Income-tax Officer, V. Shri Virendra Nathmal Lunkad, Jalgaon

ITA 239/PUN/2015

• Counselvise Citation: [2017] 126 COUNSELVISE.COM (IT) 7496 (ITAT-PUNE)
• Duration Of Justice: 2 year(s) 5 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-08-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 30-08-2017
• Assessment Year: 2008-2009
• Appeal Filed On: 09-03-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Tax effect

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B, PUNE . . . . , , BEFORE SHRI D.KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM . / ITA NO. 239/PUN/2015 / ASSESSMENT YEAR : 2008-09 ITO, WARD - 1(1), JALGAON . /APPELLANT V/S SHRI VIRENDRA NATHMAL LUNKAD, LEGAL HEIR OF LATE SMT. PADMAVATI NATHMAL LUNKAD, NAMAN, PANDEY DAIRY CHOWK, ICHHADEVI MANDIR ROAD, JALGAON PAN : ADYPL6852G . /RESPONDENT ASSESSEE BY : NONE REVENUE BY : SHRI AJAY MODI / ORDER PER D. KARUNAKARA RAO, AM : THIS APPEAL IS FILED BY THE REVENUE AGAINST THE OR DER OF CIT(A)-2, NASHIK DATED 12-12-2014 FOR THE ASSESSMENT YEAR 200 8-09. 2. THERE IS NONE TO REPRESENT THE CASE OF THE ASSES SEE. HOWEVER, LD. DEPARTMENTAL REPRESENTATIVE FOR THE REVENUE FAIRLY SUBMITTED THAT THE PENALTY ORIGINALLY LEVIED U/S.271(1)(C) AMOUNTS TO RS.10,60 ,261/-. FURTHER, HE SUBMITTED THAT THE CIT(A) GRANTED RELIEF ON THE QUA NTUM APPEAL TO THE EXTENT OF 40% OF THE CAPITAL GAINS. IF THE SAID RELIEF GR ANTED BY THE CIT(A) IS CONSIDERED, THE PENALTY LEVIED WOULD FALL BELOW THE TAX EFFECT OF RS.10 LAKHS. / DATE OF HEARING : 31.08.2017 / DATE OF PRONOUNCEMENT: 31.08.2017 2 ITA NO.239/PUN/2015 SHRI VIRENDRA N. LUNKAD 3. ON HEARING THE LD. DEPARTMENTAL REPRESENTATIVE A ND ON PERUSAL OF THE MATERIAL AVAILABLE ON RECORD, WE FIND THE TAX EFFEC T IN THE PRESENT CASE WOULD CERTAINLY BE LESS THAN RS.10 LAKHS CONSIDERING THE RELIEF GRANTED BY THE CIT(A). THEREFORE, IN VIEW OF CIRCULAR NO.21/2015 DATED 10- 12-2015 OF CBDT RAISING THE MONETARY LIMIT FOR FILING OF APPEALS BY THE DEP ARTMENT BEFORE THE TRIBUNAL, WHICH ALSO APPLIES TO PENDING APPEALS FILED BY THE REVENUE, THE APPEAL FILED BY THE REVENUE IS NOT MAINTAINABLE AND HAS TO BE DISMI SSED. IN VIEW OF THE ABOVE, THE APPEAL FILED BY THE REVENUE IS DISMISSED . 4. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 31 ST DAY OF AUGUST, 2017. SD/- SD/- (VIKAS AWASTHY) (D. KARUNAKARA RAO) /JUDICIAL MEMBER / ACCOUNTANT MEMBER PUNE; DATED : 31 ST AUGUST, 2017. COPY OF THE ORDER FORWARDED TO : / BY ORDER , // TRUE COPY // //TRUE COPY// SENIOR PRIVATE SECRETARY , / ITAT, PUNE 1. / THE APPELLANT 2. / THE RESPONDENT 3. THE CIT(A) - 2, NASHIK 4. CIT - 2, NASHIK 5. , , B BENCH PUNE; 6. GUARD FILE.