The Assistant Commissioner of Income Tax, Circle-1 (1), Panaji., Panaji V. M/s Emerald Cruises, Panaji

ITA 142/PAN/2005

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 2104 (ITAT-PANAJI)
• Duration Of Justice: 10 year(s) 9 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-04-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2001-2002
• Appeal Filed On: 01-07-2005
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI BEFORE SHRI N.S. SAINI , HONBLE ACCOUNTANT MEMBER AND SHRI GEORGE MATHAN, HONBLE JUDICIAL MEMBER ITA NO. 142 /P A N/2005 (ASST. YEAR : 200 1 - 0 2 ) ACIT, CIRCLE - 1(1), PANAJI GOA. VS. M/S. EMERALD CRUISES REPRESENTED BY ITS PARTNER MR.ANAND V. KADGAVKAR, NIZARI BHAVAN, PANAJI, GOA. PAN NO. AACFA 8602 J (APPELLANT) (RESPONDENT) C.O. NO. 11/PAN/2005 ( ITA NO. 142 /P AN/2005 ) (ASST. YEAR : 200 1 - 0 2 ) M/S. EMERALD CRUISES REPRESENTED BY ITS PARTNER MR.ANAND V. KADGAVKAR, NIZARI BHAVAN, PANAJI, GOA. VS. ACIT, CIRCLE - 1(1), PANAJI GOA. PAN NO. AACFA 8602 J (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI JITENDRA JAIN ADV. DEPARTMENT BY : SHRI K. MEHBOOB ALI KHAN - D R DATE OF HEARING : 27 / 0 4 /201 6 . DATE OF PRONOUNCEMENT : 2 7 / 0 4 /201 6 . O R D E R PER N.S.SAINI , ACCOUNTANT MEMBER THIS IS AN APPEAL FILED BY THE REVENUE AND THE CROSS OBJECTION FILED BY THE ASSESSEE AGAINST THE ORDER OF COMMISSIONER OF INCOME TAX (APPEALS) , PANAJI , DATED 10 /0 3 /20 05 . 2 ITA NO. 142 /P A N/2005 C.O.NO.11/PAN/2005 2. THE APPEAL OF THE REVENUE AND THE CROSS OBJECTION OF THE ASSESSEE WAS DECIDED BY THIS BENCH OF THE TRIBUNAL IN ITA NO. 142/PNJ/2005 & C.O.NO. 11/PNJ/2005 , FOR THE ASSESSMENT YEAR 2001 - 12 , ORDER DATED 07/09/2006 AND THE TRIBUNAL PARTLY ALLOWED THE APPEAL OF THE REVENUE AND DISMISSED THE CROSS OBJECTION FILED BY THE ASSESSEE. 3 . AGAINST THE SAID ORDER, THE ASSESSEE FILED APPEAL BEFORE THE HONBLE HIGH COURT AT GOA. THE HONBLE HIGH COURT AT GOA IN TAX APPEAL NO. 07/2007 , VIDE ITS ORDER DATED 08/02/2016 QUASHED AND SET ASIDE THE ORDER OF THE TRIBUNAL , DATED 07/09/2006 AND RESTORED THE MATTER T O THE FILE OF THE TRIBUNAL FOR DECIDING THE APPEAL AS WELL AS CROSS OBJECTION AFRESH. 4 . AT THE OUTSET , THE AUTHORIZED REPRESENTATIVE OF THE ASSESSEE SUBMITTED THAT TAX EFFECT IN THIS APPEAL OF THE REVENUE WAS BELOW 10 LAC AND IN VIEW OF THE CBDT CIRCULAR NO. 21/2015 DATED 10/12/2015 , THE APPEAL OF THE REVENUE WAS NOT MAINTAI NA BLE , AND THAT , THIS CIRCULAR APPLIES RETROSPECTIVE TO PENDING APPEALS . HE ALSO FILED A COMPUTATION OF TAX EFFECT , WHICH IS AS UNDER: - AMOUNT INVOLVED IN REVENUES APPEAL 23,91,885/ - TAX EFFECT RATE OF TAX APPLICABLE FOR FIRMS FOR A.Y. 2001 - 02 @ 35% 8,37,160/ - PLUS SURCHARGE THEREON @ 12% 1,00,459/ - TAX EFFECT 9,37,619/ - 5. THE DEPARTMENTAL REPRESENTATIVE AGREED TO THE ABOVE SUBMISSION OF THE AUTHORIZED REPRESENTATIVE OF THE ASSESSEE . 3 ITA NO. 142 /P A N/2005 C.O.NO.11/PAN/2005 6 . IN VIEW OF THE ABOVE, WE DISMISS THE APPEAL OF THE REVENUE AS NOT MAINT AIN ABLE. 7 . AUTHORIZED REPRESENTATIVE OF THE ASSESSEE SUBMITTED THAT HE IS NOT PRESSING THE CROSS OBJECTION FILED BY THE ASSESSEE, WHICH IS AGAINST DISAL L OWA N CE OF COMMISSION PAYMENT OF 2,91,152/ - TO THE STAFF , DUE TO SMALLNESS OF THE AMOUNT INVOLVED. HE ALSO MADE AN ENDORSEMENT TO THIS EFFECT TO THE GROUND S OF CROSS OBJECTION FILED ALONG WITH FORM NO. 36A . THEREFORE, CROSS OBJECTION FILED BY THE ASSESSEE IS DISMISSED. 8 . IN THE RESULT, APPEAL OF THE REV E NUE AS WELL AS CROSS OBJECTION OF THE ASSESSEE ARE DISMISSED. ORDER PRONOUNCED IN THE COURT AT THE CLOSE OF THE HEARING ON WEDNESDAY , THE 2 7 TH DAY OF APRIL , 201 6 AT GOA . S D / - S D / - (GEORGE MATHAN) (N.S.SAINI) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 2 7 TH APRIL, 201 6 . VR/ - COPY TO: 1 . THE ASSESSEE. 2 . THE REVENUE. 3 . THE CIT 4 . THE CIT(A) 5 . THE D.R . 6 . GUARD FILE. BY ORDER ASSISTANT REGISTRAR I.T.A.T., PANAJI