ACIT, CHENNAI V. R.Nagarajan, CHENNAI

ITA 2123/CHNY/2015

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 96514 (ITAT-CHENNAI)
• Duration Of Justice: 1 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-12-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2010-2011
• Appeal Filed On: 05-11-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P RADHAKRISHNAN
• Assessee Lawyers: T VASUDEVAN
• Keywords: Tax effect

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL , A B ENCH, CHENNAI . , ! # , $ & BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER ./ I.T.A.NO.2123/MDS/2015 ( / ASSESSMENT YEAR: 2010-11) ASSISTANT COMMISSIONER OF INCOME TAX, NON-CORPORATE CIRCLE-1(1), (FORMERLY KNOWN AS BUSINESS CIRCLE-I) AAYAKAR BHAVAN CHENNAI-600 034. VS MR.R.NAGARAJAN, D-6, SHANTHI GULMOHAR 147, R.K.MUTT ROAD, R.A.PURAM CHENNAI-600 028. PAN: AAAPN3934E ( /APPELLANT) ( /RESPONDENT) / APPELLANT BY : MR. P.RADHAKRISHNAN, JCIT /RESPONDENT BY : MR. T.VASUDEVAN, ADVOCATE /DATE OF HEARING : 16 TH DECEMBER, 2015 /DATE OF PRONOUNCEMENT : 18 TH DECEMBER, 2015 / O R D E R PER CHALLA NAGENDRA PRASAD, JM: THIS APPEAL IS FILED BY THE REVENUE AGAINST THE OR DER OF COMMISSIONER OF INCOME TAX (APPEALS)-2, CHENNAI DAT ED 28.08.2015 FOR THE ASSESSMENT YEAR 2010-11. THE ON LY ISSUE IN THE APPEAL OF THE REVENUE IS THAT COMMISSIONER O F INCOME TAX (APPEALS) IS NOT JUSTIFIED IN ALLOWING THE CLA IM OF THE ASSESSEE FOR EXEMPTION UNDER SECTION 54(1) OF THE A CT. 2. AT THE TIME OF HEARING, COUNSEL FOR THE ASSESSEE SUBMITS THAT THE TAX EFFECT IN THE APPEAL OF THE RE VENUE IS 2 ITA NO.2123/MDS/2015 LESS THAN ` 10,00,000/- AND IN VIEW OF THE RECENT CIRCULAR OF THE CBDT NO. 21/2015 DATED 10.12.2015 WHERE THE MONETARY LIMITS FOR FILING OF APPEAL BY THE REVENU E BEFORE THE ITAT HAVE BEEN REVISED TO ` 10,00,000/- , THE APPEAL FILED BY THE REVENUE IS THUS LIABLE TO BE DISMISSED. COUNSEL FOR THE ASSESSEE FURTHER REFERRING TO CLAUSE 10 OF THE CIRC ULAR SUBMITS THAT INSTRUCTIONS APPLY RETROSPECTIVELY TO PENDING APPEALS ALSO. 3. DEPARTMENTAL REPRESENTATIVE SUBMITS THAT TAX EF FECT IN THIS APPEAL IS LESS THAN ` 10,00,000/-. 4. WE HAVE PERUSED THE RECENT CIRCULAR NO.21/2015 D ATED 10.12.2015 ISSUED BY THE CBDT REVISING THE MONETAR Y LIMITS FOR FILING OF APPEALS BY THE REVENUE BEFORE THE ITA T, HIGH COURT AND SLP BEFORE SUPREME COURT. IN THE SAID INSTRUCTION, THE MONETARY LIMIT FIXED FOR FILING O F APPEAL BEFORE THE TRIBUNAL IS AT ` 10,00,000/-. IN THE CIRCULAR IT IS ALSO MADE IT CLEAR IN CLAUSE NO.10 THAT THIS INSTRUCTION WILL APPLY RETROSPECTIVELY TO PENDING APPEALS AND APPEALS TO B E FILED HENCEFORTH IN ITAT AND HIGH COURT. IT IS ALSO MENTI ONED THAT PENDING APPEALS BELOW THE SPECIFIED TAX LIMITS MAY BE 3 ITA NO.2123/MDS/2015 WITHDRAWN AS NOT PRESSED. SINCE THE TAX EFFECT IN THE APPEAL OF THE REVENUE IS LESS THAN ` 10,00,000/-, IN VIEW OF THE ABOVE CIRCULAR OF CBDT THE APPEAL IS DISMISSED. 5. IN THE RESULT, APPEAL OF THE REVENUE IS DISMISS ED. ORDER PRONOUNCED IN THE OPEN COURT ON 18 TH DECEMBER, 2015. SD/- SD/- ( # ) ( & (# ) ( CHANDRA POOJARI ) ( CHALLA NAG ENDRA PRASAD ) * / ACCOUNTANT MEMBER ( * / JUDICIAL MEMBER ( /CHENNAI, , /DATED 18 TH DECEMBER, 2015 SOMU ./ 0/ /COPY TO: 1. APPELLANT 2.RESPONDENT 3. 1 () /CIT(A) 4. 1 /CIT 5. / 5 /DR 6. /GF .