ITO 19(3)(3), MUMBAI V. SHREE SIDH LITHO WORKS, MUMBAI

ITA 2381/MUM/2017

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 5092 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 6 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-10-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: J
• Assessment Year: 2007-2008
• Appeal Filed On: 04-04-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: CHAUDHARY ARUN KUMAR SINGHDR
• Keywords: Tax effect; Bogus loan

Judgement Text

, , , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES G, MUMBAI , , , BEFORE SHRI JOGINDER SINGH, VICE PRESIDENT, AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER ITA NO.2381/MUM/2017 ASSESSMENT YEAR: 2007-08 INCOME TAX OFFICER-19(3)(3), R. NO.219, 2 ND FLOOR, MATRU MANDIR, TARDEO ROAD, MUMBAI-400007 / VS. M/S SHREE SIDH LITHO WORKS 172-A, J.S.S. ROAD, GIRGAON, MUMBAI-400004 / REVENUE !'# / ASSESSEE P.A. NO . AANFS4189B / REVENUE BY CHAUDHARY ARUN KUMAR SINGH-DR !'# / ASSESSEE BY SHRI VIMAL PUNAMIYA $ %&#' / DATE OF HEARING 16/10/2018 &#' / DATE OF ORDER: 16/10/2018 / O R D E R THE REVENUE IS AGGRIEVED BY THE IMPUGNED ORDER DATED 24/01/2017 OF THE LD. FIRST APPELLATE AUTHORI TY, ITA NO.2381/MUM/2017 SHREE SIDHI LITHO WORKS 2 MUMBAI, WITH RESPECT TO BOGUS LOANS AMOUNTING TO RS .45 LAKHS FROM M/S NATASHA ENTERPRISES (RS.10 LAKHS) AN D M/S MOHIT ENTERPRISES (RS.35 LAKHS). 2. DURING HEARING OF THIS APPEAL, AT THE OUTSET, S HRI VIMAL PUNAMIYA, LD. COUNSEL FOR THE ASSESSEE, POINT ED OUT THAT THE TAX EFFECT IN THE PRESENT APPEAL IS BELOW PRESCRIBED MONETARY LIMIT OF RS.20 LAKH. THE LD. DR , SHRI CHAUDHARY ARUN KUMAR SINGH, DID NOT CONTROVERT THE FACTUAL MATRIX. 2.1. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD . IN VIEW OF THE ABOVE, IT IS NOTED THAT THE TAX EFFECT IN THE PRESE NT APPEAL IS BELOW PRESCRIBED LIMIT OF RS.20 LAKH, VIDE INSTRUCTION/CIRCULAR NO.3 OF 2018, ISSUED BY CBDT ( F NO.279/MISC./142/ 2007-ITJ(PT) DATED 11/07/2018. A S PER THE CIRCULAR, WHEREIN, THE DEPARTMENT WAS ADVISED/DIRECTED BY THE BOARD NOT TO FILE APPEAL I N THE CASES WHERE THE TAX EFFECT DOES NOT EXCEED THE FOLL OWING MONETARY LIMIT.:- ITA NO.2381/MUM/2017 SHREE SIDHI LITHO WORKS 3 SL. NO. APPEALS IN INCOME TAX MATTERS MONETARY LIMIT (IN RS.) 1. BEFORE ITAT 20,00,000/ - 2. U/S 260 A BEFORE HONBLE HIGH COURT 50,00,000/ - 3. BEFORE HONBLE SUPREME COURT 1,00,00,000/ - IN VIEW OF THE ABOVE INSTRUCTION, SINCE, THE TAX EF FECT IS LESS THAN RS.20,00,000/- (NOT CONTROVERTED BY LD . DR ALSO), CONSEQUENTLY, THE APPEAL OF THE REVENUE IS N OT MAINTAINABLE, THEREFORE, DISMISSED. FINALLY, THE APPEAL OF THE REVENUE IS DISMISSED. THIS ORDER WAS PRONOUNCED IN THE OPEN COURT IN THE PRESENCE OF LD. REPRESENTATIVES FROM BOTH SIDES AT THE CONCLUSION OF THE HEARING ON16/10/2018. SD/- SD/- ( RAMIT KOCHAR ) (JOGINDER SINGH) ' # / ACCOUNTANT MEMBER $%& /VICE PRESIDENT $ % MUMBAI; ) DATED : 16/10/2018 F{X~{T? P.S / * '()*+ ,+-) / COPY OF THE ORDER FORWARDED TO : 1. +,- / THE APPELLANT 2. ./,- / THE RESPONDENT. 3. 00 $ 1# ( + ) / THE CIT, MUMBAI. 4. 00 $ 1# / CIT(A)- , MUMBAI ITA NO.2381/MUM/2017 SHREE SIDHI LITHO WORKS 4 5. 45.# , 0+'+ 6 , $ % / DR, ITAT, MUMBAI 6. 7!8% / GUARD FILE. / BY ORDER, $/ (DY./ASSTT. REGISTRAR) , $ % / ITAT, MUMBAI