ACIT 4(1), MUMBAI V. B.P. EQUITIES P. LTD, MUMBAI

ITA 297/MUM/2011

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 4102 (ITAT-MUMBAI)
• Duration Of Justice: 5 year(s) 3 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-04-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 16-04-2015
• Assessment Year: 2007-2008
• Appeal Filed On: 12-01-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: PRAKASH K JOTWANI
• Keywords: Retrospective amendment; Tax effect

Judgement Text

, , , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES B, MUMBAI , , , BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER, AND SHRI ASHWANI TANEJA, ACCOUNTANT MEMBER ITA NO.297/MUM/2011 ASSESSMENT YEAR: 2007-08 ACIT-4(1), ROOM NO.640, 6 TH FLOOR, AAYAKAR BHAVAN, M.K.ROAD, MUMBAI-400020 / VS. M/S B.P. EQUITIES P. LTD. 24/26, CAMA BLDG, 1 ST FLOOR, DALAL STREET, FORT, MUMBAI-400023 ( / REVENUE ) ( !' # /ASSESSEE) PAN. NO . AAACB4602L / REVENUE BY SHRI MAURYA PRATAP-DR !' # / ASSESSEE BY SHRI PRAKASH K. JOTWANI $ % & # ' / DATE OF HEARING : 21/04/2016 & # ' / DATE OF ORDER: 21/04/2016 ITA NO.297/MUM/2011 M/S B.P. EQUITIES PRIVATE LTD. 2 / O R D E R PER JOGINDER SINGH (JUDICIAL MEMBER) THE REVENUE IS AGGRIEVED BY THE IMPUGNED ORDER DATE D 21/10/2010 OF THE FIRST APPELLATE AUTHORITY, MUMBAI . 2. DURING HEARING OF THIS APPEAL, AT THE OUTSET, S HRI PRAKASH K. JOTWANI, LD. COUNSEL FOR THE ASSESSEE CO NTENDED THAT IN THE PRESENT APPEAL, THE TOTAL TAX EFFECT IS BELOW PRESCRIBED MONETARY LIMIT OF RS.10 LAKH FOR FILING THE APPEAL BEFORE THIS TRIBUNAL. THE LD. DR, SHRI MAURYA PRATA P, DID NOT CONTROVERT THE FACTUAL MATRIX. 2.1. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD . IN VIEW OF THE ABOVE, IT IS NOTED THAT THE TAX EFFECT IN THE PRESE NT APPEAL IS BELOW PRESCRIBED LIMIT OF RS.10 LAKH FOR FILING THE APPEAL BEFORE THE TRIBUNAL, AS CONTAINED IN CBDT INSTRUCTI ON NO.21 OF 2015, DATED 10/12/2015 (F NO.279/MISC./142/2007- IT(PT), APPLICABLE WITH RETROSPECTIVE EFFECT, WHERE IN, THE DEPARTMENT WAS ADVISED/DIRECTED BY THE BOARD NOT T O FILE APPEAL IN THE CASES WHERE THE TAX EFFECT DOES NOT E XCEED THE FOLLOWING MONETARY LIMIT.:- SL. NO. APPEALS IN INCOME TAX MATTERS MONETARY LIMIT (IN RS.) 1. BEFORE ITAT 10,00,000/ - 2. U/S 260 A BEFORE HONBLE HIGH COURT 20,00,000/ - 3. BEFORE HONBLE SUPREME COURT 25,00,000/ - ITA NO.297/MUM/2011 M/S B.P. EQUITIES PRIVATE LTD. 3 IN VIEW OF THE ABOVE INSTRUCTION, SINCE, THE TAX EF FECT IS LESS THAN RS.10,00,000/-, CONSEQUENTLY, THE APPEAL OF THE REVENUE IS NOT MAINTAINABLE, THEREFORE, DISMISSED. 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 21/04/2016. SD/- SD/- ( ASHWANI TANEJA ) (JOGINDER SINGH) '# / ACCOUNTANT MEMBER $# / JUDICIAL MEMBER $ % MUMBAI; ( DATED : 21/04/2016 F{X~{T? P.S/. . . %$&'()(*& / COPY OF THE ORDER FORWARDED TO : 1. *+,- / THE APPELLANT 2. ./,- / THE RESPONDENT. 3. 0 0 $ 1# ( *+ ) / THE CIT, MUMBAI. 4. 0 0 $ 1# / CIT(A)- , MUMBAI 5. 23 .# , 0 *+' * 4 , $ % / DR, ITAT, MUMBAI 6. 5! 6% / GUARD FILE. / BY ORDER, /2+# .# //TRUE COPY// / (DY./ASSTT. REGISTRAR) , $ % / ITAT, MUMBAI