hearing             : 24.07.2014
      Date of Pronouncement       : 24.07.2014


Per Sanjay Garg, Judicial Member:

      The present appeal has been filed by the Revenue against the order of
the Commissioner of Income Tax (Appeals) [hereinafter referred to as the
CIT(A)] dated 05.12.2011 relevant to assessment year 2007-08.

2.    The dispute involved in the present case is as to whether the income
earned by the assessee from the sale of shares is to be treated as business
income or income free capital gains.

3.    Before us, learned AR of the assessee relying upon the Instruction
No.3/2011 dated 09-02-2011 submitted that the tax effect in the appeal of the
Revenue is less than Rs.3 lacs, therefore, the appeal of the Revenue is not
                                              2                        ITA No.2090/M/2012
                                                              M/s. Wham Investments Pvt. Ltd.

4.       Learned DR did not controvert to the submission made by the learned

5. After hearing the learned representatives of both the parties, we find that as
per CBDT Instruction no.3 of 2011, dated 9th February 2011, the appeal before
the Appellate Tribunal can be filed by the Revenue, when the tax effect
exceeds the monetary limit of Rs.3,00,000/-. Therefore the appeal of the
Revenue is dismissed under section 268A of the income Tax Act.

6.       In the result, appeal of the Revenue is dismissed.

                  Order pronounced in the open court on 24.07.2014.

          Sd/-                                                   Sd/-
    (R.C. Sharma)                                           (Sanjay Garg)
ACCOUNTANT MEMBER                                       JUDICIAL MEMBER

Mumbai, Dated: 24.07.2014.
* Kishore, Sr. P.S.

Copy to: The Appellant
        The Respondent
        The CIT, Concerned, Mumbai
        The CIT (A) Concerned, Mumbai
        The DR Concerned Bench
//True Copy//                             [

                                                  By Order

                                 Dy/Asstt. Registrar, ITAT, Mumbai.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions