Deputy Commissioner of Income-tax, V. Shri Cyrus Soli Poonawalla, Pune

ITA 1623/PUN/2015

• Counselvise Citation: [2017] 126 COUNSELVISE.COM (IT) 7255 (ITAT-PUNE)
• Duration Of Justice: 1 year(s) 10 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-10-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2007-2008
• Appeal Filed On: 10-12-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: RAJSHEKHAR S ABHYANKAR
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, PUNE . , , , BEFORE SHRI D. KARUNAKARA RAO , AM AND SHRI VIKAS AWASTHY, JM . / I TA NO. 1623 /PUN/20 15 / ASSESSMENT YEAR : 2007 - 08 THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 1(1), PUNE. ....... / APPELLANT / V/S. SHRI CYRUS SOLI POONAWALLA 16 B1, SARSOH BHAVAN, AMBEDKAR ROAD, PUNE - 411 001 PAN : AAXPP9204A / RESPONDENT REVENUE BY : SHRI ACHAL SHARMA A SSESSEE BY : SHRI RAJSHEKHAR S. ABHYANKAR / DATE OF HEARING : 26.10.2017 / DATE OF PRONOUNCEMENT : 26 .10.2017 / ORDER PER VIKAS AWASTHY, JM THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF COMMISSIONER OF INCOME TAX (APPEALS), PUNE - 11 DATED 18.09.2015 FOR THE ASSESSMENT YEAR 2007 - 08. 2 ITA NO.1623/PUN/2015 A.Y.2007 - 08 2. SHRI RAJSHEKHAR S. ABHYANKAR APPEARING ON BEHALF OF THE ASSESSEE SUBMITTED AT THE OUTSET THAT THE TAX EFFECT IN THE PRESENT APPEAL IS RS. 9,0 7,719/ - WHICH IS LESS THAN THE MONETARY LIMIT FOR FILING APPEAL BY THE DEPARTMENT BEFORE TRIBUNAL AS SET BY CBDT CIRCULAR NO. 21/2015 DATED 10.12.2015. THE MONETARY LIMIT FOR FILING APPEAL BY THE DEPART MENT BEFORE THE TRIBUNAL IS RS. 10 LAKHS, THEREFORE, THE APPEAL FILED BY THE DEPARTMENT IS NOT MAINTAINABLE. ACCORDINGLY, THE PRESENT APPEAL OF THE REVENUE IS LIABLE TO BE DISMISSED ON ACCOUNT OF LOW TAX EFFECT. 3. SHRI ACHAL SHARMA REPRESENTING THE DEPARTMENT FAIRLY ADMITTED THAT TAX EFFECT IN THE PRESENT APPEAL IS LESS THAN RS. 10 LAKHS. 4. BOTH SIDES HEARD. ORDER S OF THE AUTHORITIES BELOW PERUSED. IN THE 4. BOTH SIDES HEARD. ORDER S OF THE AUTHORITIES BELOW PERUSED. IN THE PRESENT APPEAL, THE REVENUE HAS ASSAILED THE FINDINGS OF COMMISSIONER OF INCOME TAX (APPEALS) IN ALLOWING LONG TERM CAPITAL LOSS OF RS.40, 45,095/ - . THE ASSESSEE HAS GIVEN COMPUTATION OF TAX IN RESPECT OF THE AMOUNT INVOLVED IN THE APPEAL. THE LD. D R HAS NOT DISPUTED THE SAME. A PERUSAL OF THE COMPUTATION SHEET SHOWS THAT THE TOTAL TAX EFFECT IN THE PRESENT APPEAL IS MERELY RS.9,07,719/ - I.E. BELOW THE MONETARY LIMIT PRESCRIBED BY CBDT CIRCULAR NO. 21/2015 DATED 10.12.2015. THUS, IN VIEW OF THE FACT THAT TAX EFFECT IN THE PRESENT APPEAL IS LESS THAN THE MONETARY LIMIT AS PRESCRIBED BY CBDT CIRCULAR (SUPRA.) , THE APPEAL OF THE REVENUE IS DISMIS SED. 3 ITA NO.1623/PUN/2015 A.Y.2007 - 08 5. IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED. ORDER PRO NOUNCED IN THE OPEN COURT AFTER HEARING ON THURSDAY, THE 26 TH DAY OF OCTOBER , 201 7 . SD/ - SD/ - ( . / D. KARUNAKARA RAO ) ( /VIKAS AWASTHY) / ACCOUNTANT MEMBER / JUDICIAL MEMBER / PUNE; / DATED : 26 TH OCTOBER , 2017 . SB / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT. 2. / THE RESPONDENT. 3. THE CIT(APPEALS), PUNE - 11. 4. THE CIT, PUNE - 11. 5 . , , , / DR, ITAT, A BENCH, PUNE. 6 . / GUARD FILE. // TRUE COPY // / BY ORDER, / PRIVATE SECRETARY , / ITAT, PUNE .