ITO 21(3)(1), Mumbai V. RAHEJA ALTANTIS COOPERATIVE HOUSING SOCIETY LTD, Mumbai

ITA 1976/MUM/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 6367 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 5 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-09-2020
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Assessment Year: 2015-2016
• Appeal Filed On: 04-04-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Tax effect
• Section: 201

Judgement Text

THE INCOME TAX APPELLATE TRIBUNAL D BENCH, MUMBAI SHRI SHAMIM YAHYA (AM) & SHRI RAMLAL NEGI (JM) I.T.A. NO. 2159/MUM/2019 (ASSESSMENT YEAR 2012-13 ) DCIT CC-7(3) ROOM NO. 655 6 TH FLOOR AAYAKAR BHAVAN M.K. ROAD MUMBAI-400 020. VS . SHRI RAJMAL HEMRAJ VANIGOTA FLAT NO. 1005, LODHA CASTIERA NAPPEAN SEA ROAD MUMBAI-400 026. PAN : AAAPV5786E ( APPELLANT ) ( RESPONDENT ) ASSESSEE BY SHRI POOJAN MEHTA DEPARTMENT BY SHRI V. VINOD KUMAR DATE OF HEARING 10.09.2020 DATE OF PRONOUNCEMENT 14.09.2020 O R D E R PER SHAMIM YAHYA (AM) :- THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST OR DER OF LEARNED CIT-A DATED 24.1.2019 AND PERTAINS TO ASSESSMENT YEAR 201 2-13. THE GROUNDS OF APPEAL READ AS UNDER :- ON THE FACTS AND CIRCUMSTANCES OF THE CASE LD. CIT(A) HAS ERRED IN DELETING THE ADDITION U/S. 68 OF RS. 1,50,00,000/- WITH RESPEC T TO THE UNSECURED LOANS RECEIVED BY IT, WITHOUT APPRECIATING THAT THE RETR ACTION OF STATEMENT IS ONLY AN AFTERTHOUGHT AND THE ASSESSING OFFICER WAS CO RRECT IN THE TREATMENT OF THE UNSECURED LOANS CONSIDERING THE PREPONDERANCE OF PROBABILITY. 3. AT THE OUTSET LD COUNSEL OF THE ASSESSEE SUBMITT ED THAT THE TAX EFFECT IN THIS CASE IS BELOW THE LIMIT OF RS50,00,000 FIXED B Y CBDT VIDE CIRCULAR NO. 17/2019 DT 8/8 2019 FOR FILING APPEAL BEFORE THE I TAT. HENCE LD COUNSEL SUBMITTED THAT THIS APPEAL BY THE REVENUE IS NOT MA INTAINABLE. PER CONTRA LD DR COULD NOT DISPUTE THAT THE TAX EFFECT IS BELOW T HE SAID LIMIT. HE COULD NOT POINT OUT THAT THE APPEAL FALLS IN ANY OF THE EXCEP TIONS CARVED IN SAID CIRCULAR. 2 4. UPON CAREFUL CONSIDERATION WE FIND THAT, AS THE TAX EFFECT IS BELOW THE LIMIT FIXED BY CBDT FOR FILING APPEALS BEFORE THE I TAT, THIS APPEAL BY THE REVENUE IS LIABLE TO BE DISMISSED IN LIMINE. 5. ACCORDINGLY THE APPEAL STANDS DISMISSED AS SUCH. ORDER PRONOUNCED ON 14.9.2020. SD/- SD/- (RAMLAL NEGI) (SHAMIM YAHYA) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI; DATED : 14/09/2020 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// ( ASSISTANT REGISTRAR) PS ITAT, MUMBAI