The Dy. CIT, Visakhapatnam V. M/s. Steel City Securities Limited, Visakhapatnam

ITA 256/VIZ/2017

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 8826 (ITAT-VISAKHAPATNAM)
• Duration Of Justice: 2 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-07-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2012-2013
• Appeal Filed On: 03-05-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R GOVINDARAJAN
• Keywords: Tax effect

Judgement Text

ITA NO. 256 /V IZ /201 7 & CO NO. 53 /V I Z /201 7 ( M/S. STEEL CITY SECURITIES LTD.) 1 IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER & SHRI D.S. SUNDER SINGH , ACCOUNTANT MEMBER I . T .A.NO. 256 /VIZ / 2017 ( ASSESSMENT YEAR: 20 12 - 1 3 ) DCIT, CIRCLE - 4 (1) VISAKHAPATNAM. VS. M/S. STEEL CITY SECURITIES LTD . , D.NO. 49 - 52 - 5/4, SRIKANYA TOWERS, SHANTIPURAM, VISAKHAPATNAM [PAN: AAECS 0970 L ] (APPELLANT) (RESPONDENT) C.O. NO. 53 /V IZ/2017 (ARISING OUT OF I.T.A.NO. 256 /V IZ /201 7 ) (ASSESSMENT YEAR: 20 12 - 1 3 ) M/S. STEEL CITY SECURITIES LTD., D.NO. 49 - 52 - 5/4, SRIKANYA TOWERS, SHANTIPURAM, VISAKHAPATNAM VS. DCIT, CIRCLE - 4(1) VISAKHAPATNAM. [PAN: A AECS 0970 L] ( APPLICANT ) (RESPONDENT) ASSESSEE BY : SHRI G.V.N. HARI ADVOCATE DEPARTMENT BY : SHRI R. GOVI NDA RAJAN - CIT DR D ATE OF HEARING : 25 .0 7 .201 7 DATE OF P RONOUNCEMENT : 25 .0 7 .201 7 O R D E R PER V. DURGA RAO, JUDICIAL MEMBER : THIS IS AN APPEAL FILED BY THE REVENUE AND THE CROSS OBJECTION FILED BY THE ASSESSEE AGAINST THE ORDER OF THE LD. CIT(A) - 2 , VISAKHAPATNAM DATED 27.02 .201 7 FOR THE ASSESSMENT YEAR 2012 - 1 3 . ITA NO. 256 /V IZ /201 7 & CO NO. 53 /V I Z /201 7 ( M/S. STEEL CITY SECURITIES LTD.) 2 2. WHEN THIS APPEAL IS TAKEN UP FOR HEARING, THE LD. COUNSEL FOR THE ASSESSEE HAS SUBMITTED THAT THE TAX EFFECT INVOLVED IN THIS APPEAL IS BE LOW RS.10 LAKHS. AS PER THE CBDT C IRCULAR N O.21/2015 , DATED 10.12.2015 BEING RETROSPECTIVE IN NATURE, THE APPEAL FILED BY THE REVENUE IS NOT MAINTAINABLE. THE LD. D.R. HAS NOT RAISED ANY OBJECTION. IN VIEW OF THE ABOVE, THE APPEAL FILED BY THE REVENUE I S NOT MAINTAINABLE. HENCE, THE SAME IS DISMISSED. 3. THE CROSS OBJECTION FILED BY THE ASSESSEE IS IN SUPPORT OF THE ORDER OF LD. CIT(A), HENCE, THE SAME IS DISMISSED. 4. IN THE RESULT, THE APPEAL FILED BY THE REVENUE AND THE CROSS OBJECTION FILED BY THE A SSESSEE ARE DISMISSED . O RDER PRONOUNCED IN THE OPEN COURT ON 25 TH J ULY , 2017 . S D/ - SD/ - ( D.S. SUNDER SINGH ) ( V. DURGA RAO) ACCOUNTANT MEMBER JUDICIAL MEMBER VISAKHAPATNAM: DATED : 25 . 07 .201 7 VR / - COPY OF THE ORDER FORWARDED TO : - 1. THE ASSESSEE M/S. STEEL CITY SECURITIES LTD., D.NO. 49 - 52 - 5/4, SRIKANYA TOWERS, SHANTIPURAM, VISAKHAPATNAM 2. THE REVENUE DCIT, CIRCLE - 4(1), VISAKHAPATNAM. 3 . THE CIT - 2, VISAKHAPATNAM. 4 . THE CIT(A) - 2 , VI SAKHAPATNAM 5 . DR, ITAT, VISAKHAPATNAM 6 . GUARD FILE BY ORDER SENIOR PRIVATE SECRETARY ITAT, VISAKHAPATNAM