M/S NITIN KUMAR DINDAYAL DIDWANIA, Mumbai V. Jt. CIT(OSD)CENTRAL CIRCLE-5(1), Mumbai

CO 37/MUM/2021

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 8308 (ITAT-MUMBAI)
• Duration Of Justice: 4 month(s) 18 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 03-08-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2016-2017
• Appeal Filed On: 16-03-2021
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH B, MUMBAI BEFORE SHRI RAJESH KUMAR, ACCOUNTANT MEMBER AND SHRI RAVISH SOOD, JUDICIAL MEMBER CO NO.37/M/2021 (ARISING OUT OF ITA NO.2097/M/2019) ASSESSMENT YEAR: 2016-17 M/S. NITIN KUMAR DINDAYAL DIDWANIA, 172, KSHITIJ BUILDING, 47, NAPEAN SEA ROAD, MUMBAI 400 036 PAN: AACPD7055J VS. JT. COMMISSIONER OF INCOME (OSD) TAX, CENTRAL CIRCLE 5(1), MUMBAI - 400021 (APPELLANT) (R ESPONDENT) PRESENT FOR: ASSESSEE BY : SHRI RAKESH JOSHI, A.R. REVENUE BY : SHRI RAHUL RAMAN, D.R. DATE OF HEARING : 20.07.2021 DATE OF PRONOUNCEMENT : 03.08.2021 O R D E R PER RAJESH KUMAR, ACCOUNTANT MEMBER: THE PRESENT CROSS OBJECTION HAS BEEN PREFERRED BY THE ASSESSEE AGAINST THE ORDER DATED 25.01.2019 OF THE COMMISSIONER OF INCOME TAX (APPEALS) [HEREINAFTER R EFERRED TO AS THE CIT(A)] RELEVANT TO ASSESSMENT YEAR 2016-17. 2. THE ONLY ISSUE RAISED IN THE CROSS OBJECTION BY THE ASSESSEE IS AGAINST THE ORDER OF LD. CIT(A) CONFIRMING THE O RDER OF AO WHEREBY THE AO REJECTED THE CLAIM OF LONG TERM CAPI TAL GAIN AS EXEMPT UNDER SECTION 10(38) OF THE ACT AMOUNTING TO RS.35,36,720/-. CO NO.37/M/2021 (ARISING OUT OF ITA NO.2097/M/2019) M/S. NITIN KUMAR DINDAYAL DIDWANIA 2 3. AT THE OUTSET, THE LD. COUNSEL OF THE ASSESSEE S TATED THAT CROSS APPEAL FILED BY THE REVENUE HAS ALREADY BEEN DISMISSED BY THE CO-ORDINATE BENCH OF THE TRIBUNAL FOR HAVING LO W TAX EFFECT AND THEREFORE THIS CROSS OBJECTION IS RENDERED INF RUCTUOUS AND MAY KINDLY BE DISMISSED. 4. THE LD. D.R. FAIRLY AGREED TO THE CONTENTION OF THE LD. A.R. THAT APPEAL OF THE REVENUE STANDS DISMISSED BY THE BENCH FOR LOW TAX EFFECT. 5. AFTER HEARING THE RIVAL PARTIES, WE ARE INCLINED TO DISMISS THE CROSS OBJECTION FILED BY THE ASSESSEE AS BEING INFRUCTUOUS FOR THE REASON THAT CROSS APPEAL OF THE REVENUE HAS ALR EADY BEEN DISMISSED FOR HAVING LOW TAX EFFECT. 6. IN THE RESULT, THE CROSS OBJECTION OF THE ASSESS EE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 03.08.2021. SD/- SD/- ( RAVISH SOOD) (RAJESH KUMAR) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 03.08.2021. * KISHORE, SR. P.S. COPY TO: THE APPELLANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT (A) CONCERNED, MUMBAI THE DR CONCERNED BENCH //TRUE COPY// [ BY ORDER DY/ASS TT. REGISTRAR, ITAT, MUMBAI.