ASST CIT CEN CIR 38, MUMBAI V. K. SERA SERA LTD, MUMBAI

ITA 1096/MUM/2014

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 0483 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 5 month(s) 14 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-08-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 28-09-2016
• Assessment Year: 2006-2007
• Appeal Filed On: 18-02-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: RAJESH KUMAR YADAV
• Keywords: Tax effect

Judgement Text

1 ITA 1096/MUM/2014 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH A, MUMBAI BEFORE SHRI D.T. GARASIA (JUDICIAL MEMBER) AND SHRI G MANJUNATHA (ACCOUNTANT MEMBER) I.T.A NO.1096/MUM/2014 (ASSESSMENT YEAR 2006-07) ACIT, CENT.CIR.38, MUMBAI PAN : AAAFP6034H VS M/ S K. SERA SERA LTD (FORMERLY KNOWN AS K SERA SERA PRODUCTION LTD), 18, 4 TH FLOOR, MOHID HEIGHTS, ABOVE MASALA-MANTRA RESTAURANT, LOKHANDWALA ROAD, ANDHERI (W), MUMBAI-53 PAN : AAACG5103D APPELLANT RESPONDENT APPELLANT BY SHRI RAJESH KUMAR YADAV RESPONDENT BY NONE DATE OF HEARING 03-08-2017 DATE OF PRONOUNCEMENT 03-08-2017 O R D E R PER G MANJUNATHA, AM : THIS IS AN APPEAL FILED BY THE REVENUE. IT ARISES OUT OF THE ORDER OF CIT(A)- 41, MUMBAI DT 29.11.2013 FOR ASSESSMENT YEAR 2006-0 7. THE GROUND RAISED BY THE REVENUE READS AS BELOW:- '1. WHETHER ON THE FACTS AND CIRCUMSTANCES OF THE C ASE AND IN LAW, THE LD. CIT(A) ERRED IN DELETING PENALT Y U/S.271(1)(C) ON DISALLOWANCE OF RS.9,32,327/- BEIN G INTEREST INCOME ON INCOME TAX, WHILE THE ASSESSEE F AILED TO FURNISH ACCURATE PARTICULARS OF HIS INCOME BY NOT A DDING BACK THE INTEREST INCOME ON INCOME TAX TO HIS TOTAL INCOME, IN 2 ITA 1096/MUM/2014 HIS RETURN OF INCOME'. 2. NONE APPEARED ON BEHALF OF THE ASSESSEE. HOWEVER, WE FIND THAT THE MATTER CAN BE DISPOSED OF EVEN WITHOUT THE PRESENCE OF ASSESSEE. THEREFORE, WE HEARD THE LD.DR AND PROCEED TO DISPOSE OF THE AP PEAL QUA THE ASSESSEE. 3. WE FIND THAT THE TAX EFFECT INVOLVED IN THIS APPEAL IS BELOW RS. 10 LAKHS. ON THIS VERY FACT, THE LD. DR WAS NOT ABLE TO SHOW US HOW COULD THE APPEAL BE MAINTAINABLE IN VIEW OF CBDT CIRCULAR NO. 21/2015(F .NO.279/MISC.142/2007-ITJ (PT.) DATED 10 TH DECEMBER, 2015 WHEREBY THE CBDT DIRECTED THE REVEN UE OFFICERS TO REFRAIN FROM FILING APPEALS IN CASES WH ERE THE TAX EFFECT INVOLVED IS BELOW RS.10 LAKHS. THE CIRCULAR IS APPLICABLE TO A LL PENDING APPEALS. IN THIS VIEW OF THE MATTER, WE DISMISS THE APPEAL FILED BY THE R EVENUE AS NOT MAINTAINABLE. 4. IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 03 RD AUGUST, 2017. SD/- SD/- (D.T. GARASIA) (G MANJUNATHA) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DT : 03 RD AUGUST, 2017 PK/- COPY TO : 1. APPELLANT 2. RESPONDENT 3. CIT(A) 4. CIT 5. DR /TRUE COPY/ BY ORDER ASSTT. REGISTRAR, ITAT, MUMBAI