ADIT, New Delhi V. Ms. Asha Kumar Aggarwal, New Delhi

ITA 1340/DEL/2012

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 7990 (ITAT-DELHI)
• Duration Of Justice: 4 year(s) 1 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-05-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 29-03-2016
• Assessment Year: 2008-2009
• Appeal Filed On: 20-03-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: RAVI JAIN
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: A NEW DELHI BEFORE SMT DIVA SINGH, JUDICIAL MEMBER AND SH.PRASHANT MAHARISHI, ACCOUNTANT MEMBER I.T.A .NO.-1340/DE L/2012 (ASSESSMENT YEAR-2008- 09) ADIT, CIRCLE-1(1) (INT. TAXATION), ROOM NO.-204, DRUM SHAPE BUILDING, I.P.ESTATE, NEW DELHI-110002. (APPELLANT) VS ASHA KUMAR AGGARWAL, E-335, EAST OF KAILASH, NEW DELHI. PAN-ADCPA4605J (RESPONDENT) APPELLANT BY SH.RAVI JAIN, CIT DR RESPONDENT BY SH. KAPIL GOEL, ADV. ORDER PER DIVA SINGH, JM THE PRESENT APPEAL HAS BEEN FILED BY THE REVENUE AS SAILING THE CORRECTNESS OF THE ORDER DATED 19.12.2011 OF CIT(A)-XXIX, NEW D ELHI PERTAINING TO 2008-09 ASSESSMENT YEAR ON THE FOLLOWING GROUND: 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE, THE LD.CIT(A) HAS ERRED IN DELETING THE ADDITION MADE BY THE VOLUMINO US SHARES TRADING AS BUSINESS IN NATURE AND HOLDING THAT IN THE LIGHT OF CIRCULAR NO.1827 DATED 31.08.1989 OR CBDT, THE ASSESSEES ACTIVITIES OF SALE/PURCHASE OF SHARES CAN ONLY BE CONSIDERED UNDER THE HEAD CA PITAL GAIN WHEREAS CONSIDERATIONS DEALT WITH IN THE CIRCULAR ARE TOTAL LY DIFFERENT FROM THE ONES IN THE INSTANT CASE. 2. CONSIDERING THE AMOUNT AT STAKE FOR THE REVENUE, BOTH THE PARTIES WERE REQUIRED TO ADDRESS CIRCULAR NO.21/2015 DATED 10TH DECEMBER, 2015 OF CBDT. ON CONSIDERATION OF THE FACTS ON RECORD AND THE AFO RESAID CIRCULAR OF THE CBDT , THE LD. SR. DR FAIRLY CONCEDED THAT THE DEPARTMENTA L APPEAL HAS BEEN FILED WHEREIN THE TAX EFFECT INVOLVED IS MUCH LESS THAN R S.10 LAKH. DATE OF HEARING 29.03.2016 DATE OF PRONOUNCEMENT 06.05.2016 I.T.A .NO.-1340/DEL/2012 PAGE 2 OF 2 3. WE HAVE HEARD THE SUBMISSIONS OF THE PARTIES ON THIS ISSUE AND PERUSED THE MATERIAL ON RECORD. WE FIND THAT THE CBDT VIDE THE AFORESAID CIRCULAR DATED 10.12.2015 HAS REVISED THE MONETARY LIMIT TO RS.10 LAKH FOR FILING THE APPEAL BY THE DEPARTMENT BEFORE INCOME TAX APPELLATE TRIBUNAL . VIDE PARA 10 OF THE AFORESAID CIRCULAR PARA 3 HAS BEEN MADE APPLICABLE RETROSPECTIVELY. CONSIDERING THE SETTLED LEGAL PRECEDENT THAT THE BOARDS INSTRU CTIONS OR DIRECTIONS ISSUED TO THE INCOME TAX AUTHORITIES U/S 268A OF THE INCOME TAX A CT, 1961 ARE BINDING ON THE AUTHORITIES, WE DISMISS THE DEPARTMENTAL APPEAL CON SIDERING THE MATERIAL AVAILABLE ON RECORD. 4. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 06 MA Y, 2016. SD/- SD/- (PRASHANT MAHARISHI) (DIVA SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 06/05/2016 *AMIT KUMAR* COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSI STANT REGISTRAR ITAT NEW DELHI