ITO, Sirsa V. Market Committee, Rania

ITA 272/CHANDI/2014

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 0127 (ITAT-CHANDIGARH)
• Duration Of Justice: 2 year(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-04-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 17-03-2016
• Assessment Year: 2008-2009
• Appeal Filed On: 14-03-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MANJIT SINGH
• Keywords: Tax effect

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL CHANDIGARH BENCHES, CHANDIGARH BEFORE SHRI H.L.KARWA, HON'BLE VICE PRESIDENT & MS. RANO JAIN, ACCOUNTANT MEMBER ITA NO. 272/CHD/2014 ASSESSMENT YEAR: 2008-09 THE ITO, WARD-1, VS. MARKET COMMITTEE, RAINA, SIRSA RAINI (SIRSA) PAN NO. AAHFR5988F (APPELLANT) (RESPONDENT) APPELLANT BY : SH. MANJIT SINGH RESPONDENT BY : SH. TEJ MOHAN SINGH DATE OF HEARING : 17.03.2016 DATE OF PRONOUNCEMENT : 11.04.2016 ORDER PER H.L.KARWA, VP THIS APPEAL FILED BY THE REVENUE IS DIRECTED AGAINS T THE ORDER OF CIT(A)- ROHTAK DATED 02.01.2014 RELATING TO ASSESSMENT YEA R 2008-09. 2. IN THIS APPEAL, THE REVENUE HAS RAISED THE FOLLO WING GROUNDS:- 1. THE LD. CIT(A) HAS ERRED IN DELETING THE PENAL TY U/S 271(1)(C) WITHOUT APPRECIATING THE FACT AND THE CIRCUMSTANCES OF THE CASE IN PROPER PERSPECTIVE OF LEGAL POSITION. 2. ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LD. CIT(A) HAS ERRED IN NOT APPRECIATING THAT THE PENAL TY WAS LEVIED FOR FURNISHING OF INACCURATE PARTICULAR S OF INCOME. 2 3. THE LD. CIT(A) HAS ERRED IN NOT APPRECIATING THE LEGAL POSITION THAT THE WORD DELIBERATELY HAS BEEN OMIT TED BY FINANCE ACT, 1964 W.E.F. 1.4.1964. 4. THE LD. CIT(A) HAS ERRED IN HOLDING THAT THE CORRESPONDING QUANTUM ADDITION REGARDING WHICH THE PENALTY HAS BEEN LEVIED WAS MERE ADDITION DUE TO OMISSION TO CALCULATE CAPITAL GAINS AS PER CIRCLE R ATE. 3. WE HAVE HEARD SH. MANJIT SINGH, LD. DR AND SHRI TEJ MOHAN SINGH, LD. COUNSEL FOR THE ASSESSEE. IT IS OBSERVED THAT IN THIS CASE THE TAX EFFECT DOES NOT EXCEED THE MONETARY LIMIT OF RS. 10 LAKHS. THUS, IN VIEW OF CIRCULAR NO. 21/2015 DATED 10.12.2015, F.NO. 279/MISC.142/2007-I TJ(PT), GOVERNMENT. OF INDIA, MINISTRY OF FINANCE, DEPARTMENT OF REVENUE, CENTRAL BOARD OF DIRECT TAXES, THE INSTANT APPEAL DESERVES TO BE TREATED AS WITHDRAWN / NOT PRESSED. VIDE PARA 10 OF THE ABOVE INSTRUCTIONS, THE CBDT HA S CLARIFIED THAT THIS INSTRUCTION WILL APPLY RETROSPECTIVELY TO PENDING A PPEALS AND APPEALS TO BE FILED HENCEFORTH IN ITAT. THE CBDT HAS FURTHER CLARIFIED THAT THE PENDING APPEALS BEFORE THE TRIBUNAL BELOW THE SPECIFIED TAX LIMITS I.E. RS. 10 LAKHS MAY BE WITHDRAWN / NOT PRESSED BY THE REVENUE. IT IS ALSO OBSERVED THAT THE ISSUE INVOLVED IN THIS APPEAL IS NOT COVERED BY PARA 8 (E XCEPTIONS) OF THE ABOVE INSTRUCTIONS. ACCORDINGLY, THE APPEAL FILED BY THE REVENUE IS TREATED AS WITHDRAWN / NOT PRESSED. 4. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 11.04.2016 SD/- SD/- (RANO JAIN) (H.L.KARWA) ACCOUNTANT MEMBER VICE PRESIDENT DATED : 11 TH APRIL, 2016 RKK 3 COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT 4. THE CIT(A) 5. THE DR