DCIT CC-6(1), MUMBAI V. M/S.ASHAR REALTY PRIVATE LIMITED, MUMBAI

ITA 1720/MUM/2018

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 5069 (ITAT-MUMBAI)
• Duration Of Justice: 6 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-10-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2009-2010
• Appeal Filed On: 16-03-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S K BEPARIDR
• Keywords: Accommodation entries; Tax effect

Judgement Text

, - , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES SMC, MUMBAI , ! ' , BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER, ITA NO.1720/MUM/2018 ASSESSMENT YEAR:2009-10 DCIT, CENTRAL CIRCLE-6(1), R. NO.1905, 19 TH FLOOR, AIR INDIA BUILDING, NARIMAN POINT, MUMBAI-400021 / VS. M/S. ASHAR REALTY PVT. LTD. GROUND FLOOR, ASHAR IT PARK, ROAD NO.16Z, WAGLE INDUSTRIAL ESTATE, THANE(W), MUMBAI-400604 / REVENUE / ASSESSEE P.A. NO . AAGCA1336C $ % & / REVENUE BY SHRI S.K. BEPARI-DR $ % & / ASSESSEE BY SHRI RAHUL HAKANI / DATE OF HEARING 11/10/2018 & / DATE OF ORDER: 11/10/2018 & / O R D E R THE REVENUE IS AGGRIEVED BY THE IMPUGNED ORDER DAT ED 18/12/2017 OF THE LD. FIRST APPELLATE AUTHORITY, MU MBAI, DELETING THE ADDITION OF RS.38 LAKHS ON ACCOUNT OF LOAN ITA NO.1720/MUM/2018 M/S. ASHAR REALTY PVT. LTD. 2 WITHOUT APPRECIATING THAT THE PARTNER OF THE ASSESS EE FIRM ADMITTED THAT THE LOANS WERE ACCOMMODATION ENTRIES. 2. DURING HEARING OF THIS APPEAL, AT THE OUTSET, SH RI RAHUL HAKANI , LD. COUNSEL FOR THE ASSESSEE, POINTED OUT THAT TH E TAX EFFECT IN THE PRESENT APPEAL IS BELOW PRESCRIBED MO NETARY LIMIT OF RS.20 LAKH. THE LD. DR, SHRI S. K. BEPARI, DID NOT CONTROVERT THE FACTUAL MATRIX. 2.1. I HAVE CONSIDERED THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD . IN VIEW OF THE ABOVE, IT IS NOTED THAT THE TAX EFFECT IN THE PRESE NT APPEAL IS BELOW PRESCRIBED LIMIT OF RS.20 LAKH, VIDE INSTRUCTION/CIRCULAR NO.3 OF 2018, ISSUED BY CBDT ( F NO.279/MISC./142/ 2007-ITJ(PT) DATED 11/07/2018. A S PER THE CIRCULAR, WHEREIN, THE DEPARTMENT WAS ADVISED/DIRECTED BY THE BOARD NOT TO FILE APPEAL I N THE CASES WHERE THE TAX EFFECT DOES NOT EXCEED THE FOLLOWING MONETARY LIMIT.:- SL. NO. APPEALS IN INCOME TAX MATTERS MONETARY LIMIT (IN RS.) 1. BEFORE ITAT 20,00,000/ - 2. U/S 260 A BEFORE HONBLE HIGH COURT 50,0 0,000/ - 3. BEFORE HONBLE SUPREME COURT 1,00,00,000/ - ITA NO.1720/MUM/2018 M/S. ASHAR REALTY PVT. LTD. 3 IN VIEW OF THE ABOVE INSTRUCTION, SINCE, THE TAX EF FECT IS LESS THAN RS.20,00,000/- (NOT CONTROVERTED BY LD. D R ALSO), CONSEQUENTLY, THE APPEAL OF THE REVENUE IS NOT MAIN TAINABLE, THEREFORE, DISMISSED. FINALLY, THE APPEAL OF THE REVENUE IS DISMISSED. THIS ORDER WAS PRONOUNCED IN THE OPEN COURT IN THE PRESENCE OF LD. REPRESENTATIVES FROM BOTH SIDES AT THE CONCLUSION OF THE HEARING ON 11/10/2018. SD/- (JOGINDER SINGH) ! ' / JUDICIAL MEMBER MUMBAI; DATED : 11/10/2018 F{X~{T? P.S / ! & $ )!*+ ,&+-* / COPY OF THE ORDER FORWARDED TO : 1. '#$%& / THE APPELLANT 2. '(%& / THE RESPONDENT. 3. ) ) * ( '#$ ) / THE CIT, MUMBAI. 4. ) ) * / CIT(A)- , MUMBAI 5. -./ ' , ) '#$ ' 1 , / DR, ITAT, MUMBAI 6. /2 3$ / GUARD FILE. & / BY ORDER, / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI