D.C.I.T. Central cricle,1(2), Nagpur V. SHRI KAILASHCHANDRA N NUWAL, Nagpur

ITA 192/NAG/2015

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 2160 (ITAT-NAGPUR)
• Duration Of Justice: 1 year(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-07-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2005-2006
• Appeal Filed On: 12-06-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A R NINAWE
• Assessee Lawyers: C N RATHI
• Keywords: Deemed dividend; Tax effect

Judgement Text

1 ITA NO. 192/NAG/2015 IN THE INCOME TAX APPELLATE TRIBUNAL, NAGPUR BENCH, NAGPUR BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER. (S.M.C.) I.T.A. NO. 192 /NAG/2015. ASSESSMENT YEAR : 2005 - 06. DY. COMMISSIONER OF INCOME - TAX, SHRI KAILASHCHANDRA N. NUWAL , CENTRAL CIRCLE - 1(2), NAGPUR. VS. NAGPUR. PAN AAUPN0202E. APPELLANT. RESPONDENT. APPELLANT BY : SHRI A.R. NINAWE. RESPONDENT BY : SHRI C. N. RATHI. DATE OF HEARING : 05 - 07 - 2016 DATE OF PRONOUNCEMENT : 5 TH JULY, 2016 O R D E R THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF LEARNED CIT(APPEALS) - I II, NAGPUR DATED 17 - 03 - 2015 DELETING THE ADDITION OF RS. 27,15,000/ - MADE BY THE AO FOR THE PURPOSE OF COMPUTATION OF DEEMED DIVIDEND U/S 2(22)(E) OF THE INCOME - TAX ACT, 1961. 2. AT THE THRESHOLD I NOTE THAT AS PE R THE CBDT CIRCULAR NO. 21/2015 DATED 10 - 12 - 2015 THE MONETARY LIMIT FIXED FOR FILING APPEALS BY THE DEPARTMENT BEFORE THE INCOME - TAX APPELLATE TRIBUNAL IS HAVING TAX EFFECT OF MORE THAN RS.10,00,000/ - . IT HAS BEEN MENTIONED IN PARA 10 OF THE ABOVE SAID CIR CULAR THAT THIS INSTRUCTION WILL APPLY RETROSPECTIVELY TO PENDING APPEALS. FURTHER IT HAS BEEN PROVIDED THAT THE PENDING APPEALS BELOW THE SPECIFIED LIMIT MAY BE WITHDRAWN/NOT PRESSED. I FIND THAT IN THIS APPEAL THE TAX EFFECT IS BELOW RS.10,00,000/ - . 2 ITA NO. 192/NAG/2015 3. T HERE ARE CERTAIN EXCEPTIONS PROVIDED IN THE ABOVE SAID CIRCULAR. LEARNED D.R. DID NOT DISPUTE THAT THIS APPEAL IS BELOW THE ABOVE SAID LIMIT. FURTHER HE COULD NOT POINT OUT ANY FEATURE IN THE PRESENT APPEAL INVITING ANY OF THE EXCEPTIONS IN THE SAID CIRCUL AR. 4. IN THE LIGHT OF THE ABOVE OBSERVATIONS, THIS APPEAL BY THE REVENUE STANDS DISMISSED IN LIMINE ON ACCOUNT OF TAX EFFECT. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 5 TH DAY OF JULY,2016. SD/ - ( SHAMIM YAHYA) ACCOUNTANT MEMBER. NAGPUR, DATED: 5 TH JULY, 2016. COPY FORWARDED TO : 1. SHRI KAILASHCHANDRA N. NUWAL, 153, TAVKKAL LAYOUT, WADI, NAGPUR. 2. D .C.I.T. , CENTRAL CIRCLE - 1(2) , NAGPUR. 3. C.I.T. - I, NAGPUR. 4. CIT(APPEALS), - I II, NAGPUR. 5. D.R., ITAT, NAGPUR. 6. GUARD FILE TRUE COPY BY ORDER ASSISTANT REGISTRAR, INCOME TAX APPELLATE TRIBUNAL, NAGPUR BENCH, NAGPUR. WAKODE.