ITO (IT) 2(3)(1), MUMBAI V. RAJIV GOGIA, MUMBAI

ITA 1348/MUM/2015

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 1347 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 9 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-12-2016
• Appeal Filed By: Department
• Bench Allotted: D
• Next Hearing Date: 26-12-2016
• Assessment Year: 2011-2012
• Appeal Filed On: 05-03-2015
• Court: TRIBUNAL
• Department Lawyers: SHRIKANT NAMDEO
• Assessee Lawyers: RAJESH JAISWAL
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH D , MUMBAI BEFORE SHRI CN PRASAD, JUDICIAL MEMBER AND SHRI RAJESH KUMAR , ACCOUNTANT MEMBER ITA NO. 1348 /MUM/201 5 : (A.Y : 20 11 - 12 ) ITO (INTERNATIONAL TAXATION) - 2(3)(1) MUMBAI (APPELLANT) VS. RAJIV GOGIA C/O MANTRI & AGGARWAL, CAS, 501, SHEETAL ENCLAVE, MINDSPACE, NR.TANGENT FURNITURE MALL, OFF NEW LINK ROAD, MALAD (W) MUMBAI 400 0 64 PAN : AIYPG8975A (RESPONDENT) APPELLANT BY : S HRI SHRIKANT NA MDEO RESPONDENT BY : SHRI RAJESH JAISWAL DATE OF HEARING : 2 9 / 1 2 /201 6 DATE OF PRONOUNCEMENT : 2 9 / 12/2016 O R D E R PER CN PRASAD , J M : THE APPEAL FILED BY THE REVENUE IS DIRECTED AGAINST THE ORDER DATED 11.02.2016 , PASSED BY THE LD. CIT (APPEALS) - 1 0, MUMBAI, FOR THE ASSESSMENT YEAR 20 11 - 12 . 2. AT THE OUTSET, BOTH THE PARTIES ADMITTED THAT THE TAX EFFECT IN THE APPEAL OF THE REVENUE IS BELOW RS. 10 LAKHS AS THE DISPUTE IN APPEAL IS AS TO WHETHER THE COST OF IMPROVEMENT OF RS.35,95,350/ - (7,42,730+ 28,52,620) SHOULD B E CONSIDERED FOR INDEXATION WHILE COMPUTING THE CAPITAL GAINS OF THE ASSESSEE A ND TH EREFORE, THE SAME IS NOT MAINTAINABLE AS PER THE CBD T CIRCULAR NO. 21/2015 D ATED 10.12. 2015 . WE FOUND THAT AS PER THE RECENT CIRCULAR SHRI RAJIV GOGIA ITA NO.1348/MUM/2015 NO.21/2015 DATED 10.12.2015, ISSUED BY THE CBDT, THE MONETARY LIMIT HAS BEEN REVISED FOR FILING APPEAL BEFORE ITAT BY THE REVENUE FIXING THE TAX EFFECT LIMIT OF RS.10 LAKHS. IN THE INSTANT CASE, THE TAX EFFECT IS BELOW RS.10 LAKHS, THEREFORE THE SAME IS NOT MAINTAINABLE AND LIABLE TO BE DISMISSED IN LIMINE. THIS CIRCULAR IS RETROSPECTIVE AND APPLICABLE TO THE PENDING APPEALS ALSO. 3. CONSIDERING THE ABOVE CBDT CIRCULAR, WE FOUND THAT THIS APPEAL OF THE REVENUE IS NOT MAINTAINABLE AS THE TAX EFFECT IN THIS APPEAL IS BELOW RS.10 LAKHS. ACCORDINGLY, WE DISMISS THE APPEAL OF THE REVENUE. 4. IN THE RESULT, APPEAL OF REVENUE IS DISMISSED. ORDER HAS BEEN PRONOUNCED IN THE OPEN COURT ON 2 9 .12.2016. SD/ - SD/ - RAJESH KUMAR C.N.PRASAD / / ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATE : 2 9 TH DECEMBER, 2016 LR, SPS COPY TO : 1) THE APPELLANT 2) THE RESPONDENT 3) THE CIT(A) CONCERNED 4) THE CIT CONCERNED 5) THE D.R, I BENCH, MUMBAI 6) GUARD FILE BY ORDER DY./ASSTT. REGISTRAR I.T.A.T, MUMBAI