ITO, CHENNAI V. R.Vasanthalakshmi, CHENNAI

ITA 1395/CHNY/2013

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 8232 (ITAT-CHENNAI)
• Duration Of Justice: 2 year(s) 6 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-01-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 31-12-2015
• Assessment Year: 2009-2010
• Appeal Filed On: 24-06-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A B KOLI
• Assessee Lawyers: A S SRIRAMAN
• Keywords: Tax effect

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL , B B ENCH, CHENNAI . , ' $ , % ' BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER ./ I.T.A.NO.1395/MDS/2013 ( / ASSESSMENT YEAR: 2009-10) THE INCOME TAX OFFICER, BUSINESS WARD-II(2), CHENNAI. VS SMT. R.VASANTHALAKSHMI, 68, GREENWAYS ROAD, R.A.PURAM, CHENNAI-28. PAN:ACFPV0154M ( /APPELLANT) ( /RESPONDENT) / APPELLANT BY : MR. A.B.KOLI, JCIT /RESPONDENT BY : MR.A.S.SRIRAMAN, ADVOCATE /DATE OF HEARING : 31 ST DECEMBER, 2015 /DATE OF PRONOUNCEMENT : 6 TH JANUARY, 2016 / O R D E R PER CHALLA NAGENDRA PRASAD, JM: THIS APPEAL IS FILED BY THE REVENUE AGAINST THE ORD ER OF THE COMMISSIONER OF INCOME TAX (APPEALS)-VI, CHENNAI DA TED 22.02.2013 FOR THE ASSESSMENT YEAR 2009-10. THE ONLY ISSUE IN THE APPEAL OF THE REVENUE IS THAT THE COMMISSIONER OF INCOME TAX (APP EALS) ERRED IN DELETING THE SHORT TERM AND LONG TERM CAPITAL GAINS COMPUTED BY THE ASSESSING OFFICER AT ` 25.68 LAKHS AND ` 16.23 LAKHS. 2. AT THE TIME OF HEARING, IT IS SUBMITTED BY THE C OUNSEL FOR THE ASSESSEE THAT TAX EFFECT IN THIS APPEAL IS LESS THA N ` 10,00,000/- TO WHICH THE DEPARTMENTAL REPRESENTATIVE ALSO ACCEPTS THAT T HE TAX EFFECT IS LESS THAN ` 10,00,000/-. 3. WE HAVE PERUSED THE RECENT CIRCULAR NO.21/2015 D ATED 10.12.2015 ISSUED BY THE CBDT REVISING THE MONETAR Y LIMITS FOR FILING OF 2 ITA NO.1395/MDS/2013 APPEALS BY THE REVENUE BEFORE THE ITAT, HIGH COURT AND SLP BEFORE SUPREME COURT. IN THE SAID INSTRUCTION, THE MONET ARY LIMIT FIXED FOR FILING OF APPEAL BEFORE THE TRIBUNAL IS AT ` 10,00,000/-. IN THE CIRCULAR, IT IS ALSO MADE CLEAR IN CLAUSE NO.10 THAT THIS INSTR UCTION WILL APPLY RETROSPECTIVELY TO PENDING APPEALS AND APPEALS TO B E FILED HENCEFORTH IN ITAT AND HIGH COURT. IT IS ALSO MENTIONED THAT PEND ING APPEALS BELOW THE SPECIFIED TAX LIMITS MAY BE WITHDRAWN AS NOT P RESSED. SINCE THE TAX EFFECT IN THE APPEAL OF THE REVENUE IS LESS TH AN ` 10,00,000/-, IN VIEW OF THE ABOVE CIRCULAR OF CBDT, THE APPEAL IS DISMISSED. 4. IN THE RESULT, APPEAL OF THE REVENUE IS DISMISS ED. ORDER PRONOUNCED IN THE OPEN COURT ON 6 TH JANUARY, 2016. SD/- SD/- ( # ) ( & (# ) ( CHANDRA POOJARI ) ( CHALLA NAG ENDRA PRASAD ) * / ACCOUNTANT MEMBER ( * / JUDICIAL MEMBER ( /CHENNAI, , /DATED 6 TH JANUARY, 2016 SOMU ./ 0/ /COPY TO: 1. APPELLANT 2.RESPONDENT 3. 1 () /CIT(A) 4. 1 /CIT 5. / 5 /DR 6. /GF .