The ITO, Ward-7(2), Ahmedabad V. Shri Kiran J. Thakore, Ahmedabad

ITA 1003/AHD/2014

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 0423 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 5 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-10-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 03-10-2016
• Assessment Year: 2009-2010
• Appeal Filed On: 08-04-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Unexplained cash credit

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD C BENCH (BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER & SHRI MAHAVIR PRASAD, JUDICIAL MEMBER) ITA. NO: 1003/AHD/2014 (ASSESSMENT YEAR: 2009-10) I.T.O. WARD-7(2), AHMEDABAD V/S SHRI KIRAN J. THAKOR 19/SHOBHANA APARTMENT, NR. SARDAR CENTRE, VASTRAPUR, AHMEDABAD (APPELLANT) (RESPONDENT) PAN: AAKPT3282H APPELLANT BY : SHRI PRASOON KABRA, SR. D. R. RESPONDENT BY : NONE ( )/ ORDER DATE OF HEARING : 03 -10-20 16 DATE OF PRONOUNCEMENT : 03 -10-2016 PER N.K. BILLAIYA, ACCOUNTANT MEMBER: 1. THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF THE LD. CIT(A)- XXI, AHMEDABAD DATED 20.01.2014 PERTAINING TO A.Y. 2009-10. ITA NO. 1003 /AHD/2014 . A.Y. 2009-1 0 2 2. THE GRIEVANCE OF THE REVENUE IS TWOFOLD. FIRSTLY, T HE REVENUE IS AGGRIEVED BY THE DELETION OF THE PENALTY U/S 271(1)(C) IN RES PECT OF ADDITION OF RS. 2,10,643/- ON ACCOUNT OF UNEXPLAINED CASH CREDITS. SECONDLY, THE REVENUE IS FURTHER AGGRIEVED IN PARTLY DELETING THE PENALTY U/ S 271(1)(C) IN RESPECT OF ADDITION OF RS. 11,58,651/- ON ACCOUNT OF UNEXPLAIN ED CASH CREDITS. 3. THE TOTAL LEVY OF PENALTY UNDER DISPUTE BEFORE THE FIRST APPELLATE AUTHORITY WAS AT RS. 4,83,283/-. IN OUR CONSIDERED OPINION, T HIS APPEAL BY THE REVENUE HAS TO BE DISMISSED IN THE LIGHT OF THE CBD T CIRCULAR NO. 21 OF 2015 DATED 10.12.2015 BY WHICH THE CBDT HAS PRESCRI BED THE MONETARY LIMIT FOR FILING THE APPEAL BEFORE THE TRIBUNAL AT RS. 10 LACS AND ABOVE. IN THE LIGHT OF THE AFOREMENTIONED CIRCULAR, THIS APPEAL O F THE REVENUE IS DISMISSED. 4. HOWEVER, THE REVENUE IS AT LIBERTY TO COME BEFORE T HE TRIBUNAL IF IT FEELS THAT THIS APPEAL IS NOT HIT BY THE AFOREMENTIONED C BDT CIRCULAR AS PER THE PROVISIONS OF THE LAW. 5. IN THE RESULT, THE APPEAL FILED BY THE REVENUE IS D ISMISSED. ORDER PRONOUNCED IN OPEN COURT ON 03 - 10- 20 16 SD/- SD/- (MAHAVIR PRASAD) (N. K. BILLAIYA) JUDICIAL MEMBER ACCOUNTANT MEMBER AHMEDABAD: TRUE COPY RAJESH