The Income-tax Officer, MANSA V. Sh. Kailash Devi, MANSA

ITA 165/ASR/2014

• Counselvise Citation: 16520914 RSA 2014
• Duration Of Justice: 1 year(s) 9 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-12-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 14-12-2015
• Assessment Year: 2009-2010
• Appeal Filed On: 12-03-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: J K GUPTA; SSH SUDHIR SEHGAL
• Keywords: Tax effect
• Section: 69

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, AMRITSAR BENCH; AMRITSAR BEFORE SH. A.D. JAIN, JUDICIAL MEMBER AND SH. T.S. KAPOOR, JUDICIAL MEMBER ITA NO.165(ASR)/2014 ASSESSMENT YEAR:2009-10 PAN: AJRPD8682K INCOME TAX OFFICER, VS. SMT. KAILASH DEVI (PROP.) WARD 1(4), MANSA. M/S. KAILASH COTTON FACTORY, MANSA. (APPELLANT) (RESPONDENT) APPELLANT BY:SMT. RATINDER KAUR, DR RESPONDENT BY:S/SH. SUDHIR SEHGAL & J.K. GUPTA DATE OF HEARING: 14/12/2015 DATE OF PRONOUNCEMENT: 14/12/2015 ORDER PER A.D.JAIN, JM: THIS IS DEPARTMENTS APPEAL FOR THE ASSESSMENT YEA R 2009-10 AGAINST THE ORDER OF THE CIT(A), BATHINDA DATED 16. 12.2013. THE REVENUE HAS RAISED THE FOLLOWING GROUNDS OF APPEAL: 1. THAT ON THE FACTS AND IN THE CIRCUMSTANCES OF T HE CASE, THE LD. CIT(A), HAS ERRED IN DELETING THE ADDITION MADE U/S 69 ON ACCOUNT OF DIFFERENCE IN VALUE OF STOCK AS PER STOC K STATEMENT SUBMITTED TO THE BANK AND THAT SHOWN AS CLOSING STO CK IN THE BALANCE SHEET. RELIANCE WAS PLACED BY THE AO UP ON THE JUDGMENT OF THE HONBLE MADRAS HIGH COURT IN THE CA SE OF COIMBATORE SPINNING & WEAVING CO. LTD. VS. CIT (197 4) 95 ITR 375 (MAD.). AND THAT OF THE HONBLE PUNJAB & HA RYANA HIGH COURT HELD IN THE CASE OF DEVGUN RICE & GEN. M ILLS 263 ITR 391, WHICH ARE CLEARLY APPLICABLE TO THE FACTS OF THE PRESENT CASE. 2. THAT IT IS PRAYED THAT THE ORDER OF THE LD. CIT( A) BE SET ASIDE AND THAT OF THE AO BE RESTORED. 2 2. AT THE TIME OF HEARING THE LD. COUNSEL FOR THE A SSESSEE RAISED A PRELIMINARY OBJECTION THAT THE TAX EFFECT INVOLVED IN THE REVENUES APPEAL IS LESS THAN RS.10 LACS. THEREFORE, THE PRESENT APP EAL FILED BY THE DEPARTMENT MAY BE DISMISSED, AS THE SAME IS NOT MAI NTAINABLE BEING CONTRARY TO CBDTS INSTRUCTION NO.21 OF 2015 DATED 10.12.2015. 3. ON THE OTHER HAND, THE LD. DR RELIED UPON THE OR DER OF THE ASSESSING OFFICER. 4. AFTER HEARING BOTH THE PARTIES, IT IS SEEN THAT THE TAX EFFECT INVOLVED IN THIS APPEAL IS LESS THAN RS.10,00,000/-. HENCE, AS PER CBDT INSTRUCTION NO. 21 OF 2015, DATED 10 TH DEC., 2015, WHICH IS BINDING ON THE DEPARTMENT, THE DEPARTMENT IS PRECLUDED FROM FI LING THE PRESENT APPEAL, AS THIS INSTRUCTION IS APPLICABLE RETROSPEC TIVELY. THEREFORE, IN OUR CONSIDERED OPINION, THE SAID INSTRUCTION OF CBDT IS BINDING UPON THE DEPARTMENT AND THE PRESENT APPEAL HAS BEEN FILED CO NTRARY TO THE SAID INSTRUCTION ISSUED BY THE CBDT. ACCORDINGLY, THE APPEAL FILED BY THE REVENUE IS DISMISSED, AS NOT MAINTAINABLE. 5. IN THE RESULT, THE APPEAL FILED BY THE REVENUE I S DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 14TH D ECEMBER, 2015. SD/- SD/- (T.S.KAPOOR) (A.D. JAIN) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 14/12/2015 /SKR/ COPY OF ORDER FORWARDED TO: 1. THE ASSESSEE:SMT. KAILASH DEVI, MANSA/ 2. THE ITO, WARD 1(4), MANSA 3. THE CIT(A), BATHINDA 4. THE CIT, BATHINDA. 5. THE SR. DR, ITAT, ASR. TRUE COPY BY ORDER