The Dy. CIT, Circle-3(1), Vadodara V. M/s. Hathee Ventures Ivory Gardens, Vadodara

ITA 1482/AHD/2017

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 2494 (ITAT-AHMEDABAD)
• Duration Of Justice: 4 year(s) 4 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-10-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Next Hearing Date: 28-10-2021
• Assessment Year: 2012-2013
• Appeal Filed On: 16-06-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: S N SOPARKAR
• Keywords: Tax effect
• Section: 143(3)

Judgement Text

, D IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH, AHMEDABAD BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER & MS. MADHUMITA ROY, JUDICIAL MEMBER ./I.T.A. NO. 1482/AHD/2017 ( / ASSESSMENT YEAR: 2012-13) DCIT CIRCLE-3(1), VADODARA / VS. M/S. HAATHEE VENTURES IVORY GARDENS, SAYAJIPURA AAJWA ROAD, OFF. N. H. NO. 8, VADODARA-390019 ./ ./PAN/GIR NO. : AAGFH0459Q ( /APPELLANT ) .. ( / RESPONDENT ) / APPELLANT BY : SHRI PURUSHOTTAM KUMAR, SR. DR / RESPONDENT BY: SHRI S. N. SOPARKAR, SR. ADV., & PARIN SHAH, AR !' /DATE OF HEARING 28/10/2021 #$!' / DATE OF PRONOUNCEMENT 29/10/2021 %& /O R D E R PER MS. MADHUMITA ROY - JM: THE APPEAL FILED BY THE REVENUE FOR A.Y. 2012-13, ARISE FROM ORDER OF THE CIT(A)-2, VADODARA DATED 29.03.2017, IN PROCEED INGS UNDER SECTION 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. 2. THE GROUND OF APPEAL RAISED BY THE REVENUE READS AS UNDER:- 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE AND IN LAW, THE LD. CIT(APPEALS) ERRED IN RESTRICTING THE PROFIT TO RS. 1,19,93,500/- AS AGAINST RS. 2,65,07,865/- ESTIMATED BY THE A.O. 2. THE LD. CIT(A) ERRED IN WORKING PROFIT @15% O SA LES OF PLOT AS AGAINST 20% FAIRLY ESTIMATE BY THE A.O. WITHOUT APP RECIATING THE FACT THAT SALE OF PLOT FETCHES MORE PROFIT. ITA NO. 1482/AHD/2017 [DCIT VS. M/S. HAATHEE VENTURES] A.Y. 2012-13 2 3. THE APPELLANT CRAVES TO ADD TO, AMEND OR ALTER T HE ABOVE GROUNDS AS MAY BE DEEMED NECESSARY. 3. AT THE TIME OF HEARING, IT WAS SUBMITTED BY THE LD.AR FOR THE ASSESSEE THAT APPEAL FILED BY THE REVENUE IS HIT BY RECENTLY ISSUED CBDT CIRCULAR NO.17 OF 2019 DATED 08/08/2019 REVISI NG THE PREVIOUS THRESHOLDS PERTAINING TO TAX EFFECTS. AS PER AFORESAID CIRCULAR, ALL PENDING APPEALS FILED BY REVENUE ARE LIABLE TO BE DISMISSED AS A MEASURE FOR REDUCING LITIGATION WHER E THE TAX EFFECT DOES NOT EXCEED THE PRESCRIBED MONETARY LIMIT WHICH IS NOW REVISED AT RS.50 LAKHS. IN THE INSTANT CASE, THE TAX EFFEC T ON THE DISPUTED ISSUES RAISED BY THE REVENUE IS STATED TO BE NOT EX CEEDING RS.50 LAKHS AND THEREFORE APPEAL OF THE REVENUE IS REQUIR ED TO BE DISMISSED IN LIMINE . 4. THE LEARNED DR FOR THE REVENUE FAIRLY ADMITTED T HE APPLICABILITY OF THE CBDT CIRCULAR NO. 17 OF 2019. ACCORDINGLY, APPEAL OF THE REVENUE IS DISMISSED AS NOT MAINTAINA BLE. HOWEVER, IT WILL BE OPEN TO THE REVENUE TO SEEK RESTORATION OF ITS APPEAL ON SHOWING INAPPLICABILITY OF THE AFORESAID CBDT CIRCU LAR IN ANY MANNER. 5. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. SD/- SD/- (WASEEM AHMED) (MADHUMITA ROY) ACCOUNTANT MEMBER JUDICI AL MEMBER AHMEDABAD: DATED 29/10/2021 TANMAY, SR. PS TRUE COPY TRUE TRUE COPY THIS ORDER PRONOUNCED IN OPEN COURT ON 29/10/2021 ITA NO. 1482/AHD/2017 [DCIT VS. M/S. HAATHEE VENTURES] A.Y. 2012-13 3 / COPY OF ORDER FORWARDED TO:- 1. / REVENUE 2. % / ASSESSEE 3. + ,! -! / CONCERNED CIT 4. -!- / CIT (A) 5. 123 ! ,, ' ,, 56%+% / DR, ITAT, AHMEDABAD 6. 38 9 / GUARD FILE. BY ORDER / %& , :/5 ' ,,56%+% < 1.DATE OF DICTATION ON 28.10.2021 (LOW TAX EFFECT FORMAT) 2.DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE TH E DICTATING MEMBER 28.10.2021 3.DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR. P.S./P.S. .10.2021 4.DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE DICTATING MEMBER FOR PRONOUNCEMENT .10.2021 5.DATE ON WHICH THE FAIR ORDER COMES BACK TO THE SR .P.S./P.S 29.10.2021 6.DATE ON WHICH THE FILE GOES TO THE BENCH CLERK 29 .10.2021 7.DATE ON WHICH THE FILE GOES TO THE HEAD CLERK . 8.THE DATE ON WHICH THE FILE GOES TO THE ASSTT. REG ISTRAR FOR SIGNATURE ON THE ORDER 9.DATE OF DESPATCH OF THE ORDER