Asst. Commissioner of Income Tax, Circle-4(1), Hyderabad V. Subhash Gupta , Hyderabad

ITA 2078/Hyd/2018

• Counselvise Citation: [2019] 116 COUNSELVISE.COM (IT) 1250 (ITAT-HYDERABAD)
• Duration Of Justice: 10 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-09-2019
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB-B
• Next Hearing Date: 03-09-2019
• Assessment Year: 2014-2015
• Appeal Filed On: 26-10-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: NILANJAN DEY
• Keywords: Tax effect
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH B, HYDERABAD BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER ITA NO.2078/HYD/2018 ASSESSMENT YEAR: 2014 - 15 ASST. COMMISSIONER OF INCOME TAX, CIRCLE - 4(1), HYDERABAD. VS. SRI SUBHASH GUPTA, 4 - 3 - 72/1/15, SULTAN BAZAR, K.S. LANE, HYDERABAD. PAN: ACAPG 1663 R (APPELLANT) (RESPONDENT) ASSESSEE BY: SRI K.C. DEVDAS REVENUE BY: SRI NILANJAN DEY, DR DATE OF HEARING: 03/09/2019 DATE OF PRONOUNCEMENT: 03 /09/2019 ORDER PER A. MOHAN ALANKAMONY, AM.: THIS APPEAL IS FILED BY THE REVENUE AGAINST THE ORDER OF THE LD. CIT(A) - 1, HYDERABAD DATED 28/08/2018 IN APPEAL NO. 0401/CIT(A) - 1, HYD/2016 - 17/2018 - 19 PASSED U/S. 143(3) & 250(6) OF THE ACT FOR THE ASST. YEAR 2014 - 15. 2. THE REVENUE HAS RAISED THE FOLLOWING GROUNDS OF APPEAL: - 1. THE ORDER OF THE LD. CIT(A) IS ERRONEOUS ON FACTS AS WELL AS IN LAW. 2. THE LD. CIT(A) ERRED IN DELETING THE ADDITION U/S. 68 OF RS. 1,44,09,577/ - BY DISALLOWING THE CLAIM OF LTCG U/S. 10(38) OF THE IT ACT, WHICH IS NOT ONLY CONTRARY TO EVIDENCE AND MATERIAL ON RECORD BUT IS ALSO PERVERSE. 2 3. THE LD. CIT(A) ERRED IN NOT TAKING COGNIZANCE OF THE THORO UGH INVESTIGATION CARRIED OUT BY THE INVESTIGATION WING OF THE INCOME TAX DEPARTMENT AT KOLKATA. 4. THE LD. CIT(A) ERRED IN IGNORING THE DECISION OF ITAT, CHANDIGARH DT. 18/04/2018 IN ITA NO. 951/CHD/ 2016 IN THE CASE OF ABHIMANYU SION VS. ACIT. 5. ANY OTHE R GROUND THAT MAY BE URGED AT THE TIME OF HEARING. 2. AT THE TIME OF HEARING IT HAS BEEN BROUGHT TO OUR NOTICE THAT AS PER THE CBDT CIRCULARS NO.03/2018 DATED 11.07.2018 AND CIRCULAR NO.17 OF 2019 DATED 9 TH AUGUST, 2019, THE TAX LIMIT FOR FILING APPEAL BY THE REVENUE BEFORE THE TRIBUNAL HAS BEEN FIXED AT RS.50.00 LAKHS AND ABOVE . THEREFORE, S INCE THE TAX EFFECT IN THE PRESENT APPEAL BEFORE US IS LESS THAN RS.50.00 LAKH, WE HEREBY DISMISS T HE SAME WITH LIBERTY TO THE REVENUE TO SEEK RECALL OF THE ORDER, IF THE APPEAL FALLS WITHIN THE EXCEPTIONS MENTIONED IN THE CIRCULA RS OF THE CBDT . 3. IN THE RESULT, THE APPEAL FILED BY THE REVENUE IS DISMISSED . PRONOUNCED IN THE OPEN COURT ON 03 RD SEPTEMBER, 2019. SD/ - SD/ - (P. MADHAVI DEVI) ( A. MOHAN ALANKAMONY ) JUDICIAL MEMBER ACCOUNTANT MEMBER HYDERABAD, DATED: 03 RD SEPTEMBER , 2019 OKK 3 COPY TO: - 1) SRI SUBHASH GUPTA, 4 - 3 - 72/1/15, SULTAN BAZAR, K.S. LANE, HYDERABAD - 95. 2) ACIT , R.NO.742, 7 TH FLOOR, INCOME TAX TOWERS, MASAB TANK, HYDERABAD. 3) THE CIT(A) - 1 , HYDERABAD 4) THE PR. CIT - 1 , HYDERABAD 5) THE DR, ITAT, HYDERABAD 6) GUARD FILE