The ACIT, Circle-2(1)(1), Ahmedabad V. Gold Finch Jewellery Ltd., Ahmedabad

ITA 1822/AHD/2017

• Counselvise Citation: [2021] 104 COUNSELVISE.COM (IT) 7041 (ITAT-AHMEDABAD)
• Duration Of Justice: 4 year(s) 4 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-12-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Assessment Year: 2008-2009
• Appeal Filed On: 03-08-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: UMESH KR. AGARWAL
• Keywords: Tax effect
• Section: 148

Judgement Text

आयकर अपील य अ धकरण, अहमदाबाद यायपीठ ‘D’ अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER & Ms. MADHUMITA ROY, JUDICIAL MEMBER आयकर अपील सं./I.T.A. No. 1822/Ahd/2017 ( नधा रण वष / Assessment Year: 2008-09) AC IT Cir cl e- 2( 1)( 1) , Ah me da bad बनाम/ V s . Go ldf in ch J ew el ler y L td . G-5 , Pa ri se e ma Co mp lex , Ne w Sw ag at Cr os s Ro ad s, C. G. Ro ad, A h med ab ad - 38 00 09 थायीलेखासं. /जीआइआरसं. / P A N / G I R N o .: A A A C G 6 9 9 2 L (अपीलाथ /Appellant) . . ( यथ / Respondent) अपीलाथ ओर से/Appellant by : Shri Umesh Kr. Agarwal, Sr. DR यथ क ओरसे / Respondent by: S h r i A s e e m L T h a k k a r , A R स ु नवाईक तार"ख/ D a t e o f H e a r i n g 02/12/2021 घोषणाक तार"ख /D a t e o f P r o n o u n c e m e n t 06/12/2021 आदेश/O R D E R PER MADHUMITA ROY, JM: The appeal filed by the Revenue for A.Y. 2008-09, arise from order of the CIT(A)-2, Ahmedabad dated 24.05.2017, in proceedings under Section 143(3) r.w.s. 147 of the Income Tax Act, 1961; in short “the Act”. 2. The ground of appeal raised b y the Revenue reads as under:- “ 1 . T h e L d . C I T ( A ) h a s e r r e d i n l a w i n q u a s h i n g t h e r e o p e n i n g p r o c e e d i n g s u / s 1 4 8 o f t h e I T A c t . 2 . T h e L d . C I T ( A ) h a s e r r e d i n l a w a n d o n f a c t s i n d e l e t i n g t h e a d d i t i o n o f R s . 1 0 3 6 7 0 2 5 / - u n d e r s e c t i o n 6 8 o f t h e A c t , w i t h o u t p r o p e r l y a p p r e c i a t i n g t h e f a c t s o f t h e c a s e a n d t h e m a t e r i a l b r o u g h t o n r e c o r d . 3 . T h e L d . C I T ( A ) f a i l e d t o a p p r e c i a t e t h a t t h e a l le g e d f a i l u r e t o c o m p l y w i t h t h e p r i n c i p l e s o f n a t u r a l j u s t i c e d o n ot m a k e t h e o r d e r a ITA No. 1822/AHD/2017 [ACIT vs. Goldfinch Jewellery Ltd.] A.Y. 2008-09 2 n u l l i t y b u t a t t h e b e s t i t c o u l d b e s e t a s i d e t o b e d o n e d e - n o v o . R e f e r e n c e t o t h e d e c i s i o n o f t h e S u p r e m e C o u r t i n th e c a s e o f T i n B o x C o . v s . C I T 2 4 9 I T R 2 1 6 ( S C ) a n d t h e c a s e o f G u d u t h ur B r o t h e r s v s . I T O i n 4 0 I T R 2 9 8 ( S C ) i s m a d e . 4 . T h e a p p e l l a n t c r a v e s l e a v e t o a m e n d o r a l t e r a n y g r o u n d o r a d d a n e w g r o u n d , w h i c h m a y b e n e c e s s a r y . ” 3. At the ti me of he aring, it was submitted b y the Ld.AR for the assessee that appeal filed b y the Re venue is hit b y re cently issued CBDT Circular No.17 of 2019 dated 08/08/2019 revising the previous thresholds pertaining to tax effects. As per aforesaid Circular, all pending appeals filed by Revenue ar e liable to be dismissed as a me asure for r educing litigation where t he tax effect does not exceed the prescribed mon etar y li mit which is now revised at Rs.50 Lakhs. I n the instant case , the tax effect on the disputed issues raised by the Revenue is stated to be not exceeding Rs.50 lakhs and therefore appeal of th e Revenue is r e quired to be dismissed in limine. 4. The Learned DR for the Revenue fairl y ad mitted the applicability of t he CBDT Circula r No. 17 of 2019. Accordingly, appeal of the Rev enue is dis missed as not maintainable. However, it will be open to the Revenue to s eek restoration of its appeal on showing inapplicability of the af oresaid CBDT C ircular in an y manner. 5. In the result, the appeal of the Revenue is dismissed. Sd/- Sd/- (WASEEM AHMED) (MADHUMITA ROY) ACCOUNTANT MEMBER JUDICIAL MEMBER Ahmedabad: Dated 06/12/2021 TANMAY, Sr. PS TRUE COPY This Order pronounced in Open Court on 06/12/2021 ITA No. 1822/AHD/2017 [ACIT vs. Goldfinch Jewellery Ltd.] A.Y. 2008-09 3 आदेश क त ल प अ े षत / Copy of Order Forwarded to:- 1. राज व / Revenue 2. आवेदक / Assessee 3. संबं,धत आयकर आय ु -त / Concerned CIT 4.आयकर आय ु -त- अपील / CIT (A) 5. 1वभागीय त न,ध,आयकर अपील"य अ,धकरण, अहमदाबाद / DR, ITAT, Ahmedabad 6. गाड फाइल / Guard file. By order/आदेश से, उप/सहायक पंजीकार आयकर अपील"य अ,धकरण,अहमदाबाद । 1 . D a t e o f d i c t a t i o n o n 0 2 . 1 2 . 2 0 2 1 ( L o w T a x E f f e c t F o r m a t ) 2 . 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