INCOME TAX OFFICER , WARD 30(5), NEW DELHI V. SHREY AEREN, DELHI

ITA 2383/DEL/2023

AI Insights

The case involves an appeal by the Income Tax Officer (ITO), Ward 30(5), against Shrey Aeren concerning the assessment year 2011-12. The appeal challenged the decision of the CIT(Appeal-27), New Delhi, which had deleted an addition made on account of capital gains amounting to Rs. 1,68,75,000. The Revenue argued that the CIT(A) overlooked several facts regarding the assessee's shareholding and its impact on property rights. However, during the proceedings, it was revealed that the tax effect of the appeal was below the threshold of Rs. 60 lakhs set by the CBDT, leading to the dismissal of the appeal.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 23745 (ITAT-DELHI)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-01-2025
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: G
• Assessment Year: 2011-2012
• Laws Referred To: CBDT Circular No.09/2024
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: JAYA CHAUDHARY
• Assessee Lawyers: MOHIT GIRI
• Keywords: Tax effect

Judgement Text

" IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”, NEW DELHI BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER, AND SHRI SUDHIR PAREEK, JUDICIAL MEMBER ITA NO. 2383/Del/2023 A.YR. : 2011-12 ITO, WARD 30(5), ROOM NO. 1410, 14TH FLOOR, E-2 BLOCK CIVIC CENTRE, MINTO ROAD, NEW DELHI-2 VS. SHREY AEREN, AEREN ESTATE, MALL ROAD, KISHAN GARH, BEHIND POCKET D-3, CHURCH ROAD, VASANT KUNJ, NEW DELHI – 70 (PAN: AHMPA6058K) (APPELLANT) (RESPONDENT) Appellant by : Ms. Jaya Chaudhary, CIT(DR) Respondent by : Sh. Mohit Giri, Adv. Date of hearing : 07.01.2025 Date of pronouncement : 07.01.2025 ORDER PER SHAMIM YAHYA, AM : The Revenue has filed the instant Appeal against the Order of the Ld. CIT(Appeal-27), New Delhi dated 22.05.2023, relating to assessment year 2011-12 on the following grounds :- 1) That on the facts and circumstances of the case and in law. the Ld.CIT(A) erred in deleting the addition made on account of capital gain of Rs. 1,68,75,000/- . 2) That on facts and circumstances of the case and in law, the Ld.ClT(A) ignored the fact that the assessee 1.5% shares in 2 each company thus he has rights in the property to that extent. 3) That on facts and circumstances of the case and in law, the Ld.CIT(A) ignored the fact that when percentage of the share decrease in the property the rights in the property also decrease accordingly. 4.) That on facts and circumstances of the case and in law, the Ld.CIT(A) ignored the fact that due to re-allocation of share and sale of share, the share of the assessee in the property was reduced from 1.5% to 0.375% in each companies. 5} That on facts and circumstances of the case and in law, the Ld..CIT(A) ignored the fact that there was relinquishment of rights of the assessee in the property. 6) That on facts and in law, the Ld.CIT(A) erred in holding that shareholding in both the companies has remained unchanged during the year. 7) That on facts and circumstances of the case and in law, the Ld. CIT(A) ignored the fact that % change in share can impact the monetary value (rights) in the property. 2. At the time of hearing, Ld. AR for the assessee has submitted that the tax effect in this appeal of the Revenue is below Rs. 60 lakhs. He filed a copy of CBDT Circular No.09/2024 dated 17.09.2024 wherein, the CBDT has revised the 3 monetary limit for filing of the departmental appeals to the ITAT at Rs. 60 lakhs. In view of this, he requested that the Revenue’s appeal may be dismissed accordingly. 3. At the time of hearing, Ld. Sr. DR fairly agreed that the tax effect in this appeal of the Revenue is below the prescribed limit. 4. In view of the above position, we deem it fit and proper to dismiss the appeal of the Revenue in the light of the latest Circular No.09/2024 of the CBDT dated 17.09.2024, as not maintainable. 5. In the result, the appeal of the Revenue is dismissed. Order pronounced on 07/01/2025. Sd/- (SUDHIR PAREEK) Sd/- (SHAMIM YAHYA) JUDICIAL MEMBER ACCOUNTANT MEMBER SRBHATNAGAR Copy forwarded to:- 1. Appellant 2. Respondent 3. CIT 4. CIT(A) 5. DR, ITAT Assistant Registrar "