ASST CIT CIR 3, THANE V. NISHIT STOCK TRADE AND FINVEST P.LTD, THANE

ITA 2376/MUM/2013

• Counselvise Citation: 237619914 RSA 2013
• Duration Of Justice: 1 year(s) 10 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-02-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 06-01-2015
• Assessment Year: 2005-2006
• Appeal Filed On: 26-03-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ASGHAR ZAIN V P
• Assessee Lawyers: MALAY H SHAH
• Keywords: Tax effect

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, MUMBAI BEFORE S/SHRI I.P. BANSAL, (JM) AND B.R.BASKARAN (AM) . . , . . , ./ I.T.A. NO.2376/MUM/2013 ( / ASSESSMENT YEAR : 2005-06) DY. COMMISSIONER OF INCOME TAX CIRCLE-3, ROOM NO.2, B WING, 6 TH FLOOR,, ASHAR IT PARK, WAGLE ESTATE, THANE(W), / VS. M/S NISHIT STOCK TRADE AND FINVEST PVT.LTD., SHOP NO.3, SARASWATI DARSHAN, OPP SARASWATI HIGH SCHOOL PANCHPAKADI, THANE(W)-400602 ( / APPELLANT) .. ( / RESPONDENT) ./ !' ./PAN/GIR NO. :AACCN3887B # / : REVENUE BY:: SHRI ASGHAR ZAIN V P $ # / ASSESSEE BY SHRI MALAY H SHAH % & $ ' ( / DATE OF HEARING :6.1.2015 )* $ ' ( / DATE OF PRONOUNCEMENT : 18.2.2015 / O R D E R PER B.R.BASKARAN, ACCOUNTANT MEMBER: THE REVENUE HAS FILED THIS APPEAL CHALLENGING THE O RDER DATED 30.11.2012 PASSED BY THE LD.CIT(A)-1, THANE AND IT RELATES TO THE ASSESSMENT YEAR 2005-06. 2. AT THE TIME OF HEARING, THE LD. COUNSEL APPEARI NG FOR THE ASSESSEE SUBMITTED THAT TAX EFFECT IN THIS APPEAL IS BELOW R S.4 LAKHS, SINCE THE AMOUNT DISPUTED IS ONLY RS.10 LAKHS. ACCORDINGLY, HE SUBMITTED THAT THE APPEAL FILED BY THE REVENUE IS NOT MAINTAINABLE IN VIEW OF INSTRUCTION NO.5 OF 2014 DATED 10.07.2014, ISSUED BY CBDT. ITA NO.2376/M/13 2 3. ON THE CONTRARY, THE LD. DR SUBMITTED THAT THE PRESENT APPEAL HAS BEEN FILED BY THE REVENUE BEFORE THE DATE OF ISSUAN CE OF CBDT INSTRUCTION NO.5/14. THE LD. DR SUBMITTED THAT TAX EFFECT IN TH E PRESENT APPEAL IS MORE THAN RS.3 LAKHS AND HENCE EARLIER INSTRUCTION NO.3/11 DATED 9.2.2011 ISSUED BY THE CBDT SHALL APPLY TO THE PRESENT CASE AND HENCE THE PRESENT APPEAL IS MAINTAINABLE. 4. WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE RECORD. IT IS PERTINENT TO REFER TO DECISION OF THE HONBLE JURIS DICTIONAL HIGH COURT IN THE CASE OF CIT V/S SMT. VIJAYA V KAVEKAR (2013) 350 IT R 237(BOM), WHEREIN THE HONBLE HIGH COURT HAS HELD THAT THE INSTRUCTIO NS ISSUED U/S 268A OF THE ACT BY THE CBDT ARE APPLICABLE NOT ONLY TO NE W CASES BUT ALSO TO PENDING CASE AS WELL. IN VIEW OF THE DECISION OF T HE HONBLE JURISDICTIONAL HIGH COURT, NEW CIRCULAR/INSTRUCTION SHALL APPLY TO THE PRESENT APPEAL AND HENCE THE SAME IS LIABLE TO BE DISMISSED, SINCE IT IS CONTRARY TO THE POLICY DECISION TAKEN BY THE CBDT FOR PREFERRING THE APPEA L BEFORE THE TRIBUNAL. ACCORDINGLY, WE DISMISS THE APPEAL FILED BY THE REV ENUE IN LIMINE AS NOT MAINTAINABLE. ITA NO.2376/M/13 3 5. IN THE RESULT, THE APPEAL FILED BY THE REVENUE IS DISMISSED. THE ABOVE ORDER WAS PRONOUNCED IN THE OPEN COURT O N 18TH FEB, 2015. )* % + , - 18TH FEB, 2015 * $ .& / SD SD ( . . /I.P. BANSAL ) ( . . ,/ B.R. BASKARAN ) / JUDICIAL MEMBER / ACCOUNTANT MEMBER % & MUMBAI: 18TH FEB,2015. . . ./ SRL , SR. PS / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. % 2' ( ) / THE CIT(A)- CONCERNED 4. % 2' / CIT CONCERNED 5. 6. 34 . '5 , ( 5 , % & / DR, ITAT, MUMBAI CONCERNED . 6 7 & / GUARD FILE. 8 % / BY ORDER, TRUE COPY 9 ! (ASSTT. REGISTRAR) ( 5 , % & /ITAT, MUMBAI