Appeal details
Counselvise Citation
[2017] 127 COUNSELVISE.COM (IT) 9498 (ITAT-PUNE)
Assessee PAN
Bench
Appeal Number
Duration Of Justice
1 year(s) 10 month(s) 13 day(s)
Appellant
Respondent
Appeal Type
Income Tax Appeal
Pronouncement Date
16-05-2017
Appeal Filed By
Department
Order Result
Dismissed
Bench Allotted
B
Assessment Year
2007-2008
Appeal Filed On
03-07-2015
Judgement Text
IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, PUNE . , , , BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM . / ITA NO . 1003 /P U N/201 5 / ASSESSMENT YEAR : 20 0 7 - 08 THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 1 (1), PUNE ....... / APPELLANT / V/S. DR. CYRUS SOLI POONAWALLA, 11, POONAWALLA PARK (GIDNEY PARK), PUNE 411037 PAN : AAXPP9204A / RESPONDENT ASSESSEE BY : SHRI RAJSHEKHAR S. ABHYANKAR REVENUE BY : SHRI S.P. WALIMBE / DATE OF HEARING : 1 6 - 05 - 2017 / DATE OF PRONOUNCEMENT : 1 6 - 05 - 2017 / ORDER PER VIKAS AWASTHY, JM : TH E APPEAL HAS BEEN FILED BY THE REVENUE AGAINST THE ORDER OF COMMISSIONER OF INCOME TAX (APPEALS) - 4, PUNE DATED 23 - 02 - 2015 FOR THE ASSESSMENT YEAR 200 7 - 08. 2. SHRI RAJSHEKHAR S. ABHYANKAR APPEARING ON BEHALF OF THE ASSESSEE SUBMITTED AT THE OUTSET THAT THE APPEAL OF THE REVENUE IS LIABLE TO BE 2 ITA NO . 1003/PUN/2015, A.Y. 2007 - 08 DISMISSED ON ACCOUNT OF LOW TAX EFFECT IN TERMS OF CBDT CIRCULAR NO. 21/2015, DATED 10 - 12 - 2015 . 3. SHRI S.P. WALIMBE REPRESENTING THE DEPARTMENT FAIRLY ADMITTED THAT IN THE PRESENT APPEAL BY THE DEPARTMENT TAX EFFECT IS LESS THAN ` 10 LAKHS. 4. BOTH SIDES HEARD. THE REVENUE IN APPEAL HAS ASSAILED THE ORDER OF COMMISSIONER OF INCOME TAX (APPEALS) IN ALLOWING LONG TERM CAPITAL LOSS OF RS.40,45,095/ - ON TRANSFER OF UNQUOTED SHARES OF GROUP COMPANIES. UNDISPUTEDLY, THE TAX EFFECT IN THE PRESENT APPEAL IS LESS THAN ` 10 LAKHS. THE CBDT VIDE CIRCULAR NO. 21/2015, DATED 10 - 12 - 2015 HAS RAISED THE MONETARY LIMIT OF TAX EFFECT FOR FILING OF APPEALS BY THE DEPARTMENT BEFORE THE TRIBUNAL TO ` 10 LAKHS. THE CIRCULAR APPLIES TO THE APPEALS TO BE FILED BY THE DEPARTMENT IN FUTURE, AS WELL AS THE APPEALS PENDING BEFORE THE TRIBUNAL. THUS, IN VIEW OF THE CBDT CIRCULAR THE PRESENT APPEAL OF THE REVENUE IS LIABLE TO BE DISMISSED ON ACCOUNT OF LOW TAX EFFECT. 5. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT AT THE TIME OF HEARING ON TUESDAY, THE 1 6 TH DAY OF MAY, 2017. SD/ - SD/ - ( . /D. KARUNAKARA RAO ) ( / VIKAS AWASTHY) / ACCOUNTANT MEMBER / JUDICIAL MEMBER / PUNE; / DATED : 16 TH MAY, 2017 RK 3 ITA NO . 1003/PUN/2015, A.Y. 2007 - 08 / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT. 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) - 4, PUNE 4. THE PR. CIT - 3, PUNE 5. , , , / DR, ITAT, B BENCH, PUNE. 6. / GUARD FILE. / / // TRUE COPY// / BY ORDER, / ASSISTANT REGISTRAR, , / ITAT, PUNE
