The ACIT, Central Circle-1(1), Ahmedabad V. Shri Hashmukhbhai Nyalchand Vora(HUF), Ahmedabad

ITA 2220/AHD/2010

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 9996 (ITAT-AHMEDABAD)
• Duration Of Justice: 6 year(s) 4 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-11-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 20-11-2013
• Assessment Year: 2005-2006
• Appeal Filed On: 01-07-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Audit objection; Tax effect

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, AHMEDABAD BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI MAHAVIR PRASAD, JUDICIAL MEMBER ./ ITA NO.2220/AHD/2010 / ASSESSMENT YEAR : 2005-06 ACIT, CENTRAL CIRCLE 1(1), AHMEDABAD VS HASMUKHBHAI NYALCHAND VORA (HUF), 1 ST FLOOR, H.N. HOUSE, NR. OLD HIGH COURT, NAVRANGPURA, AHMEDABAD PAN : AAAHV 9375 F / (APPELLANT) / (RESPONDENT) REVENUE BY : SHRI JAMES KURIAN, SR DR ASSESSEE BY : SHRI S.N. SOPARKAR, AR / DATE OF HEARING : 24/11/2016 / DATE OF PRONOUNCEMENT: 29/11/2016 / O R D E R PER MAHAVIR PRASAD, JUDICIAL MEMBER:- THIS APPEAL HAS BEEN FILED BY THE DEPARTMENT AGAINS T THE ORDER OF THE COMMISSIONER OF INCOME-TAX (APPEALS)-I, AHMEDABAD D ATED 21.04.2010 FOR ASSESSMENT YEAR 2005-06. 2. THE SOLITARY GROUND RAISED BY THE REVENUE READS AS UNDER: THE LD. CIT(A) HAS ERRED IN LAW AND ON FACTS IN DIR ECTING TO TREAT RS.31,68,805/- ARISING OUT OF SHARE TRANSACTION AS SHORT TERM CAPITAL GAIN. 3. AT THE OUTSET, LD. COUNSEL FOR THE ASSESSEE SUBM ITTED THAT THE PRESENT APPEAL OF THE REVENUE NEEDS TO BE DISMISSED ON ACCO UNT OF LOW TAX EFFECT IN VIEW OF THE CBDT CIRCULAR NO.21 OF 2015 DATED 10.12 .2015. THE LD. DEPARTMENTAL REPRESENTATIVE FAIRLY ADMITTED THAT TH E TAX EFFECT IS LESS THAN THE LIMIT PRESCRIBED BY THE AFORESAID CBDT CIRCULAR . ITA NO. 2220/AHD/2010 ACIT VS. HASMUKHBHAI NYALCHAND VORA-HUF AY : 2005-06 2 4. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD. WE FIND THAT PRIMA-FACIE THIS APPEAL OF THE REVENUE IS NOT MAINTAINABLE IN VIEW OF CBDT CIRCULAR NO. 21/20 15 IN F.NO.279/MISC. 142/2007-ITJ (PT) DATED 10TH DECEMBER 2015, VIDE WH ICH IT HAS BEEN PROVIDED THAT IF THE TAX EFFECT BY VIRTUE OF THE CO MMISSIONER OF INCOME-TAX (APPEALS)S ORDER IS BELOW RS. 10 LACS, THEN THAT O RDER WOULD NOT BE CHALLENGED BEFORE THE TRIBUNAL IN FURTHER APPEAL. THE BOARD HAS PROVIDED EXEMPTIONS AT CLAUSE (8) OF THE INSTRUCTIONS WHEREI N IT HAS BEEN PROVIDED THAT THESE INSTRUCTIONS WILL NOT BE APPLICABLE, IF VIRES OF ANY PROVISIONS HAS BEEN QUASHED BY IMPUGNED ORDER OR ADDITION WAS MADE ON SOME AUDIT OBJECTIONS OR THE ADDITION RELATES TO UNDISCLOSED F OREIGN ASSETS/BANK ACCOUNTS, ETC. WE FIND THAT THE PRESENT CASE DOES NOT FALL WITHIN THE EXEMPTION CLAUSE AND THE TAX IS LESS THAN RS.10 LAC S. THEREFORE, THE PRESENT APPEAL IS NOT MAINTAINABLE AND HENCE DISMISSED. 5. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN THE COURT ON 29 TH NOVEMBER, 2016 AT AHMEDABAD. SD/- SD/- (N.K. BILLAIYA) ACCOUNTANT MEMBER (MAHAVIR PRASAD) JUDICIAL MEMBER AHMEDABAD; DATED 29/11/2016 *BT / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. / CONCERNED CIT 4. ( ) / THE CIT(A) 5. , , / DR, ITAT, AHMEDABAD 6. / GUARD FILE . / BY ORDER, TRUE COPY / ( DY./ASSTT.REGISTRAR) , / ITAT, AHMEDABAD