The ACIT, Circle-7, Ahmedabad V. Shri Vijay M.Trivedi,HUF, Ahmedabad

ITA 1692/AHD/2012

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 9369 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 6 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-02-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 24-02-2016
• Assessment Year: 2004-2005
• Appeal Filed On: 01-08-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R P MAURYA
• Keywords: Retrospective amendment; Tax effect
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD C BENCH BEFORE: N.K. BILLAIYA , ACCOUNTANT MEMBER AND SHR I S. S. GODARA , JUDICIAL MEMBER THE ACIT, CIRCLE - 7, AHMEDABAD (APPELLANT) VS VIJAY M. TRIVEDI, (HUF), 1, PREMANJALI SOCIETY, BODAKDEV, AHMEDABAD - 380015 PAN: AABHV0091F (RESPONDENT /CROSS OBJECTOR ) REVENUE BY : MR. R.P. MAURY A , SR. D . R. ASSESSEE BY: S H RI KARAN SHAH , A.R. DATE OF HEARING : 24 - 02 - 2 016 DATE OF PRONOUNCEMENT : 26 - 02 - 2 016 / ORDER P ER : S. S. GODARA , JUDICIA L MEMBER : - THIS REVENUE S APPEAL AND ASSESSEE S CROSS OBJECTION FOR A.Y. 2004 - 05 , AR ISE FROM ORDER OF THE CIT(A) - XIV, AHMEDABAD DATED 02 - 05 - 2012 IN APPEAL NO. CIT(A)XIV/AC. CR. 7/264/2011 - 2012 , IN PROCEEDINGS UNDER SECTION 143(3) OF THE INCOME TAX ACT , 1961; IN SHORT THE ACT . I T A NO . 1692 & CO NO. 177 / A HD /20 12 A SSESSMENT YEAR 200 4 - 05 I.T.A NO. 1692 /AHD/20 12 & CO NO. 177/AHD/2012 A.Y. 2004 - 05 PAGE NO ACIT VS. VIJAY M. TRIVEDI (HUF) 2 2. THE REVENUE S SOLE SUBSTANTIVE GROUND PLEADS THAT THE CIT(A) HAS ERRED IN DELETING ADDITION OF RS. 16,85,031/ - MADE BY THE ASSESSING OFFICER ON ACCOUNT OF GOVT. SUBSIDY CREDITED BY THE FIRM TO CAPITAL ACCOUNT OF THE ASSESSEE BY TREATING IT AS REVENUE RECEIPT. THE ASSESSEE S CROSS OBJECTION SUPPORTS THE LOWER APPELLATE ORDER. IT FILES A COMPUTATION SHEET IN THE COURSE OF HEARING STATING THEREIN THAT NET TAX EFFECT INCLUDING SURCHARGE COMES TO BE RS. 5,56,060/ - I.E. LESS THAN RS. 10 LACS. WE FIND THAT THE CENTRAL BOARD OF DIRECT TAXES; HEREAFTER THE BOARD HAS ISSUED THE CIRCULAR NO. 21/2015 DATED 10 - 12 - 2015 CLEARLY ENVISAGING THEREIN THAT DEPARTMENT S PENDING APPEALS BEFORE THE TRIBUNAL/HIGH COURTS ARE TO BE WITHDRAWN/NOT PRE SSED AS PER THE ABOVE STATED CIRCULAR.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 DI SMISSED AS HAVING LOW TAX EFFECT. THE ASSESSEE S CROSS OBJECTION HAS BEEN RENDERED INFRUCTUOUS. ORDERED ACCORDINGLY . ORDER PR ONOUNCED IN THE OPEN C OURT ON 26 - 02 - 201 6 SD/ - SD/ - ( N.K. BILLAIYA ) ( S. S. GODARA ) ACCOUNTANT MEMB ER JUDICIAL MEMBER AHMEDABAD : DATED 2 6 /02 /2016 AK I.T.A NO. 1692 /AHD/20 12 & CO NO. 177/AHD/2012 A.Y. 2004 - 05 PAGE NO ACIT VS. VIJAY M. TRIVEDI (HUF) 3 / COPY OF ORDER FORWARDED TO: - 1. ASSESSEE 2. REVENUE 3. CONCERNED CIT 4. CIT (A) 5. DR, ITAT, AHMEDABAD 6. GUARD FILE. BY ORDER/ , / ,