DCIT RG 4(1), MUMBAI V. GULITA SECURITIES LTD, MUMBAI

ITA 1081/MUM/2011

• Counselvise Citation: [2014] 120 COUNSELVISE.COM (IT) 5801 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-02-2014
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: G
• Next Hearing Date: 11-02-2014
• Assessment Year: 2007-2008
• Appeal Filed On: 07-02-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: JAVED AKTAR
• Keywords: Tax effect
• Section: 143(3); 14A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH G, MUMBAI BEFORE SHRI R.C.SHARMA, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER ITA NO.1081/MUM/201 1 ASSESSMENT YEAR :200 7 - 0 8 ) A CIT - RG.4(1) , MUMBAI VS. M/S GULITA SECURITIES LTD., 131, T AHNEE HEIGHTS, D BLOCK, PETIT HALL, NEPEAN SEA ROAD, MUMBAI PAN NO . AAAC G 0526 E ( / APPELLANT ) .. ( / RESPONDENT ) REVENUE BY : MR. JAVED AKTAR ASSESSEE BY : MR. SUBHASH S. SHETTY DATE OF HEARING : 1 1 TH FEBRUARY, 2014 DATE OF PRONOUNCEMENT : 11 TH FEBRUARY, 2014 O R D E R PER SANJAY GARG, JUDICIAL MEMBER: THE PRESENT APPEAL IS PREFERRED BY THE REVENUE CHALLENGING THE IMPUGNED ORDER DATED 26.11.2010, PASSED BY THE LEARNED COMMISSIONER (APPEALS), FOR THE QUANTUM OF ASSESSMENT PASSED UNDER SECTION 143(3) OF THE INCOME TAX ACT, 1 961 (FOR SHORT 'THE ACT') FOR ASSESSMENT YEAR 2007 - 08. 2. THE REVENUE HAS CONTESTED DELETION OF THE ADDITIONS BY THE CIT(A) OF RS. 1,10,000/ - AND RS.3,83,249/ - WHICH WERE MADE BY THE AO U/S 40(A)(IA) OF THE INCOME TAX ACT ON ACCOUNT OF DISALLOWECE OF VS AT CHARGES AND TRANSACTION CHARGES RESPECTIVELY AND FURTHER OF RS.413798/ - MADE BY THE AO UNDER SECTION 14A OF THE ACT READ WITH RULE 8D OF THE I.T. RULES. ITA NO. 1081 /20 1 1 2 3 . BEFORE US, LEARNED AR OF THE ASSESSEE REL YING UPON THE INSTRUCTION NO.3/2011 DATED 09 - 02 - 2011 S UBMITTED THAT THE TAX EFFECT IN THE APPEAL OF THE REVENUE IS LESS THAN RS. 3 LACS , THEREFORE, THE APPEAL OF THE REVENUE IS NOT MAINTAINABLE. 4 . LEARNED DR DID NOT CONTROVERT TO THE SUBMISSION MADE BY THE LEARNED AR. 5 . AFTER HEARING THE LEARNED REPRESENT ATIVES OF BOTH THE PARTIES, WE FIND THAT AS PER CBDT INSTRUCTION NO.3 OF 2011, DATED 9TH FEBRUARY 2011, THE APPEAL BEFORE THE APPELLATE TRIBUNAL CAN BE FILED BY THE REVENUE, WHEN THE TAX EFFECT EXCEEDS THE MONITORY LIMIT OF RS.3,00,000/ - . THEREFORE THE APP EAL OF THE REVENUE'S IS DISMISSED UNDER SECTION 268A OF THE INCOME TAX ACT. 6 . IN THE RESULT, APPEAL OF THE DEPARTMENT IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 11 TH FEB.2014. SD/ - SD/ - (R.C.SHARMA) (SANJAY GARG) ACCOUNTANT ME MBER JUDICIAL MEMBER MUMBAI, DATED: 11 .02.2014 PKM COPY TO: THE APPELLANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT(A) CONCERNED, MUMBAI THE DR H BENCH //TRUE COPY// BY ORDER ASSTT. REGISTRAR, ITAT, MUMBAI.