M/s. Envestnet Asset Management(India) P. Ltd, Trivandrum V. The ACIT, Vadakancherry

CO 7/COCH/2016

• Counselvise Citation: [2019] 115 COUNSELVISE.COM (IT) 8431 (ITAT-COCHIN)
• Duration Of Justice: 3 year(s) 7 month(s) 18 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 10-10-2019
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 09-08-2016
• Assessment Year: 2011-2012
• Appeal Filed On: 22-02-2016
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: SUDHANSHU SHEKHAR JHA
• Assessee Lawyers: ROHAN SHANBHAG C
• Keywords: Tax effect
• Section: 143(3); 144C; 268A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE SHRI CHANDRA POOJAR I, AM & SHRI GEORGE GEORGE K, JM IT (TP) A NO. 543 /COCH/201 5 : ASST.YEAR 2011 - 2012 THE ASST.COMMISSIONER OF INCOME - TAX, CIRCLE 1(1) RANGE - 1 TRIVANDRUM. VS. M/S.ENVESTNET ASSET MANAGEMENT INDIA (P) LTD. TC 4/2035, KOWDIAR PO TRIVANDRUM 695 003. PAN : AABCN5494K . (APPELLANT) (RESPONDENT) CO NO. 7 /COCH/201 6 : ASST.YEAR 2011 - 2012 M/S.ENVESTNET ASSET MANAGEMENT INDIA (P) LTD. TC 4/2035, KOWDIAR PO TRIVANDRUM 695 003. VS. THE ASST.COMMISSIONER OF INCOME - TAX, CIRCLE 1(1) RANGE - 1 TRIVANDRUM. ( CROSS OBJECTOR ) (RESPONDENT) REVENUE BY : SRI.SUDHANSHU SHEKHAR JHA, SR.DR ASSESSEE BY : SRI.SHATANIK CHAKRABARTY, ADVOCATE & SRI.ROHAN SHANBHAG, CA DATE OF HEARING : 10 . 1 0.2019 DATE OF PRONOUNCEMENT : 10 . 1 0.2019 O R D E R PER GEORGE GEORGE K, JM THIS APPEAL AT THE INSTANCE OF THE REVENUE AND CROSS OBJECTION PREFERRED BY THE ASSESSEE ARE DIRECTED AGAINST THE DIRECTION OF THE DISPUTE RESOLUTION PANEL DATED 01.10.2015 PASSED U/S 143(3) R.W.S. 92CA R.W.S. 144C OF THE I.T.ACT. THE RELEVANT ASSESSMENT YEAR IS 2011 - 2012 . 2. AT THE VERY OUTSET, I T IS OBSERVED THAT THE TAX EFFECT IN THE APPEAL FILED BY THE REVENUE IS LESS THAN RS.50 LAKH , AND IT (TP) A NO. 543 / COCH /201 5 CO 7/COCH/2016 M/S. ENVESTNET ASSET MANAGEMENT INDIA (P) LTD . 2 THEREFORE , THE CIRCULAR NO. 17 /201 9 DATED 8 TH AUGUST, 2019, ISSUED BY THE CENTRAL BOARD OF DIRECT TAXES (CBDT) IN EXERCISE OF ITS POWER VESTED UNDER SEC. 268A OF THE I.T. ACT COMES INTO PLAY, WHEREIN, THE MONETARY LIMIT FOR FILING THE APPEAL ( S ) BY THE REVENUE BEFORE THE ITAT AND VARIOUS HIGH COURTS AS WELL AS APEX COURT ARE REVISED WITH AN OBJECT OF REDUCING THE TAX LITIGATION. VIDE PARA 2 OF THE SAID CIRCULAR (SUPRA) , IT IS STATED THAT IN CASES WHERE THE TAX EFFECT IN THE APPEAL TO BE FILED BEFO RE THE APPELLATE TRIBUNAL DOES NOT EXCEED RS. 5 0 LAKH , APPEAL SHOULD NOT BE FILED. THUS , TAKING A NOTE OF CBDT CIRCULAR NO. 17 /201 9 DATED 8 TH AUGUST, 2019 AND CONSIDERING THE FACT THAT THE TAX EFFECT IN THE INSTANT APPEAL IS LESS THAN R S.50 LAKH, THE PRESE NT APPEAL DESERVE S TO BE DISMISSED , AS NOT MAINTAINABLE. HOWEVER, WE MAKE IT CLEAR THAT THE ISSUE ( S ) RAISED IN THE INSTANT APPEAL IS LEFT OPEN TO BE EXAMINED IN THE APPROPRIATE PROCEEDINGS, IF ARISES, IN FUTURE. AT THE SAME TIME , WE ALSO M AKE IT CLEAR THAT IF THE APPEAL FALL IN ANY OF THE EXCEPTIONS REFERRED TO IN THE ABOVE SAID CBDT CIRCULAR, THE REVENUE IS AT LIBERTY TO MOVE AN APPLICATION FOR RECALLING THE ORDER, IF SO, ADVISED. 3. ACCORDINGLY IN THE LIGHT OF CBDT CIRCULAR NO. 17 /201 9 DATED 08 TH AUGUST, 2019, THE APPEAL STAND S DISMISSED. CO NO.7/COCH/2016 4. AT THE TIME OF HEARING BEFORE US, THE LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT IF THE APPEAL FILED BY THE DEPARTMENT IS DISMISSED, THE ASSESSEE WOULD NOT PURSUE THE IT (TP) A NO. 543 / COCH /201 5 CO 7/COCH/2016 M/S. ENVESTNET ASSET MANAGEMENT INDIA (P) LTD . 3 CROSS OBJECTION FILED BY THE ASSESSEE. SINCE WE HAVE DISMISSED THE APPEAL FILED BY THE REVENUE, THE CROSS OBJECTION FILED BY THE ASSESSEE IS DISMISSED AS INFRUCTUOUS. 5 . IN THE RESULT, THE APPEAL FILED BY THE REVENUE AND THE CROSS OBJECTION FILED BY THE ASSESSEE ARE DISMISSED. ORDER PRONOUNCED ON THIS 10 TH DAY OF OCTOBER , 2019 . SD/ - SD/ - ( CHANDRA POOJARI ) ( GEORGE GEORGE K ) ACCOUNTANT MEMBER JUDICIAL MEMBER COCHIN ; DATED : 10 TH OCTOBER , 2019 . DEVDAS* COPY OF THE ORDER FORWARDED TO : BY ORDER, (ASSTT. REGISTRAR) ITAT, COCHIN 1. THE APPELLANT 2. THE RESPONDENT. 3. THE DRP, BANGALORE 4. THE CIT, TRIVANDRUM . 5. DR, ITAT, COCHIN 6 . GUARD FILE.