DCIT, New Delhi V. Dr Naresh Trehan, New Delhi

ITA 1964/DEL/2010

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 3688 (ITAT-DELHI)
• Duration Of Justice: 2 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-07-2010
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: F
• Next Hearing Date: 01-07-2010
• Assessment Year: 2006-2007
• Appeal Filed On: 30-04-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: JAYANT MISHRA
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH F ; NEW DELHI BEFORE SHRI C.L. SETHI, JM AND SHRI A.K. GARODIA, A M I.T.A. NO.1964/DEL OF 2010 ASSESSMENT YEAR: 2006-07 DY. CIT, CENTRAL CIRCLE 3, DR. NARESH TREHAN, NEW DELHI. VS B-4, MAHARANI BAGH, NEW DELHI. APPELLANT RESPONDENT APPELLANT BY: SHRI JAYANT MISHRA, CIT DR RESPONDENT BY: SHRI RAHUL KHARE ORDER PER C.L. SETHI, JM THE REVENUE IS IN APPEAL AGAINST THE ORDER DATED 4 .2.2010 PASSED BY THE LD. CIT(A) IN THE MATTER OF AN ASSESSMENT MADE U/S 143(3) OF THE INCOME-TAX ACT, 1961 (THE ACT) FOR THE ASSESSMENT Y EAR 2006-07. 2. THE GROUNDS RAISED BY THE REVENUE ARE AS UNDER: 1(A) THE LD. CIT(A) ERRED ON THE FACTS AND CIRCUMSTANCES AND IN LAWBY PARTIALLY DELETING THE ADDITION TO THE EXTENT OF RS.1,84,21,274/- ON ACCOUNT OF MATURITY AMOUNT TOWARDS KEYMAN INSURANCE POLICY.. 1(B) THE LD. CIT(A) ERRED ON THE FACTS AND CIRCUMSTANCES AND IN LAW BY INTERPRETING THE RELEVANT STATUTORY PROVISIONS AND THE CIRCULAR NO.762 DATED 18.2.1998 ISSUED BY CENTRAL BOARD 2 OF DIRECT TAXES IN THE CONTEXT OF THE FACTS OF THE PRESENT CASE. 1(C) THE LD. CIT(A) ERRED ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW RELYING ON IN THE CASE OF RAJAN NANDA ESPECIALLY AS THE SAME IS NOT ACCEPTED BY THE REVENUE AND APPEAL ARE PENDING BEFORE THE HONBLE HIGH COURT, 2. THE ORDER OF THE CIT(A) IS ERRONEOUS AND NOT TENABLE IN LAW AND ON THE FACTS. 3. WE HAVE HEARD BOTH THE PARTIES. 4. IN THIS CASE, AN ADDITION OF RS.4,27,50,000/-, B EING THE RECEIPT OF LIC KEYMAN LIFE INSURANCE POLICY WAS MADE BY THE AO. O N AN APPEAL, LEARNED CIT(A) SUSTAINED THE ADDITION TO THE EXTENT OF RS.2 ,43,28,726/-, AND DELETED THE ADDITION TO THE EXTENT OF RS.1,84,21,274/- OUT OF THE TOTAL ADDITION OF RS.4,27,50,000/-. AGAINST THE ADDITION OF RS.2,43, 28,726/- CONFIRMED BY THE LEARNED CIT(A), THE ASSESSEE PREFERRED AN APPEAL BE FORE THIS TRIBUNAL, WHICH WAS REGISTERED AS ITA NO.934/DEL/2010. THE APPEAL FILED BY THE ASSESSEE STANDS DISPOSED OF VIDE ORDER DATED 4.6.2010 BY THE INCOME-TAX APPELLATE TRIBUNAL, DELHI BENCH F, NEW DELHI, WHEREBY THE M ATTER HAS BEEN RESTORED BACK TO THE FILE OF THE AO TO CONSIDER THE SAME AFR ESH WITH THE DIRECTIONS AS GIVEN IN THAT ORDER. THE ISSUE RAISED BY THE REVEN UE IN THIS APPEAL IS UNDOUBTEDLY INTER-CONNECTED TO THE ISSUE RAISED BY THE ASSESSEE. THEREFORE, RESPECTFULLY FOLLOWING TRIBUNALS ORDER DATED 4.6.2 010 PASSED IN APPEAL FILED BY THE ASSESSEE, WE RESTORE THE ISSUE RAISED BY THE REVENUE IN THIS APPEAL TO 3 THE FILE OF AO FOR HIS FRESH ADJUDICATION, IN THE L IGHT OF THE OBSERVATIONS AND DIRECTIONS GIVEN BY THE TRIBUNAL IN THE ASSESSEES APPEAL. WE ORDER ACCORDINGLY. 5. IN THE RESULT, THE APPEAL FILED BY THE REVENUE I S TREATED AS ALLOWED FOR STATISTICAL PURPOSES. 6. THIS DECISION WAS PRONOUNCED IN THE OPEN COURT O N 1 ST JULY, 2010 IMMEDIATELY AFTER THE HEARING WAS OVER. (A.K. GARODIA) (C.L. SETHI) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 1 ST JULY, 2010 VIJAY COPY TO: 1. APPELLANT. 2. RESPONDENT. 3. CIT 4. CIT(A)-II, NEW DELHI. 5. DR ASSISTANT REGISTRAR