The ITO, Sabarkantha Ward-3, Sabarkantha V. M/s. Padmavati Petroleum, Sabarkantha

ITA 2411/AHD/2016

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 8082 (ITAT-AHMEDABAD)
• Duration Of Justice: 1 year(s) 8 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-06-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: Not Allotted
• Assessment Year: 2005-2006
• Appeal Filed On: 23-09-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Retrospective amendment; Tax effect
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD SMC BENCH BEFORE: SHR I MAHAVIR PRASAD , JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER THE ITO, SABARKANTHA WARD - 3, HIMATNAGAR, DIST; SABARKANTHA - 383001 (APPELLANT) VS M/S. PADMAVATI PETROLEUM, OPP. KHARID VECHAN GODOWN, NEAR SAHKARI HALL, AMBAWADI, HIMATNAGAR, DIST: SABARKANTHA - 383001 PAN: AAHFP3 295M (RESPONDENT) REVENUE BY : S H RI PRASOON KABRA , SR. D . R. ASSESSEE BY: SHRI ANIL KSHATRIYA, A.R. DATE OF HEARING : 13 - 06 - 2 018 DATE OF PRONOUNCEMENT : 18 - 06 - 2 018 / ORDER P ER : AMARJIT SINGH, ACCOUNTANT MEMBER : - THIS REVENUE S APPEAL FOR A. Y. 2005 - 06 , ARI SES FROM ORDER OF THE CIT(A) - 4, AHMEDABAD DATED 14 - 07 - 2 016 , IN PROCEEDINGS UNDER SECTION 143(3) R.W.S. 147 OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT . 2. THE REVENUE S SOLE SUBSTANTIVE GROUND CHALLENGES THE LOWER APPELLATE ORDER DELETING THE PROTECTIVE ADDITION ON ACCOUNT OF ALLEGED INVESTMENT AS LOANS A N D ADVANCES BEING TREATED AS AN INCOME FROM UNCOUNTED/UNDISCLOSED SOURCE OF I T A NO . 2411 / A HD/ 20 16 A SSESSMENT YEAR 200 5 - 06 I.T.A NO. 2411 /AHD/20 16 A.Y. 2005 - 06 PAGE NO IT O VS. M/S. PADMAVATI PETROLEUM 2 RS. 28 , 40 , 610. THERE IS NO DISPUTE THAT THE NET TAX EFFECT IN THE INSTANT APPEAL IS LESS THAN RS. 10 LACS. WE FIND THAT THE CENTRAL BOARD OF DIRECT TAXES; HEREAFTER THE BOARD HAS ISSUED THE CIRCULAR NO. 21/2015 DATED 10 - 12 - 2015 CLEARLY ENVISAGING THEREIN THAT DEPARTMENT S PENDING APPEALS BEFORE THE TRIBUNAL/HIGH COURTS ARE TO BE WITHDRAWN/NOT PRESSED AS PER THE ABOVE STATED CIRCULAR. THE SAME HAS BEEN DECLARED TO BE HAVING RETROSPECTIVE EFFECT IN OTHER WORDS. WE TAKE INTO CONSIDERATION THE ABOVE STATED BOARD S CIRCULAR AN D DISMISS THE INSTANT APPEAL ACCORDINGLY. 3. THIS REVENUE S APPEAL IS DISMISSED AS HAVING LOW TAX EFFECT. ORDER PR ONOUNCED IN THE OPEN C OURT ON 1 8 - 06 - 201 8 SD/ - SD/ - ( MAHAVIR PRASAD ) ( AMARJIT SINGH ) JUDICIAL MEMBER ACCOUNTANT MEMBER AHMEDABAD : DATED 18 /06 /2018 / COPY OF ORDER FORWARDED TO: - 1. ASSESSEE 2. REVENUE 3. CONCERNED CIT 4. CIT (A) 5. DR, ITAT, AHMEDABAD 6. GUARD FILE. BY ORDER/ , / ,