The ACIT, Circle-6, Surat V. Shree Ayojan Developers, Surat

ITA 2162/AHD/2012

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 1486 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 7 month(s) 30 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-05-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 12-05-2016
• Assessment Year: 2008-2009
• Appeal Filed On: 01-10-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P L KUREEL
• Keywords: Unexplained investment; Retrospective amendment; Tax effect
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH BEFORE: S H RI PRAMOD KUMAR , ACCOUNTANT MEMBER AND SHR I S. S. GODARA , JUDICIAL MEMBER THE ACIT, CIRCLE - 6, SURAT (APPELLANT) VS SHREE AYOJAN DEVELOPERS, SURAYAM RESIDENCY, T.P. NO. 14, F.P. NO. 13, PAL, SURAT - 395009 PAN: AAOFM1922F (RESPONDENT) REVENUE BY : S H RI P.L. KUREEL , SR. D . R. ASSESSEE BY: NONE DATE OF HEARING : 12 - 05 - 2 016 DATE OF PRONOUNCEMENT : 31 - 05 - 2 016 / ORDER P ER : S. S. GODARA , JUDICIAL MEMBER : - THIS REVENUE S APPEAL FOR A.Y. 2008 - 09 , AR ISES FROM ORDER OF THE CIT(A) - IV, SURAT DATED 19 - 06 - 2012 IN APPEAL NO. CAS - IV/281/10 - 11 , IN PROCEEDINGS UNDER SECTION 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT . I T A NO . 2162 / A HD/20 12 A SSESSMENT YEAR 200 8 - 09 I.T.A NO. 2162 /AHD/20 12 A.Y. 2008 - 09 PAGE NO ACIT VS. SHREE AYOJAN DEVELOPERS 2 2. THE REVENUE S SOLE SUBSTANTIVE GROUND CHALLENGES THE LOWER APPELLATE ORDER DELETING THE ADDITION OF RS. 23,04,000/ - MADE ON ACCOUNT OF UNEXPLAINED INVESTMENT MADE IN ASSESSMENT ORDER DATED 23 - 12 - 2010. THERE IS NO DISPUTE THAT THE NET TAX EFFECT IN THE INSTANT APPEAL IS LESS THAN RS. 10 LACS. WE FIND THAT THE CENTRAL BOA RD OF DIRECT TAXES; HEREAFTER THE BOARD HAS ISSUED THE CIRCULAR NO. 21/2015 DATED 10 - 12 - 2015 CLEARLY ENVISAGING THEREIN THAT DEPARTMENT S PENDING APPEALS BEFORE THE TRIBUNAL/HIGH COURTS ARE TO BE WITHDRAWN/NOT PRESSED AS PER THE ABOVE STATED CIRCULAR. T HE SAME HAS BEEN DECLARED TO BE HAVING RETROSPECTIVE EFFECT IN OTHER WORDS. WE TAKE INTO CONSIDERATION THE ABOVE STATED BOARD S CIRCULAR AND DISMISS THE INSTANT APPEAL ACCORDINGLY. 3. THIS REVENUE S APPEAL IS DISMISSED AS HAVING LOW TAX EFFECT. ORDER PR ONOUNCED IN THE OPEN C OURT ON 3 1 - 05 - 201 6 SD/ - SD/ - ( PRAMOD KUMAR ) ( S. S. GODARA ) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD : DATED 31 /05 /2016 AK / COPY OF ORDER FORWARDED TO: - 1. ASSESSEE 2. REVENUE 3. CONCERNED CIT 4. CIT (A) 5. DR, ITAT, AHMEDABAD 6. GUARD FILE. I.T.A NO. 2162 /AHD/20 12 A.Y. 2008 - 09 PAGE NO ACIT VS. SHREE AYOJAN DEVELOPERS 3 BY ORDER/ , / ,