M/s vaibhav Finanve & Investment Com.Pvt. Ltd., Jabalpur V. Assistant Commissioner of Income Tax, Jabalpur

CO 76/JAB/2013

• Counselvise Citation: [2016] 119 COUNSELVISE.COM (IT) 3247 (ITAT-JABALPUR)
• Duration Of Justice: 2 year(s) 3 month(s) 19 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 04-04-2016
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2006-2007
• Appeal Filed On: 16-12-2013
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: D R LATHORIYA
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL JABALPUR BENCH, JABALPUR BEFORE SHRI N.S. SAINI , HONBLE ACCOUNTANT MEMBER AND SHRI N.K. CHOUDHRY , HONBLE JUDICIAL MEMBER ITA NO. 2 46 / J AB /201 3 (ASST. YEAR : 200 6 - 0 7 ) ACIT, CIRCLE - 1 (1) , JABALPUR. VS. M/S. VAIBHAV FINANCE & INVESTMENT CO. PVT. LTD., 903, GOLE BAZAR, JABALPUR. PAN NO. AAACV 7759 G (APPELLANT) (RESPONDENT) C.O.NO. 76/JAB/203 ( ITA NO. 246 / JAB /201 3 ) (ASST. YEAR : 200 6 - 0 7 ) M/S. VAIBHAV FINANCE & INVESTMENT CO. PVT. LTD., 903, GOLE BAZAR, JABALPUR. VS. ACIT, CIRCLE - 1(1), JABALPUR. PAN NO. AAACV 7759 G (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI MANOJ JAIN C A. DEPARTMENT BY : S HRI D.R. LATHORIYA - DR DATE OF HEARING : 04 / 0 4 /201 6 . DATE OF PRONOUNCEMENT : 04 / 04 /201 6 . O R D E R PER N.S. SAINI , ACCOUNTANT MEMBER THIS IS AN APPEAL FILED BY THE REVENUE AND THE CROSS OBJECTION FILED BY THE ASSESSEE AGAINST THE ORDER OF COMMISSIONER OF INCOME TAX (APPEALS) - I , JABALPUR , DATED 19 /0 8 /201 3 . 2. AT THE OUTSET, IT WAS THE SUBMISSION OF THE AUTHORIZED REPRESENTATIVE OF THE ASSESSEE THAT LONG TERM CAPITAL GAIN WAS 2 ITA NO. 246 / JAB /201 3 C.O.NO. 76/JAB/2013 CALCULATED BY THE ASSESSING OFFICER AT A FIGURE OF RS. 54,00,294/ - WHICH WAS REDUCED TO RS. 26,67,000/ - BY THE COMMISSIONER OF INCOME TAX (APPEALS). THUS, THERE WAS A DELETION OF RS. 27,57,499/ - BY THE COMMISSIONER OF INCOME TAX (APPEALS) AND THE TAX EFFECT IN THE APPEAL OF THE REVENUE IS BELOW RS. 10 LAC BECAUSE IT WILL BE SEEN FROM PAGE NO.8 O F THE PAPER BOOK FILED ON 31/03/2010 , ITNS 150 THAT THE TOTAL TAX PAYABLE WAS COMPUTED AT RS. 7,29,428/ - BY THE ASSESSING OFFICER. 3 . DEPARTMENTAL REPRESENTATIVE ALSO CONCURRED WITH THE ABOVE SUBMISSIONS OF THE AUTHORIZED REPRESENTATIVE OF THE ASSESSEE. 4 . THAT BEING SO, AS THE TAX EFFECT IN THE APPEAL OF THE REVENUE BEING LESS THAN RS. 10 LAC , IN VIEW OF THE CBDT CIRCULAR NO. 21/2015 DATED 10/12/2015 , THE APPEAL FILED BY THE REVENUE IS NOT MAINTAINABLE AND HENCE DISMISSED. 5. THE CROSS OBJECTION FILED BY THE ASSESSEE WAS WITHDRAWN BY THE AUTHORIZED REPRESENTATIVE OF THE ASSESSEE BY MAKING AN ENDORSEMENT IN FORM NO. 36A OF CROSS OBJECTION FILED BEFORE THE TRIBUNAL. THEREFORE, THE CROSS OBJECTION FILED BY THE ASSESSEE IS DISMISSED. 6 . IN THE RESULT, APPEAL OF THE REVENUE AND THE CROSS OBJECTION OF THE ASSESSEE ARE DISMISSED. ORDER PRONOUNCED IN THE COURT AT THE CLOSE OF THE HEARING ON MONDAY , THE 04 TH DAY OF APRIL , 201 6 AT JABALPUR . SD/ - SD/ - ( N.K. CHOUDHRY ) (N.S.SAINI) JUDICIAL MEMBER ACCOUNTANT MEMBER D ATED : 04 TH APRIL , 201 6 . 3 ITA NO. 246 / JAB /201 3 C.O.NO. 76/JAB/2013 VR/ - COPY TO: 1. THE ASSESS E E. 2. THE REVENUE. 3. THE CIT 4. THE CIT(A) 5. THE D.R . 6. GUARD FILE. BY ORDER SR. PRIVATE SECRETARY, ITAT, JABALPUR.