ACIT, Circle-7(1), Hyd, Hyderabad V. Sri Satyanarayana Swamy Par Boiled Modern Rice Mill, Nalgonda, Nalgonda

ITA 1411/HYD/2015

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 6398 (ITAT-HYDERABAD)
• Duration Of Justice: 6 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-07-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 04-07-2016
• Assessment Year: 2011-2012
• Appeal Filed On: 14-12-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: K J RAO
• Assessee Lawyers: Y V BHANU NARAYAN RAO
• Keywords: Tax effect

Judgement Text

ITA NO 1411 OF 2015 SRI SATYANARAYANA SWAMY PAR BOI LED MODERN RICE MILL NALGONDA PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD B (SMC) BENCH, HYDERABAD BEFORE SMT. P.MADHAVI DEVI, JUDICIAL MEMBER ITA NO.1411/HYD/2015 (ASSESSMENT YEAR: 2011-12) ASSTT. COMMISSIONER OF INCOME TAX, HYDERABAD VS. M/S. SRI SATYANARAYANA SWAMY PAR BOILED MODERN RICE MILL, 14-30 LINGAGIRI ROAD, HUZUR NAGAR, NALGONDA PAN:AALFS 3232 K (APPELLANT) (RESPONDENT) FOR REVENUE : SHRI K.J. RAO, DR FOR ASSESSEE : SHRI Y.V. BHANU NARAYAN RAO DATE OF HEARING : 04.07.2016 DATE OF PRONOUNCEMENT : 04.07.2016 O R D E R THIS APPEAL IS FILED BY THE REVENUE FOR THE A.Y 201 1-12. THIS APPEAL IS AGAINST THE PENALTY ORDER OF THE AO U/S 271(1)(C) OF THE ACT. 2. AT THE TIME OF HEARING, IT IS NOTICED THAT IN TH IS CASE THE PENALTY LEVIED BY THE AO U/S 271(1)(C) OF THE ACT I S RS.7.00 LAKHS. THE CBDT VIDE CIRCULAR NO.21/2005 DATED 10.12.2015 HAS PRESCRIBED THE MONETARY LIMITS OF THE TAX EFFECT FO R FILING OF APPEALS BEFORE THE TRIBUNAL, HIGH COURT & SUPREME C OURT. ACCORDING TO THIS CIRCULAR, RS.10,00,000 IS THE TAX LIMIT EXCEEDING WHICH ONLY AN APPEAL CAN BE FILED BEFORE THE TRIBUN AL. IT HAS ALSO BEEN PRESCRIBED THAT IN CASE OF PENALTY ORDERS, THE TAX EFFECT WILL MEAN QUANTUM OF PENALTY DELETED OR REDUCED IN THE O RDER TO BE ITA NO 1411 OF 2015 SRI SATYANARAYANA SWAMY PAR BOI LED MODERN RICE MILL NALGONDA PAGE 2 OF 2 APPEALED AGAINST. IN THE PRESENT CASE, I FIND THAT THE PENALTY LEVIED ITSELF IS LESS THAN RS.10.00 LAKHS. THUS, TH E REVENUE APPEAL IS LIABLE TO BE DISMISSED. THE LEARNED DR AL SO ADMITTED THAT THE TAX EFFECT IS LESS THAN RS.10.00 LAKHS. TH EREFORE, IN VIEW OF CBDT CIRCULAR NO.21/2015, DATED 10 TH DECEMBER, 2015, THE REVENUES APPEAL IS DISMISSED. 3. IN THE RESULT, REVENUES APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 4 TH JULY, 2016. S D/ - (P. MADHAVI DEVI) JUDICIAL MEMBER HYDERABAD, DATED 4 TH JULY, 2016. VNODAN/SPS COPY TO: 1. ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE 7(1), 2 ND FLOOR, B BLOCK, IT TOWERS, HYDERABAD 2. M/S. SRI SATYANARAYANA SWAMY PAR BOILED MODERN RICE MILL, 14-30 LINGAGIRI ROAD, HUZUR NAGAR, NALGONDA D ISTT. 3. CIT(A) - VII HYDERABAD 4. THE PR. CIT -7 HYDERABAD 5. THE DR, ITAT, HYDERABAD 6. GUARD FILE BY ORDER