ITO 4(3)(3), MUMBAI V. M.D. SHUKLA SHARE & SECURITIES P. LTD, MUMBAI

ITA 1132/MUM/2011

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 84451 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 10 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-12-2014
• Appeal Filed By: Department
• Bench Allotted: G
• Next Hearing Date: 01-10-2014
• Assessment Year: 2004-2005
• Appeal Filed On: 07-02-2011
• Court: TRIBUNAL
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL G BENCH, MUMBAI BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI D. KARUNAKARA RAO, ACCOUNTANT MEMBER ITA NO.1132/MUM/2011 ASSESSMENT YEAR: - 2004-05 ITO 4(3)(3) R. NO. 637, 6 TH FLOOR, AAYAKAR BHAVAN MUMBAI 400 020. VS.` M/S MD SHUKLA SHARE & SECURITIES PVT. LTD. PG-8, ROTUNDA BUILDING, ROOM NO. 1, GR. FLOOR, BOMBAY SAMACHAR MARG, MUMBAI 23. APPELLANT RESPONDENT ORDER PER VIJAY PAL RAO, JM THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER DATED 25.11.2010 OF CIT(A) FOR THE A.Y. 2004-05. THE ONLY ISSUE RAISED IN THIS APPEAL IS REGARDING THE DELETION OF ADDITION OF RS. 1,12,8 30/- MADE BY ASSESSING OFFICER. 2. AT THE OUTSET WE NOTE THAT THE TAX EFFECT IN THE REVENUES APPEAL IS ONLY RS. 40,478/- ON THE ADDITION OF RS. 1,12,830/- QUES TIONED BY THE REVENUE. ADMITTEDLY IN THIS CASE THE TAX EFFECT ON THE DISPU TED ISSUE IS LESS THAN FOUR LAKHS. NOW IN VIEW OF INSTRUCTION NO. 5/2014, DATED 10.07.2014, THE REVENUE SHOULD NOT FILE ANY APPEAL BEFORE THE TRIBUNAL, WHE RE THE TAX EFFECT DOES NOT EXCEED THE MONETARY LIMIT OF RS. 4,00,000/-. THE HO NBLE BOMBAY HIGH COURT REVENUE BY SHRI R. N. DSOUZA ASSESSEE BY SHRI SANJAY R. PARIKH DATE OF HEARING 17-12-2014 DATE OF PRONOUNCEMENT 17-12-2014 ITA NO.1132/MUM/2011 ASSESSMENT YEAR: - 2004-05 2 | P A G E TIME AND AGAIN HELD THAT THE INSTRUCTIONS/CIRCULARS PRESCRIBING MONETARY LIMIT FOR FILING OF THE APPEAL WILL HAVE RETROSPECTIVE EF FECT AND WOULD BE APPLICABLE ON PENDING APPEAL ALSO. IN THE CASE OF CIT VS. SHRI MAHDHUKAR K. INAMDAR (HUF) THANE IN ITA NO. 1021 TO 1025 OF 2008, VIDE O RDER DATED 02.10.2009, THE HONBLE HIGH COURT WHILE INTERPRETING THE CBDT CIRCULAR DATED 15.05.2008, HELD THAT SUCH CIRCULARS WILL BE APPLICABLE ON THE OLD APPEAL ALSO. THEIR LORDSHIPS HAVE ALSO REFERRED TO THE EARLIER DECISIO NS OF THE HONBLE BOMBAY HIGH COURT. IN VIEW OF THE AFORESAID BINDING PRECED ENCE OF THE HONBLE JURISDICTIONAL HIGH COURT, WE HOLD THAT THE APPEAL FILED BY THE REVENUE IN THE PRESENT CASE IS NOT MAINTAINABLE AS THE TAX EFFECT IS LESS THAN FOUR LAKHS. ACCORDINGLY THE APPEAL FILED BY THE REVENUE IS TREA TED AS DISMISSED. 3. IN THE RESULT, THE APPEAL FILED BY THE REVENUE I S DISMISSED. ORDER PRONOUCNED IN THE OPEN COURT ON THIS 17 TH DAY OF DEC. 2014 SD/- SD/- (D. KARUNAKARA RAO) (VIJAY PAL RAO) (ACCOUNTANT MEMBER/ YS[KK LNL; YS[KK LNL; YS[KK LNL; YS[KK LNL; ) (JUDICIAL MEMBER/ U;KF;D LNL; U;KF;D LNL; U;KF;D LNL; U;KF;D LNL; ) MUMBAI DATED 17-12-2014 SKS SR. P.S, COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CONCERNED CIT(A) 4. THE CONCERNED CIT 5. THE DR, G BENCH, ITAT, MUMBAI BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCHES, MUMBAI