9911796707
TMI Blog2014 (7) TMI 901X X X X Extracts X X X X X X X X Extracts X X X X ..... 1961 (the Act) r.w. Rule 8D of the I.T Rules, 1962 (the Rules). 3. The revenue is in appeal before us assailing the decision of Ld CIT(A) in holding that the purchase and sale of shares resulting in an income of Rs. 7.73 crores is assessable as Short Term Capital Gain and not assessable as Business Income. 4. The facts relating to the case is stated in brief. The assessee company is previously known as "Subhkam Holding Pvt Ltd" having P.A.No. AABCS3565L. Before that it was having the name of "Subhkam Monetary Services Pvt Ltd. The name of the company is again changed and it is presently known as "Subhkam Ventures (I) Pvt. Ltd. The assessment for the year under consideration was completed by the AO on 29.12.2009 u/s 143(3) of the Act unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase of Godrej & Boyce Mfg. Co. Ltd (supra). The Ld D.R did not controvert the factual aspects of the matter stated above. 6. We heard the parties on this issue and perused the record. We notice that the identical issue was considered by the Tribunal in the assessee's own case in ITA No.5902/Mum/2009 & ITA No.6018/Mum/2009 relating to assessment year 2006-07 and the Tribunal, vide its order dated 30.11.2011, has set aside the matter to the file of the AO with the direction to compute disallowance to be made u/s 14A of the Act on a reasonable basis by following the decision rendered by Hon'ble jurisdictional High Court in the case of Godrej & Boyce Manufacturing Company Ltd (supra). There is no dispute between the parties that the provisions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mediately preceding year may be followed in this year also. 9. We have heard the parties and perused the record. We notice that the ld CIT(A), during the instant year, has reversed the decision of the assessing officer by following his order passed for the immediately preceding year. However, in the immediately preceding year (AY 2006-07), the Tribunal has reversed the decision of Ld CIT(A) and has restored that of the AO. Hence, normally the decision taken by the ITAT in the immediately preceding year is required to be followed in this year also. However, the contention of the assessee is that the facts that prevailed in the immediately preceding year are materially different from the facts available in the instant year. Accordingly it wa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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