9911796707
TMI Blog2024 (6) TMI 885X X X X Extracts X X X X X X X X Extracts X X X X ..... d in preferring the revision petitions, we find ourselves unable to ignore the submissions for the Income Tax Department that it was the same aspect of delay/limitation that prevented the Department also from re-assessing the income of the appellant for the assessment years 2004-2005 and 2005-2006, respectively. We find that during the said years the appellant had declared the profit on the sale of shares as capital gains and had obtained the benefit of a lower rate of tax on the said income, and the revenue was unable to reassess the said income as business income solely on account of the limitation provisions under the statute. As far as the appellant assessee is concerned, he too did not choose to file the Revision Petitions immediately ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Jose Joseph (B/O) JUDGMENT PER DR. A.K. JAYASANKARAN NAMBIAR, J. This Writ Appeal is preferred by the petitioner in WP(C). No. 7779 of 2016, aggrieved by the judgment dated 03.08.2023 of a learned Single Judge in the Writ Petition. 2. The brief facts necessary for the disposal of the Writ Appeal are as follows: The appellant had approached the writ court through the Writ Petition aforementioned, impugning Exts. P10 and P11 orders of the Commissioner of Income Tax that rejected the Revision Petitions moved by the appellant for revising the assessments for the years 2007-2008 and 2009-2010 under the Income Tax Act. The appellant is a SEBI (Securities and Exchange Board of India) registered Portfolio Manager engaged in the business of renderin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, but did not meet with any success since by Ext. P8 judgment this Court confirmed the orders of the Income Tax Authorities. We are told that a further appeal preferred by the appellant before the Supreme Court is pending consideration before the said Court. 3. While so, on receiving the First Appellate Authority's order for the assessment years 2006-2007 and 2008-2009, that confirmed the assessment against the appellant by treating the profit on sale of shares as business income, the appellant filed Exts. P6 and P7 Revision Petitions in relation to the two assessment years, namely, 2007-2008 and 2009-2010, when it had actually suffered a loss, for treating the said losses as business losses that could be carried forward by the appella ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was no explanation by the appellant for the delay in preferring the revision application against the intimation orders that were served on the appellant much earlier. The Writ Petition was, therefore, dismissed by the learned Single Judge. 5. In the appeal before us, it is the contention of Sri. Ravi Sankar P.K, the learned counsel for the appellant, that Exts. P6 and P7 Revision Petitions filed by the appellant before the revision authority were with a view to ensure uniformity in the matter of taxation as far as the appellant was concerned. He would point out that it would be grossly unfair to an assessee if the Department was permitted to vacillate between two heads of income for the purposes of taxation in different assessment years dep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the submissions of the learned counsel for the appellant, that the aspect of uniformity and fairness in taxation should outweigh the delay occasioned in preferring the revision petitions, we find ourselves unable to ignore the submissions of the learned Standing counsel for the Income Tax Department that it was the same aspect of delay/limitation that prevented the Department also from re-assessing the income of the appellant for the assessment years 2004-2005 and 2005-2006, respectively. We find that during the said years the appellant had declared the profit on the sale of shares as capital gains and had obtained the benefit of a lower rate of tax on the said income, and the revenue was unable to reassess the said income as business inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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