REKHA H. JAIN, MUMBAI V. ITO 24(2)(3), MUMBAI

CO 89/MUM/2014

• Counselvise Citation: [2016] 123 COUNSELVISE.COM (IT) 2217 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 10 month(s) 3 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 29-02-2016
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: Not Allotted
• Assessment Year: 2003-2004
• Appeal Filed On: 25-04-2014
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: B S BIST
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES D, MUMBAI BEFORE SHRI B.R.BASKARAN (AM) AND SHRI RAM LAL NEGI (JM) ITA NO 1665/MUM/2013 ASSESSMENT YEAR: 2003-04 THE ITO 24(2)(3), ROOM NO. 603, 6 TH FLOOR, PRATYAKSHAKAR BHAVAN, BKC, BANDRA, MUMBAI- 400051. VS. REKHA H. JAIN. B-41, SHREYAS CENTERLITE CHS MANCHUBHAI ROAD, MALAD (E), MUMBAI-400097. PAN : ACMPJ0231C (APPELLANT) (RESPONDENT) & CO NO 89/MUM/2014 (ITA NO.1665/MUM/2013) ASSESSMENT YEAR: 2003-04 REKHA H. JAIN. B-41, SHREYAS CENTERLITE CHS MANCHUBHAI ROAD, MALAD (E), MUMBAI-400097. PAN : ACMPJ0231C VS. THE ITO 24(2)(3), ROOM NO. 603, 6 TH FLOOR, PRATYAKSHAKAR BHAVAN, BKC, BANDRA, MUMBAI- 400051. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI. B.S.BIST RESPONDENT BY : MS. AASIFA KHAN DATE OF HEARING: 29/02/2016 DATE OF PRONOUNCEMENT: 29/02/2016 O R D E R PER RAM LAL NEGI, JM THE PRESENT APPEAL AND THE CROSS APPEAL PERTAI N TO THE ASSESSEE REKHA H. JAIN. FOR THE ASST. YEAR 2003-2004 AGAINST ORDER DT . 11/12/2012 PASSED BY THE LD. CIT(A)-34, MUMBAI AND THE APPEAL FILE BY THE DE PARTMENT RESPECTIVELY. 2 ITA NO 1665/MUM/2013 ASSESSMENT YEAR: 2003-04 & CO.89/MUM/2014 (ITA NO.1665/MUM/2013) ASSESSMENT YEAR: 2003-04 2. ITA NO. 1665/MUM/2013 A.Y. 2003-04 2.1 THE DEPARTMENT HAS CHALLENGED THE IMPUGNED ORDE R DT. 11/12/2012 PASSED BY THE LD. CIT(A) ON THE FOLLOWING EFFECTIVE GROUNDS:- I). ON THE FACTS AND IN THE CIRCUMSTANCES OF THE C ASE AND IN LAW, THE LD. CIT(A) IS ERRED IN ACCEPTING THAT INCOME OF RS. 9,67,899/- IS LONG-TERM CAPITAL GAIN AND RS. 1,16,004/- IS SHORT- TERM CAPITAL GAIN INSTEAD OF IT BEING TAXED AS INCOME FROM OTHER SOUR CES (UNDISCLOSED) IGNORING THE FACT THAT BILLS OF SHARES CLAIMED ARE ISSUED BY M/S. GOLD STAR FINVEST P. LTD. WHICH IS A FRAUDULENT BIL LING CONCERN.. II) ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT(A) IS ERRED IN ALLOWING THE ASSESSEES APPEAL BY ACCEPTING THE DETAILS OF PURCHASE BILLS PERTAINING TO M/S GOLD STAR FINVEST PVT. LTD. WHICH HAS BEEN EXPELLED FROM TRAD ING MEMBERSHIP OF THE EXCHANGE AND NO TRADES CAN BE EXECUTED THROU GH AN EXPELLED TRADING MEMBER. III) THE APPELLANT PRAYS THAT THE ORDER OF THE CI T(A) BE SET ASIDE AND MATTER MAY BE DECIDED ACCORDING TO LAW. 2.2 AT THE OUTSET, THE LD. DR POINTED OUT THAT TH E TAX INVOLVED IN THIS CASE DOES NOT EXCEED RS. 10,00,000/-. AS PER THE LATEST CBDT CIRCULAR NO. 21 OF 2015, DATED 10 TH DECEMBER, 2015, NEW GUIDELINES OF MONETARY LIMIT F OR FILING OF APPEALS BY THE DEPARTMENT HAS BEEN ISSUED, WHEREBY THE TAX EFFECT FOR FILING OF APPEAL BEFORE THE ITAT HAS BEEN PRESCRIBED AS AMOUN T EXCEEDING RS. 10 LAKHS. IN THE SAID CIRCULAR, IT HAS BEEN SPECIFICALLY CLAR IFIED THAT THE SAID INSTRUCTION 3 ITA NO 1665/MUM/2013 ASSESSMENT YEAR: 2003-04 & CO.89/MUM/2014 (ITA NO.1665/MUM/2013) ASSESSMENT YEAR: 2003-04 WILL APPLY RETROSPECTIVELY TO ALL THE PENDING APPEA LS. ACCORDINGLY, THE APPEAL FILED BY THE REVENUE IS NOT MAINTAINABLE AND IS DIS MISSED IN LIMINE . CO 89/MUM/2014. THE ASSESSEE HAS FILED THE PRESENT CROSS OBJECTION NO. 89/MUM/2014 AGAINST THE AFORESAID APPEAL FILED BY THE DEPARTMENT. 3. SINCE WE HAVE DISMISSED THE APPEAL FILED BY THE DEPARTMENT ON THE GROUND OF MAINTAINABILITY OF THE APPEAL IN TERMS OF THE CB DT CIRCULAR NO. 21 OF 2015, DATED 10 TH DECEMBER, 2015, THERE IS NO NEED TO ADJUDICATE THE GROUNDS RAISED BY THE ASSESSEE IN CROSS APPEAL. THEREFORE, THE APP EAL FILED BY THE ASSESSEE IS ALSO DISMISSED. 4. IN THE RESULT, THE APPEAL FILED BY THE DEPARTMEN T AS WELL AS CROSS OBJECTION FILED BY THE ASSESSEE FOR THE A.Y. 2003-04 ARE DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 29 TH FEBRUARY, 2016 SD/- SD/- ( B.R.BASKARAN ) ( RAM LAL NEGI ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI; DATED:29/02/2016 4 ITA NO 1665/MUM/2013 ASSESSMENT YEAR: 2003-04 & CO.89/MUM/2014 (ITA NO.1665/MUM/2013) ASSESSMENT YEAR: 2003-04 / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A)- 4. / CIT 5. !' , $ !'% , / DR, ITAT, MUMBAI 6. &' ( / GUARD FILE. / BY ORDER, ) //TRUE COPY// / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI PRAMILA