The ITO,Patan Ward-3, Mehsana V. Shri Dwarkesh Trikamlal Maniar, Visnagar

ITA 2013/AHD/2012

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 9344 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 5 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-02-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 23-02-2016
• Assessment Year: 2008-2009
• Appeal Filed On: 07-09-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A K PANDEY
• Keywords: Unexplained cash credit; Tax effect

Judgement Text

I.T.A. NO . 2013 /AHD/2012 ASSESSMENT YEAR: 2008 - 09 PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL, AHMEDABAD B BENCH, AHMEDABAD [CORAM : PRAMOD KUMAR AM AND KUL BHARAT JM ] ITA NO. 2013 /AHD/ 20 1 2 ASSESSMENT YEAR : 2008 - 09 INCOME TAX OFFICER, .. .APPELLANT PATAN WARD - 3, MEHSANA . VS. DWARKES H TRIKAMLAL MANIAR .. . RESPONDENT 1/11/38, SANKADI SHERI, TOWER BAZAR, VISNAGAR. [PAN: A I V P M 3556 E ] APPEARANCES BY: A.K. PANDEY , FOR THE APPELLANT VIVEK CHAVDA , FOR THE RESPONDENT D ATE OF CONCLUDING THE HEARING : FEBRUARY 23 RD , 201 6 DATE OF PRONOUNCING THE ORDER : FEBRUARY 23 RD , 201 6 O R D E R PER PRAMOD KUMAR AM : 1. BY WAY OF THIS APPEAL, THE ASSESSING OFFICER HAS CHALLENGED CORRECTNESS OF THE ORDER DATED 1 ST JUNE, 2012 , PASSED BY THE LD. CIT(A), FOR THE ASSESSMENT Y EAR 2008 - 09 , ON THE FOLLOWING GROUNDS : - 1 . THE LD. CIT (APPEALS) HAS ERRED IN LAW AND ON FACTS IN D ELETING THE ADDITION OF RS.8,31,725/ - OUT OF THE TOTAL ADDITION OF RS.8,51,580/ - MADE BY THE AO ON ACCOUNT OF UNEXPLAINED CASH CREDITS. (IDENTICAL AMOUNT OF RS.19,000/ - IN CASH FROM DIFFERENT 43 PERSONS) . 2. THE LD. CIT (APPEALS) HAS ERRED IN LAW AND ON FACTS IN TREATING THE SHARE TRADING LOSS OF RS.6,44,777/ - AS REVENUE LOSS A S AGAINST CAPITAL LOSS TREATED BY THE AO, THEREBY GRANTING SET OFF OF THIS LOSS AGAINST OTHER INCOME OF THE ASSESSEE. 3 . ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LD. CIT (A ) OUGHT TO HAVE UPHELD THE ORDER OF THE ASSESSING OFFICER. I.T.A. NO . 2013 /AHD/2012 ASSESSMENT YEAR: 2008 - 09 PAGE 2 OF 2 2. WE HAVE NOTICED THAT THE TAX EFFECT INVOLVED IN THIS APPEAL IS LESS THAN RS.10,00,000/ - . IN VIEW OF THIS UNDISPUTED FACT AND IN THE LIGHT OF CBDT CIRCULAR NO.21/2015 DATED 10 TH DECEMBER, 2015, WE ARE OF THE CONSIDERED VIEW THAT THIS APPEAL IS LIABLE TO BE DISMISSED AS WITHDRAWN FOR THE SIMPLE REASON THAT TAX EFFECT INVOLVED IN THE APPEAL IS LE SS THAN RS.10,00,000/ - . 3 . IN THE RESULT, THE APPEAL IS DISMISSED. P RONOUNCED IN THE OPEN COURT ON THIS 23 RD DAY OF FEBRUARY, 2016 . SD/ - SD/ - KUL BHARAT PRAMOD KUMAR (JUDICIAL MEMBER) (A CCOUNTANT MEMBER) PBN/* DATED: THE 23 RD DAY OF FEBRUARY , 201 6 . COPIES TO : (1) THE APPELLANT (2) THE RESPONDENT (3) CIT (4) CIT(A) (5) DR (6) GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL AHM EDABAD BENCHES, AHMEDABAD