Shri Rambhai Kanabhai Godhania, PORBANDAR V. The Assistant Commissioner of Income Tax, Circle-2, JAMNAGAR

CO 27/RJT/2013

• Counselvise Citation: [2016] 123 COUNSELVISE.COM (IT) 2580 (ITAT-RAJKOT)
• Duration Of Justice: 3 year(s) 1 month(s) 25 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 07-10-2016
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 05-10-2016
• Assessment Year: 2003-2004
• Appeal Filed On: 12-08-2013
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: ARVIND N SONTAKKE
• Assessee Lawyers: ANKIT GOKANI
• Keywords: Retrospective amendment; Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL RAJKOT BENCH, RAJKOT [CONDUCTED THROUGH E-COURT AT AHMEDABAD] BEFORE, SHRI S. S. GODARA, JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER. ITA NO. 428/RJT/2011 & C. O. NO.27/RJT/2013 (ASSESSMENT YEAR: 2003-04) ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-2, JAMNAGAR SHRI RAMBHAI KANABHAI GODHANIA C/O TACON INFRASTRUCTURE PVT. LTD., 3, VADI PLOT, PORBANDER VS. & VS. SHRI RAMBHAI KANABHAI GODHANIA C/O TACON INFRASTRUCTURE PVT. LTD., 3, VADI PLOT, PORBANDER ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-2, JAMNAGAR PAN: ABEPG4112A (APPELLANT) (RESPONDENT) BY REVENUE : SHRI ARVIND N. SONTAKKE, SR. D.R. BY ASSESSEE : SHRI ANKIT GOKANI, A.R. DATE OF HEARING : 05-10-20 16 DATE OF PRONOUNCEMENT : 07-10-2016 ( )/ ORDER PER S. S. GODARA, JUDICIAL MEMBER THIS REVENUES APPEAL AND ASSESSEES CROSS OBJECTIO N FOR A.Y. 2003-04 ARISE FROM ORDER DATED 19.08.2011 PASSED BY THE CIT (A), JAMNAGAR IN CASE NO. CIT(A)/JAM/119/10-11, IN PROCEEDINGS U/S.143(3) OF THE INCOME TAX ACT. ITA N0. 428/RJT/2011 & C.O. NO.27 RJT 2013 (SHRI RA MBHAI K. GODHANIA) A.Y. 2003-04 2 2. THE REVENUES SUBSTANTIVE GROUNDS PLEADED IN THE INSTANT APPEAL ARE AS UNDER: 1. THE CIT(A) HAS ERRED IN LAW AND ON FACTS IN DEL ETING THE ADDITION OF RS.3719243.99 MADE BY THE AO ON ACCOUNT OF UNDISCLO SED INCOME. 2. THE CIT(A) HAS ERRED IN LAW AND ON FACTS IN HOLD ING THE TRANSACTION ENTERED INTO BY THE ASSESSEE IN EARNING THE SO CALLED LTCG OF RS .3633199.52 AS GENUINE TRANSACTIONS. 3. THERE IS NO DISPUTE THAT THE NET TAX EFFECT IN T HE INSTANT APPEAL IS LESS THAN RS.10 LACS. WE FIND THAT THE CENTRAL BOARD OF DIRE CT TAXES; HEREAFTER THE BOARD HAS ISSUED THE CIRCULAR NO. 21/2015 DATED 10.12.201 5 CLEARLY ENVISAGING THEREIN THAT DEPARTMENTS PENDING APPEALS BEFORE THE TRIBUNAL/HI GH COURTS ARE TO BE WITHDRAWN/NOT PRESSED AS PER THE ABOVE STATED CIRCU LAR. THE SAME HAS BEEN DECLARED TO BE HAVING RETROSPECTIVE EFFECT IN OTHER WORDS. WE TAKE INTO CONSIDERATION THE ABOVE STATED BOARDS CIRCULAR AND DISMISS THE INSTANT APPEAL ACCORDINGLY. 4. WE COME TO ASSESSEES CROSS OBJECTION NO.27/RJT/201 3. LD. COUNSEL STATED THAT HE IS NOT PRESSING THE SAME SINCE REVENUES AP PEAL IS BEING DECLINED. 5. THE REVENUES APPEAL ITA NO.428/RJT/2011 IS DISM ISSED AND ASSESSEES CROSS OBJECTION I.E. C.O. NO.27/RJT/2013 IS DISMISS ED AS NOT PRESSED. [PRONOUNCED IN THE OPEN COURT ON THIS THE 07 TH DAY OF OCTOBER, 2016.] SD/- SD/- (AMARJIT SINGH) (S. S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD: DATED 07/10/2016 S.K.SINHA COPY OF THE ORDER FORWARDED TO:- 1. THE APPELLANT. 2. THE RESPONDENT. 3. THE CIT (APPEALS) ITA N0. 428/RJT/2011 & C.O. NO.27 RJT 2013 (SHRI RA MBHAI K. GODHANIA) A.Y. 2003-04 3 4. THE CIT CONCERNED. 5. THE DR., ITAT, AHMEDABAD. 6. GUARD FILE. BY ORDER DEPUTY/ASSTT.REGISTRAR ITAT, RAJKOT