ITO 4(3)(4), MUMBAI V. SHREE PETRO YARN (INDIA) P.LTD, MUMBAI

ITA 3002/MUM/2017

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 6927 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 9 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-02-2020
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: Not Allotted
• Assessment Year: 2010-2011
• Appeal Filed On: 26-04-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: V V IJAY K UMAR
• Keywords: Tax effect
• Section: 201

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH G , MUMBAI BEFORE SHRI C.N. PRASAD , HONBLE JUDICIAL MEMBER AND SHRI M. BALAGANESH , HONBLE ACCOUNTANT MEMBER ITA NO . 3002 /MUM/201 7 ( A.Y: 201 0 - 11) INCOME TAX OFFICER 4(3)(4) R.NO. 637, 6 TH F LOOR AAYAKAR BHAVAN, M.K. ROAD MUMBAI 400 020 V. M/S. SHRE E PETRO YARN (INDIA) PVT. LTD., 46 - 48, CRYSTAL TOWER , MARUTI L ANE FORT , MUMBAI 400 001 PAN: AAACS7547R (APPELLANT) (RESPONDENT) ASSESSEE BY : MS. MITALI GOPANI DEPARTMENT BY : SHRI V. VIJAY KUMAR DATE OF HEARING : 03.02.2020 DATE OF PRONOUNCEMENT : 03 .0 2 .2020 O R D E R PER C.N. PRASAD (JM) THIS APPEAL IS FILED BY THE REVENUE AGAINST THE ORDER OF THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) - 9 , MUMBAI [HEREINAFTER IN SHORT LD.CIT(A)] IN APPEAL NO. CIT(A) - 9 / CIR - 4/520/2015 - 16 DATED 16.02.2017 FOR THE ASSESSMENT YEAR 201 0 - 11. 2. REVENUE HAS RAISED THE FOLLOWING GROUND IN ITS APPEAL : - 1. ' ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT(A) HAS ERRED IN DIRECTING THE ASSESSING OFFICER TO DELETE THE 2 ITA NO. 3002/MUM/2017 (A.Y: 2010 - 11) M/S. SHREE PETRO YARN (INDIA) PVT. LTD., ADDITION MADE TOWARDS UNEXPLAINED SHARE APPLICATION MONEY OF .75,00,000/ - U/S. 68 OF THE ACT. 3. AT THE TIME OF HEARING, AUTHORIZED REPRESENTATIVE OF THE ASSESSEE SUBMITTED THAT TAX EFFEC T ON THE ISSUE IN THE PRESENT APPEAL IS .23,17,500/ - WHICH IS BELOW 5 0 LAC S AND IN VIEW OF THE CBDT CIRCULAR NO. 17/2019 DATED 08.08.2019 IN F.NO.279/MISC.142/2007 - ITJ (PT) , THE APPEAL OF THE REVENUE IS NOT MAINTAINABLE. 4. DEPARTMENTAL REPRESENTATIVE ALSO AGREED WITH THE ABOVE SUBMISSION OF THE AUTHORIZED REPRESENTATIVE OF THE ASSESSEE . 5. WE HAVE HEARD THE SUBMISSIONS AND PERUSED THE GROUNDS OF APPEAL IN THIS APPEAL. WE FIND THAT THE TAX EFFECT IN THIS APPEAL IS LESS THAN .50 LAKHS AND T HEREFORE T HE APPEAL OF THE REVENUE IS NOT MAINTAINABLE ON ACCOUNT OF LOW TAX EFFECT IN VIEW OF THE CBDT CIRCULAR NO. 17/2019 DATED 08.08.2019. HENCE THIS APPEAL IS DISMISSED. 6. IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THE 03 RD FEBRUARY , 2020 S D/ - S D/ - ( M. BALAGANESH ) (C.N. PRASAD) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI / DATED 03 / 0 2 / 2020 GIRIDHAR, SR.PS 3 ITA NO. 3002/MUM/2017 (A.Y: 2010 - 11) M/S. SHREE PETRO YARN (INDIA) PVT. LTD., COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT. 3. THE CIT(A), MUMBAI. 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. //TRUE COPY// BY ORDER, (ASSTT. REGISTRAR) ITAT, MUM