DCIT 1(3), MUMBAI V. VINDHYACHAL HYDROPOWER LTD, MUMBAI

ITA 1925/MUM/2014

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 4022 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-04-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: F
• Next Hearing Date: 27-01-2016
• Assessment Year: 2010-2011
• Appeal Filed On: 21-03-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SUMIT KUMAR
• Keywords: Tax effect
• Section: 143(3); 14A; 115JB

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES F, MUMBAI BEFORE SHRI JASON P. BOAZ (AM) AND SHRI SANDEEP GOS AIN (JM) ITA NO. 1925/MUM/2014 ASSESSMENT YEAR: 2010-11 THE DY. CIT 1(3), 564, 5 TH FLOOR, AAYAKAR BHAVAN, M. K. ROAD, MUMBAI- 400020. VS. M/S. VINDHYACHAL HYDROPOWER LTD. EMPIRE HOUSE, 3 RD FLOOR, DR. D.N.ROAD, MUMBAI- 400001. PAN : AABCV0764G (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI. SUMIT KUMAR RESPONDENT BY : SHRI. UJJVAL GANGWAL DATE OF HEARING: 13/04/2016 DATE OF PRONOUNCEMENT: 13/04/2016 O R D E R PER JASON P. BOAZ, AM THE AFORESAID APPEAL HAS BEEN FILED BY THE REV ENUE AGAINST THE IMPUGNED ORDER DATED 26/11/2013 PASSED BY THE CIT(APPEALS)-2 , MUMBAI FOR THE QUANTUM OF ASSESSMENT PASSED U/S 143(3) FOR THE ASS ESSMENT YEAR 2010-11, ON THE FOLLOWING GROUND:- WHETHER ON THE FACTS AND IN THE CIRCUMSTANCES OF T HE CASE, AND IN LAW, THE LD. CIT(A) WAS JUSTIFIED IN HOLDING THAT T HE DISALLOWANCE U/S 14A IS NOT TO BE ADDED FOR THE PURPOSE OF COMPU TING BOOK PROFIT AS PER SECTION 115JB OF THE ACT WITHOUT APPRECIATIN G THAT SUCH ADJUSTMENT IS PRESCRIBED IN EXPLANATION 1(F) OF SEC TION 115JB OF THE ACT. 2 ITA NO. 1925/MUM/2014 ASSESSMENT YEAR: 2010-11 3. AT THE OUTSET, IT IS NOTICED THAT, THE DISPUTE D ISSUE IS ONLY RS. 25,15,497/- AND THE TAX EFFECT ON THIS AMOUNT IS BELOW THE MONE TARY LIMIT OF RS. 10 LAKHS. AS PER THE LATEST CBDT CIRCULAR NO. 21 OF 2015, DAT ED 10 TH DECEMBER, 2015, NEW GUIDELINES OF MONETARY LIMIT FOR FILING OF APPE ALS BY THE DEPARTMENT HAS BEEN ISSUED, WHEREBY THE TAX EFFECT FOR FILING OF A PPEAL BEFORE THE ITAT HAS BEEN PRESCRIBED AT RS. 10 LAKHS. IN THE SAID CIRCUL AR, IT HAS BEEN SPECIFICALLY CLARIFIED THAT THE SAID INSTRUCTION WILL APPLY RETR OSPECTIVELY TO ALL THE PENDING APPEALS. ACCORDINGLY, THE APPEAL FILED BY THE REVEN UE IS NOT MAINTAINABLE AND IS DISMISSED IN LIMINE . ORDER PRONOUNCED IN THE OPEN COURT ON 13 TH APRIL, 2016 SD/- SD/- ( SANDEEP GOSAIN ) (JASON P.BOAZ) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI; DATED: 13/04/2016 / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A)- 4. / CIT 5. !' , $ !'% , / DR, ITAT, MUMBAI 6. &' ( / GUARD FILE. / BY ORDER, ) //TRUE COPY// / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI PRAMILA