ITO, Ward 1(3), Jalgaon V. Smt. Sadhana Sunil Jain, Jalgaon

ITA 1604/PUN/2013

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 1906 (ITAT-PUNE)
• Duration Of Justice: 2 year(s) 8 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-05-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 11-02-2016
• Assessment Year: 2009-2010
• Appeal Filed On: 23-08-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: VIPUL WAGHMARE
• Keywords: Tax effect; Revised return

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, PUN E , , !'#'' $ , % & BEFORE SHRI R.K. PANDA, AM AND SHRI VIKAS AWASTHY, JM / ITA NO. 1604/PN/2013 %' ( ')( / ASSESSMENT YEAR : 2009-10 INCOME TAX OFFICER, WARD 2(4), JALGAON ....... / APPELLANT ' / V/S. SMT. SADHANA SUNIL JAIN, MAIN ROAD, CHOPADA, JALGAON PAN : AIKPJ7318L / RESPONDENT ASSESSEE BY : SHRI C.H. NANIWADEKAR REVENUE BY : SHRI VIPUL WAGHMARE / DATE OF HEARING : 03-05-2016 / DATE OF PRONOUNCEMENT : 03-05-2016 * / ORDER PER VIKAS AWASTHY, JM : THE APPEAL HAS BEEN FILED BY THE REVENUE AGAINST THE OR DER OF COMMISSIONER OF INCOME TAX (APPEALS)-II, NASHIK DATED 12-0 6-2013 FOR THE ASSESSMENT YEAR 2009-10. THE PRIMARY ISSUE RAISED IN THE APPEAL BY THE REVENUE IS WITH RESPECT TO ACCEPTING THE CLAIM OF LOSS OF ` 25,09,553/- ON ACCOUNT OF TRADING IN FUTURE AND OPTIONS/SHARES. 2. SHRI C.H. NANIWADEKAR APPEARING ON BEHALF OF THE ASSESS EE SUBMITTED AT THE OUTSET THAT THE APPEAL OF THE REVENUE IS LIABLE TO BE 2 ITA NO. 1604/PN/2013, A.Y. 2009-10 DISMISSED ON ACCOUNT OF LOW TAX EFFECT IN TERMS OF RECENT CBDT CIRCULAR NO. 21/2015, DATED 10-12-2015. 3. SHRI VIPUL WAGHMARE REPRESENTING THE DEPARTMENT FAIRLY ADMITTED THAT IN THE PRESENT APPEAL BY THE DEPARTMENT TAX EFFECT IS LESS THAN ` 10 LAKHS. 4. BOTH SIDES HEARD. A PERUSAL OF THE IMPUGNED ORDER A ND DOCUMENTS ON RECORD SHOW THAT, IN APPEAL THE REVENUE HAS ASSAILE D THE FINDINGS OF COMMISSIONER OF INCOME TAX (APPEALS) IN ACCEPTING THE CLAIM OF LOSS ` 25,09,523/- ARISING FROM TRADING IN FUTURE AND OPTIONS AND SHARES. THE ASSESSEE HAD CLAIMED THE LOSS IN REVISED RETURN OF INCOME FILED ON 18-10-2011 FOR ASSESSMENT YEAR 2009-10. UNDISPUTEDLY, THE TAX EFFECT IN THE PRESENT APPEAL IS LESS THAN ` 10 LAKHS. THE CBDT VIDE CIRCULAR NO. 21/2015, DATED 10-12-2 015 HAS RAISED THE MONETARY LIMIT OF TAX EFFECT FOR FILING OF APPEALS BY THE DEPARTMENT BEFORE THE TRIBUNAL TO ` 10 LAKHS. THE CIRCULAR APPLIES TO THE APPEALS TO BE FILED BY THE DEPARTMENT IN FUTURE, AS WE LL AS THE APPEALS PENDING BEFORE THE TRIBUNAL. THUS, IN VIEW OF THE CB DT CIRCULAR THE PRESENT APPEAL OF THE REVENUE IS LIABLE TO BE DISMISSED ON ACCOUNT OF LOW TAX EFFECT. 5. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT AT THE TIME OF HE ARING ON WEDNESDAY, THE 03 RD DAY OF MAY, 2016. SD/- SD/- ( . . / R.K. PANDA) ( ! ' / VIKAS AWASTHY) #' / ACCOUNTANT MEMBER $ % #' / JUDICIAL MEMBER / PUNE; &# / DATED : 03 RD MAY, 2016 RK 3 ITA NO. 1604/PN/2013, A.Y. 2009-10 *+,%-.#/#)- / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT. 2. / THE RESPONDENT. 3. ' () / THE CIT(A)-II, NASHIK 4. ' / THE CIT-II, NASHIK 5. !*+ %%,- , ,- , . ./0 , / DR, ITAT, B BENCH, PUNE. 6. + 1 23 / GUARD FILE. // ! % // TRUE COPY// #4 / BY ORDER, %5 ,0 / PRIVATE SECRETARY, ,- , / ITAT, PUNE