Shri Ishwarlal Shivlal Jariwala, Surat V. The Income tax Officer,Ward-6(2), Surat

CO 291/AHD/2011

• Counselvise Citation: [2016] 123 COUNSELVISE.COM (IT) 1996 (ITAT-AHMEDABAD)
• Duration Of Justice: 4 year(s) 2 month(s) 8 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 08-03-2016
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 01-03-2016
• Assessment Year: 2006-2007
• Appeal Filed On: 30-12-2011
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: LALA PHILPS
• Keywords: Unexplained investment; Retrospective amendment; Tax effect
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD C BENCH BEFORE: S H RI PRAMOD KUMAR , ACCOUNTANT MEMBER AND SHR I S. S. GODARA , JUDICIAL MEMBER THE ITO, WARD - 6(2), ROOM NO. 615, AAYAKAR BHAVAN, MAJURA GATE, SURAT (APPELLANT) VS ISHWARLAL SHIVLAL JARIWALA, 6/1183, DALIA SHERI, MAHIDHARPURA, SURAT - 395003 PAN: AAYPJ7374E (RESPONDENT /CROSS OBJECTOR ) REVENUE BY : MR. LALA PHILPS , SR. D . R. ASSESSEE BY: S H RI TUSHAR HEMANI , A.R. DATE OF HEARING : 01 - 03 - 2 016 DATE OF PRONOUNCEMENT : 08 - 03 - 2 016 / ORDER P ER : S. S. GODARA , JUDICIAL MEMBER : - THIS REVENUE S APPEAL AND ASSESSEE S CO FOR A.Y. 20 06 - 07 , AR ISE FROM ORDER OF THE CIT(A) - IV, SURAT DATED 05 - 07 - 2011 IN APPEAL I T A NO . 2894 & CO NO. 291 / A HD/2 0 11 A SSESSMENT YEAR 200 6 - 07 I.T.A NO. 2894 & CO NO. 291/AHD/2011 A.Y. 2006 - 07 PAGE NO ITO VS. ISHWARLAL SHIVLAL JARIWALA 2 NO. CAS - IV/187/10 - 11 , IN PROCEEDINGS UNDER SECTION 143(3) R.W.S. 147 OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT . 2. THE REVENUE S TWIN SUBSTANTIVE GROUNDS CHALLENGE THE LOWER APPELLATE ORDER DELETING UNACCOUNTED INVESTMENT ADDITION OF RS. 10,16,991/ - AND THE ONE IN THE NATURE OF ESTIMATED GROSS PROFITS ON UNACCOUNTED PURCHAS ES AMOUNTING TO RS. 54,188/ - ; RESPECTIVELY. THE ASSESSEE S CROSS OBJECTION PLEADS THAT THE CIT(A) OUGHT NOT TO HAVE CONFIRMED ADDITION OF RS. 7 LACS SOLELY ON THE B A SIS OF SURVEY STATEMENT. WE FIND THAT THE NET TAX EFFECT IN THE REVENUE S APPEAL IS LESS THAN RS. 10 LACS. THE CENTRAL BOARD OF DIRECT TAXES; HEREAFTER THE BOARD HAS ISSUED A RECENT CIRCULAR NO. 21/2015 DATED 10 - 12 - 2015 CLEARLY ENVISAGING THEREIN THAT DEPARTMENT S PENDING APPEALS BEFORE THE TRIBUNAL/HIGH COURTS ARE TO BE WITHDRAWN/NOT PRE SSED AS PER THE ABOVE STATED CIRCULAR. THE SAME HAS BEEN DECLARED TO BE HAVING RETROSPECTIVE EFFECT IN OTHER WORDS. WE TAKE INTO CONSIDERATION THE ABOVE STATED BOARD S CIRCULAR AND DISMISS THE INSTANT APPEAL ACCORDINGLY. 3 . THE ASSESS EE S CROSS OBJECTIO N RAISING THE ABOVE STATED GROUND HAS ACCORDINGLY BEEN RENDERED INFRUCTUOUS . HOWEVER, LIBERTY IS GRANTED TO PURSUING THE ABOVE STATED SUBSTANTIVE GROUND BY WAY OF APPROPRIATE REMEDY AVAILABLE UNDER THE LAW; IF SO ADVISED. I.T.A NO. 2894 & CO NO. 291/AHD/2011 A.Y. 2006 - 07 PAGE NO ITO VS. ISHWARLAL SHIVLAL JARIWALA 3 4 . THIS REVENUE S APPEAL IS DI SMISSED AS HAVING LOW TAX EFFECT. THE ASSESSEE S CROSS OBJECTION IS DISMISSED AS HAVING BEEN RENDERED INFRUCTUOUS. ORDER PR ONOUNCED IN THE OPEN C OURT ON 08 - 03 - 201 6 SD/ - SD/ - ( PRAMOD KUMAR ) ( S. S. GODARA ) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD : DATED 08 /03 /2016 AK / COPY OF ORDER FORWARDED TO: - 1. ASSESSEE 2. REVENUE 3. CONCERNED CIT 4. CIT (A) 5. DR, ITAT, AHMEDABAD 6. GUARD FILE. BY ORDER/ , / ,