M/s. Veejay Lakshmi Engineering Works Ltd., CHENNAI V. ACIT, Coimbatore

CO 20/CHNY/2013

• Counselvise Citation: [2013] 122 COUNSELVISE.COM (IT) 8903 (ITAT-CHENNAI)
• Duration Of Justice: 6 month(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 05-08-2013
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 24-07-2013
• Assessment Year: 2008-2009
• Appeal Filed On: 04-02-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: V JAGADISAN
• Keywords: Tax effect
• Section: 14A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH : CHENNAI [BEFORE SHRI N.S. SAINI, ACCOUNTANT MEMBER AND SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER] I.T.A.NO.51/MDS/2012 ASSESSMENT YEAR : 2008-09 THE ASSTT. COMMISSIONER OF INCOME-TAX COMPANY CIRCLE IV(2) COIMBATORE VS M/S VEEJAYLAKSHMI ENGINEERING WORKS LTD SENGALIPALAYAM, NGGO COLONY COIMBATORE 641 022 [PAN AAACV 7207 R ] (APPELLANT) (RESPONDENT) C.O.NO.20/MDS/2013 ASSESSMENT YEAR : 2008-09 M/S VEEJAYLAKSHMI ENGINEERING WORKS LTD SENGALIPALAYAM NGGO COLONY COIMBATORE 641 022 VS THE ASSTT. COMMISSIONER OF INCOME-TAX COMPANY CIRCLE IV(2) COIMBATORE (CROSS OBJECTOR) (RESPONDENT) DEPARTMENT BY : SHRI SHAJI P. JACOB, ADDL. CIT ASSESSEE BY : SHRI V. JAGADISAN, CA DATE OF HEARING : 24 -07-2013 DATE OF PRONOUNCEMENT : 05-08-2013 O R D E R PER N.S. SAINI, ACCOUNTANT MEMBER THIS IS AN APPEAL FILED BY THE REVE NUE AND THE CROSS OBJECTION FILED BY THE ASSESSEE AGAINST THE ORDER OF THE LD. CIT(A)-I, COIMBATORE, DATED 18.10.2011. I.T.A.NO.51/12 CO 20/13 :- 2 -: 2. IN ITS CROSS OBJECTION THE ASSESSEE HAS RAISED GRO UND NO.8 THAT THE RELIEF GRANTED U/S 14A BY THE LD. CIT(A) WAS OF A SUM OF ` 6,00,001/- AND THE TAX THEREON @ 30.90% WORKS OUT T O ` 1,85,400/- WHICH IS FAR LESS THAN THE MONETARY LIMIT FIXED AT ` 2 LAKHS BY THE CBDT. HENCE, THE APPEAL OF THE DEPARTMENT IS NOT M AINTAINABLE AND LIABLE TO BE DISMISSED. 3. AT THE TIME OF HEARING, THE LD. DR FAIRLY CONCEDED THAT THE TAX EFFECT IN THE APPEAL OF THE REVENUE IS LESS THA N ` 2 LAKHS AND THEREFORE, THE APPEAL FILED BY THE REVENUE IS LIABL E TO BE DISMISSED. 4. WE, THEREFORE, DISMISS THE APPEAL OF THE REVENUE AN D ALLOW THE CROSS OBJECTION FILED BY THE ASSESSEE. 5. IN THE RESULT, THE APPEAL OF THE REVENUE IS D ISMISSED AND THE CROSS OBJECTION OF THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED ON MONDAY, THE 05 TH OF AUGUST, 2013, AT CHENNAI. SD/- SD/- (CHALLA NAGENDRA PRASAD) JUDICIAL MEMBER (N.S.SAINI) ACCOUNTANT MEMBER DATED: 05 TH AUGUST, 2013 RD COPY TO: APPELLANT/RESPONDENT/CIT(A)/CIT/DR