The ACIT, Circle-6, Surat V. Shri Amish Vinodlal Shah, Surat

ITA 1662/AHD/2011

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 9942 (ITAT-AHMEDABAD)
• Duration Of Justice: 4 year(s) 6 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-01-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Next Hearing Date: 17-12-2015
• Assessment Year: 2008-2009
• Appeal Filed On: 20-06-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: J P SHAH
• Keywords: Business income; Retrospective amendment; Tax effect
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD D BENCH BEFORE: S H RI ANIL CHATURVEDI , ACCOUNTANT MEMBER AND SHR I S. S. GODARA , JUDICIAL MEMBER THE ACIT, CIRCLE - 6, SURAT. (APPELLANT) VS SHRI AMISH VINODLAL SHAH, 6/1940 - 42, VARDAN APARTMENT, DALAGIA MOHOLLA, MAHIDHARPUR, SURAT PAN: ADRPS1071R (RESPONDENT) REVENUE BY : S H RI KEYUR PATEL , SR. D . R. ASSESSEE BY: S H RI J.P. SHAH , A.R. DATE OF HEARING : 17 - 12 - 2 015 DATE OF PRONOUNCEMENT : 01 - 01 - 2 016 / ORDER P ER : S. S. GODARA , JUDICIAL MEMBER : - T HIS REVENUE S APPEAL FOR A.Y. 200 8 - 09 , AR ISES FROM ORDER OF THE CIT(A) - IV, SURAT DATED 24 - 03 - 2011 IN APPEAL NO. CAS - IV/222/20 10 - 11 , IN PROCEEDINGS UNDER SECTION 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT . I T A NO . 1662 / A HD/20 11 A SSESSMENT YEAR 200 8 - 09 I.T.A NO. 1662 /AHD/20 11 A.Y. 2008 - 09 PAGE NO ACIT VS. SHRI AMISH VINODLAL SHAH 2 2. THE REVENUE S SOLE SUBSTANTIVE GROU ND CHALLENGES THE LOWER APPELLATE ORDER DELETING ADDITION MADE ON ACCOUNT OF CONVERSION OF SHORT TERM CAPITAL GAINS TO BUSINESS INCOME OF RS. 27,61,585/ - . THERE IS NO DISPUTE THAT THE NET TAX EFFECT IN THE INSTANT APPEAL IS LESS THAN RS. 10 LACS. WE FI ND THAT THE CENTRAL BOARD OF DIRECT TAXES; HEREAFTER THE BOARD HAS ISSUED THE CIRCULAR NO. 2 1/2015 DATED 10 - 12 - 2015 CLEARLY ENVISAGING THEREIN THAT DEPARTMENT S PENDING APPEALS BEFORE THE TRIBUNAL/HIGH COURTS ARE TO BE WITHDRAWN/NOT PRESSED AS PER THE ABOVE S T ATED CIRCULAR . THE SAME HAS BEEN DECLARED TO BE HAVING RETROSPECTIVE EFFECT IN OTHER WORDS. WE TAKE INTO CONSIDERATION THE ABOVE STATED BOARD S CIRCULAR AND DISMISS THE INSTANT APPEAL ACCORDINGLY. 3. THIS REVENUE S APPEAL IS DISMISSED AS HAVING LOW TAX EFFECT. ORDER PR ONOUNCED IN THE OPEN C OURT ON 01 - 01 - 201 6 SD/ - SD/ - ( ANIL CHATURVEDI ) ( S. S. GODARA ) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD : DATED 01 / 01 /201 6 AK / COPY OF ORDER FORWARDED TO: - 1. ASSESSEE 2. REVENUE 3. CONCERNED CIT 4. CIT (A) 5. DR, ITAT, AHMEDABAD 6. GUARD FILE. I.T.A NO. 1662 /AHD/20 11 A.Y. 2008 - 09 PAGE NO ACIT VS. SHRI AMISH VINODLAL SHAH 3 BY ORDER/ , / ,