The ACIT, Circle- 5, Baroda V. Shree Co.Operative Bank Ltd., Baroda

ITA 2430/AHD/2014

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 8397 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-09-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2008-2009
• Appeal Filed On: 01-09-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Retrospective amendment; Tax effect
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH AHMEDABAD BEFORE, SHRI S. S. GODARA, JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA NO. 2430/AHD/2014 (ASSESSMENT YEAR: 2008-09) ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-5, 5 TH FLOOR, AAYAKAR BHAVAN, RACE COURSE CIRCLE, BARODA-390007 APPELLANT VS. SHREE CO-OPERATIVE BANK LTD., 111, SAKAR COMPLEX, SANSTHA VASAHAT, RAOPURA, BARODA-390001 RESPONDENT PAN: AAAAS3180N /BY REVENUE : SHRI PRASOON KABRA, SR. D.R. /BY ASSESSEE : WRITTEN SUBMISSION /DATE OF HEARING : 07.09.2017 /DATE OF PRONOUNCEMENT : 27.09.2017 ORDER PER S. S. GODARA, JUDICIAL MEMBER THIS REVENUES APPEAL FOR ASSESSMENT YEAR 2008-09 A RISES AGAINST THE CIT(A)-V, BARODAS ORDER DATED 29.06.2014, IN CASE NO. CAB/(A)V/216/13-14, IN PROCEEDINGS U/S. 143(3) R.W.S. 263 OF THE INCOME TA X ACT, 1961; IN SHORT THE ACT. 2. THE REVENUES SUBSTANTIVE GROUND PLEADED IN THE INSTANT APPEAL CHALLENGES THE CIT(A)S ORDER INTER ALIA RESTRICTING THE ADDIT ION OF RS.9,95,299/-. THERE IS NO DISPUTE THAT THE NET TAX EFFECT IN THE INSTANT APPE AL IS LESS THAN RS.10 LACS. WE FIND THAT THE CENTRAL BOARD OF DIRECT TAXES; HEREAFTER T HE BOARD HAS ISSUED THE CIRCULAR NO. 21/2015 DATED 10.12.2015 CLEARLY ENVISAGING THE REIN THAT DEPARTMENTS PENDING ITA NO. 2430/AHD/14 (ACIT VS. SHREE CO-OPERATIVE B ANK LTD.) A.Y. 2008-09 - 2 - APPEALS BEFORE THE TRIBUNAL/HIGH COURTS ARE TO BE W ITHDRAWN/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 ABO VE STATED BOARDS CIRCULAR AND DISMISS THE INSTANT APPEAL ACCORDINGLY. 3. THIS REVENUES APPEAL IS DISMISSED AS HAVING LOW TAX EFFECT. [PRONOUNCED IN THE OPEN COURT ON THIS THE 27 TH DAY OF SEPTEMBER, 2017.] SD/- SD/- ( AMARJIT SINGH ) ( S. S. GODARA) ACCOUNTANT MEMBER JUDICIAL M EMBER AHMEDABAD: DATED 27/09/2017 TRUE COPY S.K.SINHA / COPY OF ORDER FORWARDED TO:- / REVENUE 2 / ASSESSEE 3 ! / CONCERNED CIT 4 !- / CIT (A) ( )*+ ,--. . /0 / DR, ITAT, AHMEDABAD 1 +23 45 / GUARD FILE. BY ORDER / . // . /0