The ITO, Ward-7(1), Ahmedabad V. Smt. Jyotiben Jagdishchandra Hirpara, Ahmedabad

ITA 3008/AHD/2013

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 0546 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 9 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-09-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2010-2011
• Appeal Filed On: 16-12-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DEEPAK SUTARIA
• Assessee Lawyers: S N DIVATIA
• Keywords: Retrospective amendment; Tax effect
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH AHMEDABAD BEFORE SHRI N. K. BILLAIYA, ACCOUNTANT MEMBER, AND SHRI S. S. GODARA, JUDICIAL MEMBER. ITA NOS.3008 /AHD/2013 (ASSESSMENT YEAR:2010-11) INCOME-TAX OFFICER, WARD-7(1), AHMEDABAD APPELLANT VS. JYOTIBEN JAGDISHCHANDRA HIRPARA, PROP. SWAMI MARKETING, 38, KAMAL ESTATE, RAKHIAL, AHMEDABAD 380023 RESPONDEN T PAN: ADGPP6413R /BY REVENUE : SHRI DEEPAK SUTARIA, SR. D.R. / BY ASSESSEE : SHRI S. N. DIVATIA, A.R. /DATE OF HEARING : 21.09.2016 /DATE OF PRONOUNCEMENT : 28.09.2016 ORDER PER S. S. GODARA, JUDICIAL MEMBER THIS REVENUES APPEAL FOR A.Y. 2010-11, ARISES FROM ORDER OF THE CIT(A)-XIV, AHMEDABAD, DATED 27 TH SEPTEMBER, 2013 IN APPEAL NO. CIT(A)- XIV/WARD-7(1)/259/2012-13, IN PROCEEDINGS UNDER SEC TION 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. 2. THE REVENUES SOLE SUBSTANTIVE GROUND PLEADED IN THE INSTANT APPEAL CHALLENGES THE CIT(A)S ORDER INTER ALIA TREATING T HE LOSS OF RS.28,00,000/- ON ITA NO.3008/AHD/2013 (ITO VS. JYOTIBEN J. HIRPARA) A.Y. 2010-11 - 2 - ACCOUNT OF SALE AND PURCHASE OF SHARES OF PRIVATE L IMITED COMPANY ACQUIRED THROUGH PRIVATE PLACEMENT AS BUSINESS LOSS AND ALLO WING THE SAME TO BE SET OFF AGAINST THE PROFIT OF OTHER BUSINESS AS MADE BY THE ASSESSING OFFICER IN ASSESSMENT ORDER DATED 31.12.2012. THERE IS NO DIS PUTE THAT THE NET TAX EFFECT IN THE INSTANT APPEAL IS LESS THAN RS.10 LACS. WE FIN D THAT THE CENTRAL BOARD OF DIRECT TAXES; HEREAFTER THE BOARD HAS ISSUED THE CIRCULAR NO. 21/2015 DATED 10.12.2015 CLEARLY ENVISAGING THEREIN THAT DEPARTME NTS PENDING APPEALS BEFORE THE TRIBUNAL/HIGH COURTS ARE TO BE WITHDRAWN/NOT PR ESSED AS PER THE ABOVE STATED CIRCULAR. 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 28 TH DAY OF SEPTEMBER, 2016.] SD/- SD/- (N. K. BILLAIYA) (S. S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD: DATED 28/09/2016 TRUE COPY S.K.SINHA / COPY OF ORDER FORWARDED TO:- / REVENUE 2 / ASSESSEE ! / CONCERNED CIT 4 !- / CIT (A) ( )*+ ,--. . /0 / DR, ITAT, AHMEDABAD 1 +23 45 / GUARD FILE. BY ORDER / . // . /0