ITO, WD-5(2), KOLKATA, Kolkata V. M/s Preferred Securities Pvt. Ltd., Kolkata

ITA 1413/KOL/2015

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 1433 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 9 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-09-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2008-2009
• Appeal Filed On: 24-11-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: KALYAN NATH DAS
• Assessee Lawyers: A K TIBREWAL
• Keywords: Tax effect

Judgement Text

I.T.A. NO. 1413/KOL./2015 ASSESSMENT YEAR: 2008-2009 PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA D BENCH, KOLKATA BEFORE SHRI P.M. JAGTAP, ACCOUNTANT MEMBER AND SHRI S.S.VISWANETHRA RAVI, JUDICIAL MEMBER I.T.A. NO. 1413/KOL/ 2015 ASSESSMENT YEAR: 2008-2009 INCOME TAX OFFICER,................................ ...................................APPELLANT WARD-5(2), KOLKATA, P-7, CHOWRINGHEE SQUARE, KOLKATA-700 069 -VS.- M/S. PREFERRED SECURITIES (P) LIMITED,............. .....................RESPONDENT 505, CENTRE POINT, 21, HEMANTA BASU SARANI, KOLKATA-700 071 [PAN: AADCP 2529 H] APPEARANCES BY: SHRI KALYAN NATH DAS, ADDL. CIT, D.R., FOR THE DEPA RTMENT SHRI A.K. TIBREWAL, FCA, FOR THE ASSESSEE DATE OF CONCLUDING THE HEARING : SEPTEMBER 14, 201 7 DATE OF PRONOUNCING THE ORDER : SEPTEMBER 14, 2017 O R D E R PER SHRI P.M. JAGTAP, A.M. .: THIS APPEAL IS PREFERRED BY THE REVENUE AGAINST THE ORDER OF LD. COMMISSIONER OF INCOME TAX (APPEALS)-5, KOLKATA DAT ED 02.09.2015, WHEREBY HE CANCELLED THE PENALTY OF RS.6,80,556/- I MPOSED BY THE ASSESSING OFFICER UNDER SECTION 271(1)(C) OF THE IN COME TAX ACT, 1961. 2. AS AGREED, AT THE TIME OF HEARING FIXED TODAY, I .E. ON 14.09.2017, BY THE LD. REPRESENTATIVES OF BOTH THE SIDES, THE TAX EFFECT INVOLVED IN THIS APPEAL OF THE REVENUE IS LESS THAN THE MONETARY LIM IT FIXED BY THE CBDT VIDE CIRCULAR NO. 21/2015 DATED 10 TH DECEMBER, 2015 AT RS.10,00,000/- FOR FILING THE APPEAL BY THE REVENUE BEFORE THE TRI BUNAL AND THIS POSITION CLEARLY EVIDENT FROM THE GROUNDS RAISED BY THE REVE NUE IN THIS APPEAL IS NOT DISPUTED EVEN BY THE LD. D.R. IN CIRCULAR NO. 2 1/2015 (SUPRA) ISSUED BY THE CBDT, THE MONETARY LIMIT FOR FILING THE APPE ALS BY THE REVENUE I.T.A. NO. 1413/KOL./2015 ASSESSMENT YEAR: 2008-2009 PAGE 2 OF 2 BEFORE THE TRIBUNAL HAS BEEN INCREASED TO RS.10,00, 000/- AND AS CLARIFIED IN THE SAID CIRCULAR, THE SAID MONETARY LIMIT IS AP PLICABLE RETROSPECTIVELY EVEN TO THE APPEALS PENDING BEFORE THE TRIBUNAL. TH E CBDT HAS ALSO INSTRUCTED THAT SUCH PENDING APPEALS BELOW THIS SPE CIFIED TAX LIMIT OF RS.10,00,000/- MAY BE WITHDRAWN/ NOT PRESSED. KEEPI NG IN VIEW THE INSTRUCTION GIVEN BY THE CBDT VIDE CIRCULAR NO. 21/ 2015 DATED 10.12.2015, WHICH IS SQUARELY APPLICABLE IN THE PRE SENT CASE, THE APPEAL FILED BY THE REVENUE IN THIS CASE IS TREATED AS WIT HDRAWN/NOT PRESSED AND DISMISSED ACCORDINGLY. 3. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISMISS ED. ORDER PRONOUNCED IN THE OPEN COURT ON SEPTEMBER 14, 2017. SD/- SD/- (S.S. VISWANETHRA RAVI) (P.M. JAG TAP) JUDICIAL MEMBER ACCOUNTANT MEM BER KOLKATA, THE 14 TH DAY OF SEPTEMBER, 2017 COPIES TO : (1) INCOME TAX OFFICER, WARD-5(2), KOLKATA, P-7, CHOWRINGHEE SQUARE, KOLKATA-700 069 (2) M/S. PREFERRED SECURITIES (P) LIMITED, 505, CENTRE POINT, 21, HEMANTA BASU SARANI, KOLKATA-700 071 (3) COMMISSIONER OF INCOME TAX (APPEALS)-5, KOLKA TA; (4) COMMISSIONER OF INCOME TAX ,KOLKAT A (5) THE DEPARTMENTAL REPRESENTATIVE (6) GUARD FILE BY ORDER SENIOR PRIVATE SECRETARY, HEAD OF OFFICE/DDO INCOME TAX APPELLATE TRIBUNAL, KOLKATA BENCHES, KOLKATA LAHA/SR. P.S.