ITO 4(3)(2), MUMBAI V. KHANDWALA SECURITIES LTD, MUMBAI

ITA 2393/MUM/2013

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 2459 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 4 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-07-2016
• Appeal Filed By: Department
• Bench Allotted: A
• Next Hearing Date: 06-01-2016
• Assessment Year: 2004-2005
• Appeal Filed On: 26-03-2013
• Court: TRIBUNAL
• Department Lawyers: A RAMACHANDRAN
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, MUMBAI BEFORE SHRI B.R. BASKARAN (AM) & SHRI AMIT SHUKLA (JM) I.T.A. NO. 2393 /MUM/ 20 1 3 (ASSESSMENT YEAR 200 4 - 0 5 ) ITO 4(3)(2) ROOM NO. 648 6 TH FLOOR AAYAKAR BHAVAN M.K. ROAD MUMBAI - 400 020. VS. M/S. KHAND WALA SECURITIES LTD. 168, 16 TH FLOOR ATLANTA BUILDING NARIMAN POINT MUMBAI - 400 020. ( APPELLANT ) ( RESPONDENT ) PAN NO . AAACK2214P ASSESSEE BY NONE DEPARTMENT BY SHRI A. RAMACHANDRAN DATE OF HEARING 2 8 . 7 . 201 6 DATE OF PRONOUNCEMENT 28 .7 . 201 6 O R D E R PER B.R. BASKARAN (AM) : - THE APPEAL FILED BY THE REVENUE IS DIRECTED AGAINST THE ORDER DATED 30.1.2012 PASSED BY LEARNED CIT(A) - 8, MUMBAI AND IT RELATES TO A.Y. 2004 - 05. 2. THE REVENUE IS AGGRIEVED BY THE DECISION OF LEARNED CIT(A) IN DE LETING THE PENALTY OF ` 6,59,543/ - LEVIED BY THE ASSESSING OFFICER U/S. 271(1)(C) OF THE ACT. 3. NONE APPEARED ON BEHALF OF THE ASSESSEE. LEARNED DR FAIRLY ADMITTED THAT THE TAX EFFECT INVOLVED IN THIS APPEAL IS LESS THAN ` 10 LAKHS. 4. WE HAVE HEARD LEARNED DEPARTMENTAL REPRESENTATIVE AND PERUSED THE RECORD. WE NOTICED THAT THE TAX EFFECT INVOLVED IN THIS APPEAL IS LESS THAN ` 10 LAKHS. HENCE, THE REVENUE IS PRECLUDED FROM PURSUING THIS APPEAL AS PER THE CIRCULAR NO. 21/2015 DATED 10.12.2015 ISSUED BY THE CBDT. WE ALSO NOTICED 2 THAT THE ISSUE CONTESTED IN THIS APPEAL IS NOT COVERED BY THE EXCEPTION PROVIDED IN PARA 8 OF THE CIRCULAR (SUPRA). 5. IN VIEW OF THE ABOVE, WE DISMISS THE APPEAL OF THE REVENUE IN LIMINE. 6 . IN THE RESULT, APPEAL FILED BY T HE REVENUE IS DISMISSED. ORDER HAS BE EN PRONOUNCED IN THE COURT ON 1.8 .2016 (AMIT SHUKLA ) (B.R.BASKARAN) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; DATED : 1 / 8 / 20 1 6 COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. BY ORDER, //TRUE COPY// ( DY./ASSTT. REGISTRAR) ITAT, MUMBAI PS