ACIT, CHENNAI V. Shri N.Venkatesh, CHENNAI

ITA 1791/CHNY/2010

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 51770 (ITAT-CHENNAI)
• Duration Of Justice: 9 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-08-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 16-08-2011
• Assessment Year: 2006-2007
• Appeal Filed On: 22-10-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: S SRIDHAR
• Keywords: Tax effect; Capital Gains

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, CHENNAI BEFORE SHRI ABRAHAM P. GEORGE, ACCOUNTANT MEMBER AND SHRI GEORGE MATHAN, JUDICIAL MEMBER I.T.A. NO. 1791/MDS/2010 (ASSESSMENT YEAR : 2006-07) THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE V, CHENNAI 600 034. (APPELLANT) V. SHRI N. VENKATESH, NEW NO.6 (OLD NO.18), 6 TH CROSS STREET, ADYAR, CHENNAI 600 020. PAN : AAPPV5834J (RESPONDENT) APPELLANT BY : SHRI SHAJI P. JACOB RESPONDENT BY : SHRI S. SRIDHAR, ADVOCATE DATE OF HEARING : 16.08.2011 DATE OF PRONOUNCEMENT : 16.08.2011 O R D E R PER ABRAHAM P. GEORGE, ACCOUNTANT MEMBER : IN THIS APPEAL FILED BY THE REVENUE, ITS GRIEVANCE IS THAT THE CIT(APPEALS) HELD CAPITAL GAINS ON PROPERTY SOLD TO BE ASSESSABLE IN THE HANDS OF THE ASSESSEE-HUF AND NOT IN HIS INDIVI DUAL STATUS. 2. WE FIND IN THE ASSESSMENT ORDER THAT THE DISPUTE IS REGARDING TREATMENT OF LONG TERM CAPITAL GAINS OF ` 11,49,432/-. THE TAX EFFECT I.T.A. NO. 1791/MDS/2010 2 AS WORKED OUT BY THE ASSESSING OFFICER AT PAGE 8 OF ASSESSMENT ORDER IS ONLY ` 2,29,886/-. INSTRUCTION NO.3 OF 2011 DATED 9 TH FEBRUARY, 2011 ISSUED BY THE CENTRAL BOARD OF DIREC T TAXES, UNDER SECTION 268A(1) OF INCOME-TAX ACT, 1961, HAS GIVEN DIRECTIONS NOT TO FILE APPEALS BEFORE INCOME TAX APPELLATE TRIBUNAL W HERE THE TAX EFFECT DOES NOT EXCEED ` 3 LAKHS. THIS TRIBUNAL IS TAKING A CONSISTENT VIEW THAT THE CIRCULAR OF CBDT WOULD APPLY TO PENDI NG APPEALS ALSO. THEREFORE, WE FIND THAT THIS APPEAL IS NOT MAINTAIN ABLE BEFORE THE TRIBUNAL. ACCORDINGLY, THE APPEAL IS DISMISSED. 3. IN THE RESULT, THE APPEAL FILED BY THE REVENUE S TANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT AFTER CONCLUSION OF HEARING ON THE SIXTEENTH DAY OF AUGUST, 2011. SD/- SD/- (GEORGE MATHAN) (ABRAHAM P. GEORGE) JUDICIAL MEMBER ACCOUNTANT MEMBER CHENNAI, DATED THE 16 TH AUGUST, 2011. KRI. COPY TO: (1) APPELLANT (2) RESPONDENT (3) CIT(A)-VIII, CHENNAI (4) CIT-VI, CHENNAI (5) D.R. (6) GUARD FILE