DCIT (OSD) 2(3), MUMBAI V. SERAI EXPORT P.LTD, MUMBAI

ITA 2448/MUM/2013

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 87917 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 9 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-01-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: E
• Next Hearing Date: 13-01-2015
• Assessment Year: 2009-2010
• Appeal Filed On: 01-04-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: NEIL PHILIP
• Assessee Lawyers: NEELAM C JADHAV
• Keywords: Tax effect
• Section: 234B; 14A; 115JB

Judgement Text

, , , , , ,, , , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES E, MUMBAI , , BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER, AND SHRI SANJAY ARORA, ACCOUNTANT MEMBER ITA NO.2448/MUM/2013 ASSESSMENT YEAR: 2009-10 DCIT(OSD) - 2(3), ROOM NO.552, 5 TH FLOOR, AAYAKAR BHAWAN, M.K. ROAD, MUMBAI-400020 / VS. M/S SERAI EXPORT PVT. LTD. 423, HIMALAYA HOUSE, 79, MATA RAMABAI AMBEDKAR ROAD, FORT, MUMBAI-400001 ( # / REVENUE) ( $%& /ASSESSEE) P.A. NO.AAACS8252M # ' ( ' ( ' ( ' ( / REVENUE BY : SHRI NEIL PHILIP - DR $%& ' ( ' ( ' ( ' ( / // / ASSESSEE BY) MS. NEELAM C. JADHAV ' &) / / / / DATE OF HEARING : 13/01/2015 *+, ' &) / DATE OF PRONOUNCEMENT : 13/01/2015 - - - - / / / / O R D E R PER JOGINDER SINGH (JUDICIAL MEMBER) : THE REVENUE IS AGGRIEVED BY THE IMPUGNED ORDER DATE D 09/01/2013 OF THE LD. FIRST APPELLATE AUTHORITY, MU MBAI , ON THE GROUND THAT THE LD. COMMISSIONER OF INCOME TAX (APPEALS) ERRED IN DIRECTING THE ASSESSING OFFICER TO VERIFY THE INVESTMENT WHICH DO NOT YIELD EXEMPT INC OME WHILE DECIDING THE ISSUE OF DISALLOWANCE U/S 14A OF THE ACT OVERLOOKING THE FACT THAT WITH EFFECT FROM M/S SERAI EXPORT PVT. LTD 2 01/06/2001, SETTING ASIDE THE ISSUE OR THE ORDER IS NOT PERMISSIBLE AS PER THE AMENDED PROVISION, IGNORING THE PROVISION OF SECTION 250(4) OF THE ACT. 2. AT THE TIME OF HEARING, THE LD. COUNSEL FOR THE ASSESSEE, MS. NEELAM C. JADHAV, CONTENDED THAT THE TAX EFFECT IN THE IMPUGNED APPEAL IS BELOW PRESCRIBED MONETARY LIMIT. THE ASSESSEE FURNISHED THE WORKING OF TAX EFFECT BY SUBMITTING THAT IT IS MERELY RS.77,66 2/-. THIS FACTUAL ASSERTION WAS NOT CONTROVERTED BY THE REVENUE. 2.1. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD. IN VIEW OF THE ABOVE ASSERTION, AS CONTENDED BY THE LD. COUNSEL AN D NOT CONTROVERTED BY THE REVENUE, THE ASSESSING OFFI CER ASSESSED THE INCOME U/S 115JB AT RS.2,12,81,728/- O N WHICH THE TAX LIABILITY WAS RAISED AT RS.46,006/-. AFTER THE CONSIDERING THE TDS OF RS.4,10,264/-, ADVANCED TAX OF RS.19,25,000/- AND SELF ASSESSMENT OF RS.29,950/ - AND EVEN CONSIDERING THE INTEREST U/S 234B AT RS.11,893/- AND RS.68,277/- U/S 234C AND RS.590/- U/S 234D OF THE ACT, THE TOTAL TAX LIABILITY COMES TO RS.2,30,427/- WHICH IS BELOW THE MONETARY PRESCRIBE LIMIT FOR FILING THE APPEAL BEFORE THIS TRIBUNAL. THE CBDT INSTRUCTION NO.3 OF 2011 DATED 09/02/2011 DISCUSSED IN 332 ITR 23-25 (STATUTE) AND CIT VS SEV AK PHARMA PVT. LTD. (ITA NO.396 OF 2013) ORDER DATED 22/03/2013 FROM HONBLE JURISDICTIONAL HIGH COURT A ND ALSO CIT VS VIRENDRA AND COMPANY (2012) 77 DTR 210 (BOM) AND INSTRUCTION NO.5 DATED 10/07/2014, ISSUED M/S SERAI EXPORT PVT. LTD 3 BY CBDT, THIS APPEAL OF THE REVENUE IS NOT MAINTAINABLE. WE HAVE GONE THROUGH THE CBDT INSTRUCTION NO.5/2014 DATED 10/7/2014 ISSUED ON 10/7/2014 F.NO.279/MISC.142/2007-IT(PT) WHEREIN THE MONETARY LIMIT FOR FILING THE APPEAL BEFORE THE TRIBUNAL IS RS.4.00 LA CS, BEFORE THE HON'BLE HIGH COURT RS.10.00 LACS U/S. 260A, AND BEF ORE THE HON'BLE APEX COURT THE PRESCRIBED MONETARY LIMIT IS RS.25.00 LACS. THE VIEW TAKEN IN THE CASE OF M/S SESSO FASHIONS PVT. LTD (ITA NO.1680/MUM/2013), WE FIND MERIT IN THE AS SERTION OF THE LD. COUNSEL FOR THE ASSESSEE. THE APPEAL OF TH E REVENUE IS DISMISSED AS NOT MAINTAINABLE. FINALLY, THE APPEAL OF THE REVENUE IS DISMISSED AS NOT MAINTAINABLE. THIS ORDER WAS PRONOUNCED IN THE OPEN COURT IN THE PRESENCE OF LD. REPRESENTATIVES FROM BOTH SIDES AT THE CONCLUSION OF THE HEARING ON 13/01/2015. - ' *+, . / 13/01/2015 + ' 5 SD/- (SANJAY ARORA) SD/- (JOGINDER SINGH) / ACCOUNTANT MEMBER / JUDICIAL MEMBER MUMBAI; . DATED : 13/01/201 5 F{X~{T? P.S/. .. - ' 7&8 98,& - ' 7&8 98,& - ' 7&8 98,& - ' 7&8 98,&/ COPY OF THE ORDER FORWARDED TO : 1. :; / THE APPELLANT 2. 7<:; / THE RESPONDENT. 3. = ( ) / THE CIT, MUMBAI. 4. = / CIT(A)- , MUMBAI 5. 8?5 7& , , / DR, ITAT, MUMBAI 6. 5@$ A / GUARD FILE. - - - - / BY ORDER, M/S SERAI EXPORT PVT. LTD 4 <8& 7& //TRUE COPY// B BB B/ // /C # C # C # C # (DY./ASSTT. REGISTRAR) , , , , / ITAT, MUMBAI