Shri Suresh P.Bagrecha, Ahmedabad V. The Dy.CIT.,Cent.Circle-2(4), Ahmedabad

CO 68/AHD/2013

• Counselvise Citation: [2016] 123 COUNSELVISE.COM (IT) 2285 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 1 month(s) 8 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 06-05-2016
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 05-05-2016
• Assessment Year: 2010-2011
• Appeal Filed On: 28-03-2013
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: V K SINGH
• Keywords: Unexplained investment; Tax effect
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD B BENCH BEFORE: S H RI ANIL CHATURVEDI , ACCOUNTANT MEMBER AND SHR I S. S. GODARA , JUDICIAL MEMBER THE DCIT , CIRCLE - 2(4 ), AHMEDABAD (APPELLANT) VS SHRI SURESH P. BAGRECHA, 1, SADBHAV SOCIETY, OPP. OM TOWER, SHAHIBAUG, AHMEDABAD PAN: ABCPB2096E (RESPONDENT /CROSS OBJECTOR ) REVENUE BY : S H RI V.K . SINGH, SR. D . R. ASSESSEE BY: S H RI VARTIK CHOKSI , A.R. DATE OF HEARING : 05 - 05 - 2 016 DATE OF PRONOUNCEMENT : 06 - 05 - 2 016 / ORDER P ER : ANIL CHATURV EDI, ACCOUNTANT MEMBER : - THIS REVENUE S APPEAL AND ASSESSEE S CROSS OBJECTION FOR A.Y. 2010 - 11 , AR ISE FROM ORDER OF THE CIT(A) - III , AHMEDABAD DATED 3 0 - 11 - 2012 IN APPEAL NO. CIT(A) - III/456/CC - 2(4)/11 - 12 , IN PROCEEDINGS U/S. 153B(1)(B) R.W.S. 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT . I T (SS) A NO . 76 & CO NO. 68 / A HD/20 13 A SSESSMENT YEAR 2010 - 11 I.T(SS). A NO. 76 & CO NO. 68 /AHD/2013 A.Y. 2010 - 11 PAGE NO DCIT V S. SHRI SURESH P. BAGRECHA 2 2 . THE GROUND RAISED BY THE REVENUE IN THE PRESENT APPEAL READS AS UNDER: - 1. THE LD. CIT (A) HAS ERRED IN LAW AND ON FACTS IN RESTRICTING THE ADDITION ON ACCOUNT OF UNEXPLAINED INVESTMENT IN JEWELLERY T O RS. 4,89,593/ - OUT OF TOTAL ADDITION MADE OF RS. 27,02,469 / - , AS THE ADDITION WAS AFTER TAKING INTO CONSIDERATION THE INSTRUCTION 1916 AND THE JEWELLERY DISCLOSED UNDER VDIS AND WILL . 3. ON PERUSING THE GROUND OF APPEAL RAISED BY THE REVENUE, WE FIND THAT REVE NUE IS AGGRIEVED BY RESTRICTING THE ADDITION ON ACCOUNT OF UNEXPLAINED INVESTMENT IN JEWELLERY TO RS. 4,89,593/ - OUT OF TOTAL ADDITION MADE OF RS. 27,02,469 / - . AS PER THE ANNOUNCEMENT OF CENTRAL BOARD OF DIRECT TAXES (CBDT) DATED 10.12.2015 ( CIR CULAR NO. 21 OF 2015), NO DEPARTMENT APPEALS ARE TO BE FILED AGAINST RELIEF GIVEN BY ID. CIT(A) BEFORE THE INCOME TAX TRIBUNAL UNLESS THE TAX EFFECT, EXCLUDING INTEREST EXCEEDS RS. 1 0 LACS AND IT FURTHER STATES THAT THE INSTRUCTIONS WILL APPLY RETROSPECTI VELY TO THE PENDING APPEALS. IN THE PRESENT CASE, SINCE IT IS AN UNDISPUTED FACT THAT ON THE DEMAND WHICH IS IN DISPUTE, THE TAX EFFECT IS LESS THAN RS.10 LACS AND IN THE ABSENCE OF ANY MATERIAL ON RECORD BY THE REVENUE TO DEMONSTRATE THAT THE ISSUE IN THE PRESENT APPEAL IS COVERED BY EXEMPTIONS SPECIFIED IN CLAUSE (8) OF THE CBDT CIRCULAR, WE ARE OF THE VIEW THAT THE MONETARY LIMIT PRESCRIBED BY THE INSTRUCTIONS OF THE AFORESAID CBDT CIRCULAR WOULD BE APPLICABLE TO THE PRESENT APPEAL OF THE DEPARTMENT AND THEREFORE THE PRESENT APPEAL IS NOT MAINTAINABLE ON AMOUNT OF LOW TAX EFFECT. IN SUCH CIRCUMSTANCES, WE DISMISS THE I.T(SS). A NO. 76 & CO NO. 68 /AHD/2013 A.Y. 2010 - 11 PAGE NO DCIT V S. SHRI SURESH P. BAGRECHA 3 APPEAL OF REVENUE WITHOUT EXPRESSING ANY OPINION ON MERITS OF THE CASE. 4. AS FAR AS THE CROSS OBJECTION FILED BY THE ASSESSEE IS CONCERNE D , LD. AUTHORIZED REPRESENTATIVE SUBMI TTED THAT IF THE APPEAL OF REVENUE IS DISMISSED, THEN HE DOES NOT WISH TO PRESS THE CROSS OBJECTION. IN VIEW OF THE AFORESAID SUBMISSION OF AUTHORIZED REPRESENTATIVE, THE C.O. OF ASSESSEE IS DISMISSED AS NOT PRESSED. 5. IN THE RESULT, THE APPEA L OF REVENUE & CO OF ASSESSEE ARE DISMISSED. ORDER PR ONOUNCED IN THE OPEN C OURT ON 06 - 05 - 201 6 SD/ - SD/ - ( S. S. GODARA ) ( ANIL CHATURVEDI ) JUDICIAL MEMBER ACCOUNTANT MEMBER AHMEDABAD : DA TED 06 /05 /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/ , / ,