The ITO, Ward-3(1), Baroda V. M/s. J.R. Construction Co., Baroda

ITA 2709/AHD/2011

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 9879 (ITAT-AHMEDABAD)
• Duration Of Justice: 5 year(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-11-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 29-11-2016
• Assessment Year: 2007-2008
• Appeal Filed On: 03-11-2011
• 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 PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER ITA NO. 2709/AHD/2011 (ASSESSMENT YEAR:2007-08) INCOME-TAX OFFICER, WARD-3(1), BARODA APPELLANT VS. M/S. J. R. CONSTRUCTION CO. TALIJA MANGALS KHADKI, AT. PADRA, BARODA 391440 RESPONDENT PAN: AADFJ7192D / BY REVENUE : SHRI K. MADHUSUDAN, SR. D.R. /BY ASSESSEE : SHRI JIMI PATEL, A.R. /DATE OF HEARING : 29.11.2016 /DATE OF PRONOUNCEMENT : 30.11.2016 ORDER PER S. S. GODARA, JUDICIAL MEMBER THIS REVENUES APPEAL FOR ASSESSMENT YEAR 2006-07 A RISES AGAINST THE CIT(A)-XXI, AHMEDABADS ORDER DATED 15.04.2013, IN APPEAL NO. CIT(A)- XXI/367/11-12, IN PROCEEDINGS UNDER SECTION 143(3) R.W.S. 147 OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. 2. THE REVENUES SUBSTANTIVE GROUND PLEADED IN THE INSTANT APPEAL CHALLENGES THE CIT(A)S ORDER INTER ALIA ALLOWING D EDUCTION U/S. 80IB(10) ITA NO.2709/AHD/2011 ( ITO VS. M/S. J. R. CONSTRUCT ION CO.) A.Y. 2007-08 - 2 - R.W.S. 80IB(1) TO THE ASSESSEE ON PROFIT DERIVED FR OM SALE OF UNUTILIZED FSI NOT BEING THE ELEMENT OF PROFITS DERIVED FROM THE B USINESS ACTIVITY OF DEVELOPMENT AND CONSTRUCTION OF THE HOUSING PROJECT . THERE IS NO DISPUTE THAT THE NET TAX EFFECT IN THE INSTANT APPEAL IS LE SS 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10.12.2015 CLEARLY ENVIS AGING THEREIN THAT DEPARTMENTS PENDING APPEALS BEFORE THE TRIBUNAL/HI GH COURTS ARE TO BE WITHDRAWN/NOT PRESSED AS PER THE ABOVE STATED CIRCU LAR. THE SAME HAS BEEN DECLARED TO BE HAVING RETROSPECTIVE EFFECT IN OTHER WORDS. WE TAKE INTO CONSIDERATION THE ABOVE 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 30 TH DAY OF NOVEMBER, 2016.] SD/- SD/- (PRADIP KUMAR KEDIA) (S. S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD: DATED 30/11/2016 TRUE COPY S.K.SINHA / COPY OF ORDER FORWARDED TO:- / REVENUE 2 / ASSESSEE ! / CONCERNED CIT 4 !- / CIT (A) ( )*+ ,--. . /0 / DR, ITAT, AHMEDABAD 1 +23 / GUARD FILE. BY ORDER / . // . /0