THE DY. CIT-1(1), RAIPUR (CG) V. SHRI SHRIKANT AGRAWAL, RAIPUR (CG)

ITA 134/BIL/2013

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 9088 (ITAT-RAIPUR)
• Duration Of Justice: 3 year(s) 5 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-05-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2010-2011
• Appeal Filed On: 04-11-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SHABANA PARVEEN
• Assessee Lawyers: G S AGRAWAL
• Keywords: Unexplained investment; Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, RAIPUR BENCH, RAIPUR BEFORE S/SHRI N.S SAINI, ACCOUNTANT MEMBER AND KULDIP SINGH JUDICIAL MEMBER ITA NO. 134 /RPR /2013 ASSESSMENT YEAR : 2010 - 2011 DCIT, - 1(1), RAIPUR VS. SHRI SHRIKANT AGRAWAL , PROP. OM TRADERS, MAIN ROAD, ARANG, RAIPUR PAN/GIR NO. ACJPA 4898 H (APPELLANT ) .. ( RESPONDENT ) ASSESSEE BY : SHRI G.S.AGRAWAL, AR REVENUE BY : SHABANA PARVEEN, DR DATE OF HEARING : 2 /05 / 2017 DATE OF PRONOUNCEMENT : 2 /05 / 2017 O R D E R PER N.S.SAINI, AM THIS IS AN APPEAL FILED BY THE REVENUE AGA INST THE ORDER OF CIT(A) - RAIPUR , DATED 5.8.2013 , FOR THE ASSESSMENT YEAR 2010 - 2011 . 2. THE REVENUE HAS TAKEN THE FOLLOWING GROUNDS OF APPEAL: 1. WHETHER IN LAW AND ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE CIT(A) HAS ERRED IN DELETING THE ADDITION OF RS.19,84,095/ - MADE BY THE AO ON ACCOUNT OF UNEXPLAINED INVESTMENT IN STOCK DETECTED DURING SURVEY U/S.133A OF THE INCOME TAX ACT, 1961. 2 ITA NO. 134/RPR/2013 ASSESSMENT YEAR :2010 - 2011 2. WHETHER IN LAW AND ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE CIT(A) HAS ERRED IN DELETING THE ADDITION OF RS.3,33,480/ - MADE BY THE AO OUT OF LUMP SUM ADDITION OF RS.4,33,480/ - BEING 10% OF THE EXPENSES DEBITED TO THE PROFIT AND LOSS ACCOUNT ON ACCOUNT OF AUDITORS OBSERVATION IN THE AUDIT REPORT. 3. AT THE VERY OUTSET, LD AUTHORISED REPRESENTATIVE OF THE ASSESSEE SUBMITTED THAT THE TA X EFFECT IN THIS APPEAL IS RS.7,16,131/ - WHICH IS BELOW RS.10,00,000/ - PRESCRIBED BY THE CBDT IN THEIR INSTRUCTION NO.21/2015 DATED 10.12.2015, AND, THEREFORE, THE APPEAL FILED BY THE REVENUE IS NOT MAINTAINABLE AND LIABLE TO BE DISMISSED. FOR THIS, LD A.R. HAS FILED A COMPUTATION SHEET BEFORE US. 4. THE LD DEPARTMENTAL REPRESENTATIVE AGREED TO THE CONTENTION OF LD COUNSEL FOR THE ASSESSEE. 5. WE HAVE CONSIDERED R IVAL CONTENTIONS AND ORDERS OF LOWER AUTHORITIES AND MATERIALS AVAILABLE ON RECORD. WE FIND FORCE IN THE SUBMISSION OF LD A.R. OF THE ASSESSEE THAT THE CBDT IN ITS CIRCULAR NO.21/2015 DATED 10 TH DECEMBER, 2015 HAVE REVISED THE MONETARY LIMIT TO RS.10 LAKHS FROM RS.4 LAKHS TO FILE THE APPEAL BEFORE THE TRIBUNAL BY THE REVENUE. ON SCRUTINY OF APPEAL FILED BY THE REVENUE, IT IS FOUND THAT THE TAX EFFECT IN THIS APPEAL IS RS.7,16,131/ - WHICH IS BELOW THE PRESCRIBED LIMIT OF RS.10 LAKHS. THE CBDT ALSO CLARIFI ES THAT THIS INSTRUCTION WILL APPLY RETROSPECTIVELY TO PENDING 3 ITA NO. 134/RPR/2013 ASSESSMENT YEAR :2010 - 2011 APPEALS AND APPEALS TO BE FILED HENCEFORTH IN HIGH COURTS/TRIBUNAL. THEREFORE, WE DISMISS THE GROUND OF THE APPEAL OF THE REVENUE. 6. IN THE RESULT, THE APPEAL FILED BY THE REVENUE IS DISMISSED ORDER PRONOUNCE D IN THE OPEN COURT ON 02 /05 /2017 . SD/ - SD/ - (GEORGE GEORGE K ) ( N.S SAINI) JUDICIAL MEMBER A CCOUNTANT MEMBER RAIPUR ; DATED 02 /05 /2017 B.K.PARIDA, SPS COPY OF THE ORDER FORWARDED TO : BY ORDER, SR.PRIVATE SECRETARY 1. THE APPELLANT : DCIT, - 1(1), RAIPUR 2. THE RESPONDENT. 3. THE CIT(A) RAIPUR 4. CIT , RAIPUR 5. DR, ITAT, RAIPUR 6. GUARD FILE. //TRUE COPY// 4 ITA NO. 134/RPR/2013 ASSESSMENT YEAR :2010 - 2011