ITO, WD-50(2), KOLKATA, Kolkata V. Sribash Manna, Kolkata

ITA 1779/KOL/2014

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 1780 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 8 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-05-2017
• Appeal Filed By: Department
• Bench Allotted: A
• Next Hearing Date: 16-05-2017
• Assessment Year: 2010-2011
• Appeal Filed On: 11-09-2014
• Court: TRIBUNAL
• Keywords: Tax effect

Judgement Text

I.T.A. NO. 1779/KOL./2014 ASSESSMENT YEAR: 2010-2011 PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA A BENCH, KOLKATA BEFORE SHRI P.M. JAGTAP, ACCOUNTANT MEMBER AND SHRI A.T. VARKEY, JUDICIAL MEMBER I.T.A. NO. 1779/KOL/ 2014 ASSESSMENT YEAR: 2010-2011 INCOME TAX OFFICER,................................ ................................APPELLANT WARD-50(2), KOLKATA, UTTRARAPAN MARKET COMPLEX, MANICKTALA CIVIC CENTRE, ULTADANGA, KOLKATA-700 054 -VS.- SRIBASH MANNA,..................................... .................................RESPONDENT SARAT PALLY, P.O. RAJARHAT, GOPALPUR, KOLKATA-700 136 [PAN: AFAPM 5467 Q] APPEARANCES BY: SHRI SHALLONG YADEN, ADDL. CIT, FOR THE DEPARTMENT N O N E, FOR THE ASSESSEE DATE OF CONCLUDING THE HEARING : MAY 16, 2017 DATE OF PRONOUNCING THE ORDER : MAY 16, 2017 O R D E R PER SHRI P.M. JAGTAP, A.M. .: THIS APPEAL IS PREFERRED BY THE REVENUE AGAINST THE ORDER OF LD. COMMISSIONER OF INCOME TAX (APPEALS)-XXXII, KOLKATA DATED 16.06.201 4, WHEREBY HE RESTRICTED THE SHORT-TERM CAPITAL GAIN OF RS.54,20,089/- COMPUTED BY THE ASSESSING OFFICER TO RS.24,67,301/- AND HELD THE SAME TO BE A LONG-TERM CAPITAL GAIN. 2. AT THE TIME OF HEARING FIXED TODAY, I.E. ON 16.0 5.2017, NONE HAS APPEARED ON BEHALF OF THE ASSESSEE. THE LD. D.R., H OWEVER, HAS SUBMITTED THAT THE TAX EFFECT INVOLVED IN THIS APPEAL OF THE REVENUE IS LESS THAN THE REVISED MONETARY LIMIT FIXED BY THE CBDT VIDE CIRCU LAR NO. 21/2015 DATED 10 TH DECEMBER, 2015 AT RS.10,00,000/- FOR FILING THE AP PEAL BY THE REVENUE BEFORE THE TRIBUNAL. IN CIRCULAR NO. 21/201 5 (SUPRA) ISSUED BY THE CBDT, THE MONETARY LIMIT FOR FILING THE APPEALS BY THE REVENUE BEFORE THE TRIBUNAL HAS BEEN INCREASED TO RS.10,00,000/- A ND AS CLARIFIED IN THE SAID CIRCULAR, THE SAID MONETARY LIMIT IS APPLICABL E RETROSPECTIVELY EVEN I.T.A. NO. 1779/KOL./2014 ASSESSMENT YEAR: 2010-2011 PAGE 2 OF 2 TO THE APPEALS PENDING BEFORE THE TRIBUNAL. THE CBD T HAS ALSO INSTRUCTED THAT SUCH PENDING APPEALS BELOW THIS SPECIFIED TAX LIMIT OF RS.10,00,000/- MAY BE WITHDRAWN/ NOT PRESSED. KEEPING IN VIEW THE INSTRUCTION GIVEN BY THE CBDT VIDE CIRCULAR NO. 21/2015 DATED 10.12.2015 , WHICH IS SQUARELY APPLICABLE IN THE PRESENT CASE, THE APPEAL FILED BY THE REVENUE IN THIS CASE IS TREATED AS WITHDRAWN/NOT PRESSED AND DISMIS SED ACCORDINGLY. HOWEVER, IN CASE THE TAX EFFECT INVOLVED IN THIS AP PEAL OF THE REVENUE IS FINALLY FOUND TO BE MORE THAN RS.10 LAKHS, LIBERTY IS GIVEN TO THE REVENUE TO MOVE AN APPLICATION GIVING A DETAILED WORKING OF THE TAX EFFECT INVOLVED AND SEEKING RE-CALL OF THIS ORDER. 3. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON MAY 16, 2017. SD/- SD/- (A.T. VARKEY) (P.M. JAGTAP) JUDICIAL MEMBER ACCOUNTANT ME MBER KOLKATA, THE 16 TH DAY OF MAY, 2017 COPIES TO : (1) INCOME TAX OFFICER, WARD-50(2), KOLKATA, UTTRARAPAN MARKET COMPLEX, MANICKTALA CIVIC CENTRE, ULTADANGA, KOLKATA-700 054 (2) SRIBASH MANNA, SARAT PALLY, P.O. RAJARHAT, GOPALPUR, KOLKATA-700 136 (4) COMMISSIONER OF INCOME TAX(APPEALS)-XXXII, KO LKATA; (5) COMMISSIONER OF INCOME TAX ,KOLKAT A (6) THE DEPARTMENTAL REPRESENTATIVE (7) GUARD FILE BY ORDER SENIOR PRIVATE SECRETARY, HEAD OF OFFICE/DDO INCOME TAX APPELLATE TRIBUNAL, KOLKATA BENCHES, KOLKATA LAHA/SR. P.S.