ACIT, New Delhi V. M/s. Zeus Power Solutions (P) Ltd., New Delhi

ITA 2111/DEL/2012

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 7041 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 8 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-01-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: H
• Next Hearing Date: 29-01-2016
• Assessment Year: 2003-2004
• Appeal Filed On: 04-05-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Retrospective amendment; Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : H : NEW DELHI BEFORE SHRI R.S. SYAL, ACCOUNTANT MEMBER AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER ITA NOS.2111 & 2112/DEL/2012 ASSESSMENT YEAR : 2003-04 ACIT, CIRCLE-18(1), NEW DELHI . VS. ZEUS POWER SOLUTIONS (P) LTD., 413, HEMKUNT TOWER, NEHRU PLACE, NEW DELHI. PAN: AAACZ1271F ASSESSEE BY : SHRI SHIV KUMAR ARORA, CA DEPTT. BY : SHRI RAJIV RANKA, SR. DR DATE OF HEARING : 29.01.2016 DATE OF PRONOUNCEMENT : 29.01.2016 ORDER PER R.S. SYAL, AM: THESE APPEALS BY THE REVENUE ARISE OUT OF THE ORDER S PASSED BY THE CIT(A) IN RELATION TO THE ASSESSMENT YEAR 2003- 04. ITA NOS.2111 & 2112/DEL/2012 2 2. DURING THE COURSE OF HEARING, THE LD. AR SUBMITT ED THAT PURSUANT TO THE MANDATE OF SECTION 268A, THE CBDT H AS ISSUED CIRCULAR NO. 21 OF 2015 DATED 10.12.2015 WITH RETRO SPECTIVE EFFECT, REVISING THE MONETARY LIMIT TO RS.10,00,000 /- FOR NOT FILING APPEALS BEFORE THE TRIBUNAL. HE FURTHER SUB MITTED THAT AS THE TAX EFFECT INVOLVED IN THE INSTANT APPEALS I S LESS THAN RS.10,00,000/-, THE EXTANT APPEALS ARE NOT MAINTAIN ABLE. THE LD. D.R., ALTHOUGH SUPPORTED THE ORDER OF THE ASSES SING OFFICER, BUT COULD NOT CONTROVERT THE FACT THAT TAX EFFECT INVOLVED IN THESE APPEALS IS LESS THAN RS.10,00,000 /-. 3. FROM PARA 10 OF THE ABOVE CIRCULAR IT IS PALPABL E THAT THE INSTRUCTION IS APPLICABLE TO THE PENDING APPEALS AL SO WITH RETROSPECTIVE EFFECT AND THERE IS A CLEAR-CUT DIREC TION TO THE DEPARTMENT TO WITHDRAW OR NOT PRESS SUCH APPEALS FI LED BEFORE THE ITAT WHEREIN TAX EFFECT IS LESS THAN RS.10,00,0 00/-. GOING BY THE PRESCRIPTION OF THE AFORENOTED CIRCULAR, WE ARE OF THE VIEW THAT THE REVENUE SHOULD HAVE EITHER NOT FILED THE INSTANT ITA NOS.2111 & 2112/DEL/2012 3 APPEALS BEFORE THE TRIBUNAL OR WITHDRAWN THE SAME A S THE TAX EFFECT IN THESE APPEALS IS ADMITTEDLY LESS THAN THE PRESCRIBED LIMIT FOR NOT FILING THE APPEALS. EX CONSEQEUNTI WE DISMISS THE INSTANT APPEALS WITHOUT GOING INTO MERITS OF THESE CASES. 4. IN THE RESULT, THE APPEALS OF THE REVENUE STAND DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 29.01.2016. SD/- SD/- [SUDHANSHU SRIVASTAVA] [R.S. SYAL] JUDICIAL MEMBER ACCOUNTANT MEMBER DATED, 29 TH JANUARY, 2016. DK COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT (A) 5. DR, ITAT AR, ITAT, NEW DELHI.