The C.i.t.-3 v. M/S.dhyan Investment & Trading Co

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION NOTICE OF MOTION NO.4153 OF 2005 IN INCOME TAX APPEAL (L) NO.1639 OF 2005 The C.I.T.-3 ..Appellant Versus M/s.Dhyan Investment & Trading Co. Ltd., ..Respondents ---- Mr.A.S.Rao & P.S.Sahadevan for the appellant. Mr.Raj Darak for respondents. ---- Coram : F.I.Rebello & R.S.Mohite,JJ Date : 4.2.2008 PC 1. This is a motion for condonation of 259 days delay in filing the appeal. An affidavit has been filed by one P.P.Kishchandani to support the motion. Considering the cause shown, delay condoned. Office to register the appeal. INCOME TAX APPEAL (L) NO.1639 OF 2005 INCOME TAX APPEAL (L) NO.1639 OF 2005 1. The question of law as framed is as under :- Whether on the facts and the circumstances of the case and in law the ITAT was justified in deleting the addition of rupees 83,20,998/- ? : 2 : 2. The issue pertains to the portfolio management scheme profits. The dispute as raised by the revenue was that the entire amount was not paid over by the assessee to the parties. The stand of assessee was that the portfolio management scheme was a continuing activity. Learned Tribunal held that the netting is the determinative factor of the income of the assessee and after relying on SEBI guidelines, accepted the contention on behalf of the assessee. This is clearly a finding of fact. In the light of that, appeal dismissed. (R.S.Mohite,J) (F.I.Rebello,J) (R.S.Mohite,J) (F.I.Rebello,J)