DCIT, Bangalore V. Ramesh V Shetty, Bangalore

ITA 12/BANG/2014

• Counselvise Citation: 1221114 RSA 2014
• Duration Of Justice: 10 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-11-2014
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 13-11-2014
• Assessment Year: 2004-2005
• Appeal Filed On: 06-01-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DR K SHANKAR PRASAD JT
• Assessee Lawyers: B T SHETTY
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH : BANGALORE BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI ABRAHAM P. GEORGE, ACCOUNTANT MEMBER ITA NO.12/BANG/2014 ASSESSMENT YEAR : 2004-05 THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 7(1), BANGALORE. VS. SHRI RAMESH V. SHETTY, NO.302, 3 RD FLOOR, R&S PARK VIEW, NO.40, HAINS ROAD, FRAZER TOWN, BANGALORE 560 006. PAN : AGDPS 5427Q APPELLANT RESPONDENT APPELLANT BY : DR. K. SHANKAR PRASAD, JT. CIT(DR) RESPONDENT BY : SHRI B.T. SHETTY, C.A. DATE OF HEARING : 13.11.2014 DATE OF PRONOUNCEMENT : 14.11.2014 O R D E R PER ABRAHAM P. GEORGE, ACCOUNTANT MEMBER IN THIS APPEAL FILED BY THE REVENUE, ITS GRIEVAN CE IS THAT THE CIT(APPEALS) DELETED THE ADDITION OF RS.10 LAKHS MA DE BY THE ASSESSING OFFICER TOWARDS UNEXPLAINED CAPITAL ADDITION. 2. LD. COUNSEL FOR THE ASSESSEE POINTED OUT THAT T HE TAX EFFECT IN THIS CASE WAS LESS THAN RS.4 LAKHS AND THEREFORE COVERED BY INSTRUCTION NO.5/2014 DATED 10.7.2014. ITA NO. 12/BANG/2014 PAGE 2 OF 3 3. PER CONTRA, LD. DR SUBMITTED THAT THE CIRCULAR O N TAX EFFECT FOR FILING APPEALS WAS PROSPECTIVE IN OPERATION. 4. WE HAVE HEARD THE RIVAL CONTENTIONS. THE ISSUE WHETHER CIRCULAR ON TAX EFFECT FOR FILLING APPEALS IS PROSPECTIVE IN NA TURE IS NO MORE RES INTEGRA, ATLEAST IN THE STATE OF KARNATAKA. THE HONBLE JUR ISDICTIONAL HIGH COURT IN THE CASE OF CIT V. RANKA AND RANKA, 352 ITR 121 (KAR) HELD THAT INSTRUCTION NO.3/2011, PRESCRIBING MONETARY LIMITS OF TAX BEYOND WHICH ONLY APPEALS COULD BE FILED, WERE APPLICABLE FOR PENDING APPEALS ALSO. INSTRUCTION NO.5/2014 HAS BEEN ISSUED IN MODIFICATI ON OF INSTRUCTION NO.3/2011 WHICH WAS SUBJECT MATTER OF CONSIDERATION BEFORE THE HONBLE JURISDICTIONAL HIGH COURT. WE ARE, THEREFORE, OF T HE OPINION THAT INSTRUCTION NO.5/2014 WILL ALSO APPLY FOR PENDING CASES. TAX EFFECT IN THIS CASE BEING LESS THAN RS.4 LAKHS, WE DISMISS THE APPEAL. 5. IN THE RESULT, APPEAL BY THE REVENUE IS DISMISSED . PRONOUNCED IN THE OPEN COURT ON THIS 14 TH DAY OF NOVEMBER , 2014 . SD/- SD/- ( P. MADHAVI DEVI ) ( ABRAHAM P. GEOR GE ) JUDICIAL MEMBER ACCOUNTANT ME MBER BANGALORE, DATED, THE 14 TH NOVEMBER, 2014 . /D S/ ITA NO. 12/BANG/2014 PAGE 3 OF 3 COPY TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR, ITAT, BANGALORE. 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR / SENIOR PRIVATE SECRETARY ITAT, BANGALORE.