Asst.Commissioner of Income Tax, (Exemptions), Hyderabad V. Indian School of Business, Hyderabad

ITA 2064/Hyd/2017

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 6636 (ITAT-HYDERABAD)
• Duration Of Justice: 3 year(s) 1 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-01-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB-B
• Assessment Year: 2011-2012
• Appeal Filed On: 07-12-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: Y V S T SAI
• Assessee Lawyers: BHARGAV RAM SHRI KESAVA RAO
• Keywords: Retrospective amendment; Tax effect
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES B : HYDERABAD (THROUGH VIDEO CONFERENCE) BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER I.T.A. NO. 2064/HYD/2017 ASSESSMENT YEAR: 2011-12 ASST.COMMISSIONER OF INCOME TAX (EXEMPTIONS), HYDERABAD CIRCLE, HYDERABAD VS M/S.INDIAN SCHOOL OF BUSINESS, HYDERABAD [PAN: AAACI6797H] (APPELLANT) (RESPONDENT) FOR REVENUE : SHRI Y.V.S.T.SAI, CIT-DR FOR ASSESSEE : SHRI BHARGAV RAM FOR SHRI KESAVA RAO, AR DATE OF HEARING : 13-01-2021 DATE OF PRONOUNCEMENT : 29-01-2021 O R D E R PER BENCH : THIS REVENUES APPEAL FOR AY.2011-12 ARISES FROM THE CIT(A)-9, HYDERABADS ORDER DATED 21-07-2017 PASSED IN CASE NO.0049/DCIT-EXEMPTIONS/2014-15 IN PROCEEDINGS U/S. 143(3) OF THE INCOME TAX ACT, 1961 [IN SHORT, THE ACT] . 2. LEARNED CIT-DR IS VERY VERY FAIR AT THE OUTSET IN INFORMING THE BENCH THAT THE REVENUES SUBSTANTIVE GRIE VANCE SEEKING TO REVIVE DISALLOWANCE OF RS.40,03,344/- INV OLVES TAX EFFECT OF LESS THAN RS.50 LAKHS AS PER THE CBDTS CIR CULAR ITA NO. 2064/HYD/2017 :- 2 -: NO.17 OF 2019 DATED 8 TH AUGUST, 2019, APPLICABLE WITH RETROSPECTIVE EFFECT. 3. AFTER HEARING BOTH THE SIDES AND PERUSING THE RECOR DS AS PLACED BEFORE US, WE FOUND THAT THE APPEAL IS COVERED BY THE AFORESAID CIRCULAR AND IS, THEREFORE, NOT MAINTAINABL E SINCE THE TAX EFFECT IN THIS APPEAL IS LESS THAN RS.50 LAKHS. WE ARE DISMISSING THE SAME ON ACCOUNT OF LOW TAX EFFECT AS APP ARENTLY THE CASE IS NOT COVERED BY ANY OF THE EXCEPTIONS IN THE CIRCULAR. 4. THIS REVENUES APPEAL IS DISMISSED IN ABOVE TERMS . ORDER PRONOUNCED IN THE OPEN COURT ON 29 TH JANUARY, 2021 SD/- SD/- (LAXMI PRASAD SAHU) (S.S.G ODARA) ACCOUNTANT MEMBER JUDICIAL MEM BER HYDERABAD, DATED: 29-01-2021 TNMM ITA NO. 2064/HYD/2017 :- 3 -: COPY TO : 1.THE ASST.COMMISSIONER OF INCOME TAX(EXEMPTIONS), HYDERABAD CIRCLE, HYDERABAD. 2.M/S.INDIAN SCHOOL OF BUSINESS, ISB CAMPUS, GACHIB OWLI, HYDERABAD. 3.CIT(APPEALS)-9, HYDERABAD. 4.CIT(EXEMPTIONS)-HYDERABAD. 5.D.R. ITAT, HYDERABAD. 6.GUARD FILE.