ITO WD 13(3)(4), MUMBAI V. TRISHUL TRADERS P.LTD, MUMBAI

ITA 1377/MUM/2015

• Counselvise Citation: [2016] 121 COUNSELVISE.COM (IT) 3508 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 3 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-06-2016
• Appeal Filed By: Department
• Bench Allotted: SMC
• Assessment Year: 2006-2007
• Appeal Filed On: 05-03-2015
• Court: TRIBUNAL
• Department Lawyers: AJAY
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL SMC BENCH, MUMBAI BEFORE SHRI D. KARUNAKARA RAO, ACCOUNTANT MEMBER I.T.A. NO.1377/M/2015 (ASSESSMENT YEAR: 2006 - 2007 ) INCOME TAX OFFICER, WARD 13(3)(4), MUMBAI. / VS. M/S. TRISHUL TRADERS PVT LTD., 805, CORPORATE AVENUE, SONAWALA ROAD, GOREGAON (E), MUMBAI 400 053. ./ PAN : AACCT1787A ( / APPELLANT) .. ( / RESPONDENT ) / APPELLANT BY : SHRI AJAY, DR / RESPONDENT BY : SHRI PIYUSH CHATURVEDI / DATE OF HEARING : 27.06.2016 / DATE OF PRONOUNCEMENT : 27.06.2016 / O R D E R PER D. KARUNAKARA RAO, AM: THIS APPEAL FILED BY THE REVENUE ON 5.3.2015 IS AGAINST THE ORDER OF THE CIT (A) - 21, MUMBAI DATED 9.12.2014 FOR THE ASSESSMENT YEAR 2006 - 2007. 2. IN THIS APPEAL, REVENUE RAISED TWO GROUNDS. IN BOTH THE GROUNDS, REVENUE MENTIONED THAT THE ALLEGED PURCHAS ES OF SHARES INVOLVING GROUP CONCERNS OF SHRI MUKESH CHOKSI IS RS. 29,55,983/ - AND THE SAME IS THE SUBJECT MATTER OF APPEAL BY THE REVENUE. THEREFORE, T HE AMOUNT OF RS. 30,40,120/ - MENTIONED IN GROUND NO.1 IS REQUIRED TO BE CORRECTED. THE BALANCE OF RS. 84,137/ - INVOLVES OTHER PARTIES, WHICH WAS NOT AGITATED BY THE REVENUE. THEREFORE, THE TAX EFFECT QUA THE SAID AMOUNT OF RS. 29.55 LAKHS IS BELOW RS. 10 LAKHS. 3. AT THE OUTSET, LD COUNSEL FOR THE ASSESSEE EXPLAINED THE ABOVE AND MENTIONED THAT THE TAX EFFECT IN THIS APPEAL IS BELOW RS. 10 LAKHS AND THEREFORE, THE APPEAL OF THE REVENUE IS NOT MAINTAINABLE. IN SUPPORT OF HIS ARGUMENT, HE BROUGHT MY ATTENTION TO THE CBDT CIRCULAR NO.21/2015, DATED 10.12.2015 AND SUBMITTED THAT THE APPEALS FILED BY THE REVENUE WITH A TAX EFFECT OF RS. 10 LAKHS AND BELOW ARE TO BE EITHER DISMISSED BY THE TRIBUNAL AS NOT MAINTAINABLE OR NOT PRESSED BY THE REVENUE. PARA 10 OF THE SAID CI RCULAR IS RELEVANT IN THIS REGARD. 2 4 . AF TER HEARING BOTH THE PARTIES, I FIND, IN THE PRESENT APPEAL FILED BY THE REVENUE, THE TAX EFFECT IS BELOW THE ABOVE STATED TAX LIMIT OF RS. 10 LAKHS. CONSIDERING THE LOW TAX EFFECT, THE APPEAL FILED BY THE REVENUE I S DISMISSED AS NOT MAINTAINABLE. 5 . IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 27 TH JUNE, 2016. SD/ - (D. KARUNAKARA RAO) ACCOUNTANT MEMBER MUMBAI ; 27 .6.2016 . . ./ OKK , SR. PS / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) - 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE . //TRUE COPY// / BY ORDER, / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI