ITO, Madurai V. M/s. P. Navaneethakrishnan (HUF), Madurai

ITA 3148/CHNY/2016

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 4035 (ITAT-CHENNAI)
• Duration Of Justice: 8 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-07-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 24-07-2017
• Assessment Year: 2008-2009
• Appeal Filed On: 11-11-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SAGADEVAN
• Assessee Lawyers: G BASKAR
• Keywords: Business income; Tax effect
• Section: 143(3)

Judgement Text

, .. , IN THE INCOME TAX APPELLATE TRIBUNAL , SMC A BENCH, CHENNAI . , BEFORE SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER ./ I.T.A.NO.3148/MDS/2016 ( / ASSESSMENT YEAR: 2008-09) THE INCOME TAX OFFICER, NON CORPORATE CIRCLE 3(1), MADURAI VS SHRI P. NAVANEETHAKRISHNAN (HUF), 5A, PERIYAVAR STREET, S.S. COLONY, MADURAI 625 010. PAN: AAAHP3761R ( /APPELLANT) ( /RESPONDENT) / APPELLANT BY : SHRI SAGADEVAN, JCIT /RESPONDENT BY : SHRI G. BASKAR, ADVOCATE /DATE OF HEARING : 24.07.2017 ! /DATE OF PRONOUNCEMENT : 24.07.2017 / O R D E R THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER PASSED BY THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) -2, MADURAI DATED 04.03.2016 IN ITA NO.161/2014-15 FOR THE ASSE SSMENT YEAR 2008-09 PASSED U/S.250(6) R.W.S. 143(3) & 147 OF TH E ACT. 2. THE REVENUE HAS RAISED SEVERAL GROUNDS IN ITS AP PEAL, HOWEVER THE CRUX OF THE ISSUE IS THAT THE LD.CIT(A) HAS ERR ED IN HOLDING THAT THE INCOME FROM SALE OF LAND BY THE ASSESSEE IS ONLY AN ISOLATED TRANSACTION AND THEREFORE IT CANNOT BE CONSIDERED A S BUSINESS INCOME OF THE ASSESSEE. 2 ITA NO.3148/MDS/2016 3. AT THE OUTSET, THE LD.AR SUBMITTED BEFORE ME THA T THE APPEAL IS NOT MAINTAINABLE DUE TO THE CIRCULAR NO.21/2013 DAT ED 10.12.2015 ISSUED BY THE CBDT WITH RESPECT TO MONETARY LIMIT. HENCE, IT WAS PLEADED THAT THE APPEAL OF THE REVENUE MAY BE DISMI SSED. THE LD. DR COULD NOT CONTROVERT TO THE SUBMISSION OF TH E LD.AR. 4. AFTER HEARING I FIND MERIT IN THE SUBMISSION OF THE LD.AR. THE CBDT HAS DIRECTED THE REVENUE NOT TO FILE APPEAL BE FORE THE TRIBUNAL WHERE THE TAX EFFECT DOES NOT EXCEED RS.10 LAKHS. IN THE CASE OF THE ASSESSEE THE TAX EFFECT IS MUCH LESS THAN RS.10 LAK HS STIPULATED BY THE CBDT IN THE CIRCULAR SUPRA. THEREFORE, I HEREBY HO LD THAT THE APPEAL FILED BY THE REVENUE IS NOT MAINTAINABLE. 5. IN THE RESULT THE APPEAL FILED BY THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THE 24 TH JULY, 2017. SD/- ( . ) (A. MOHAN ALANKAMONY) / ACCOUNTANT MEMBER '# /CHENNAI, $% /DATED 24 TH JULY, 2017 JR % '( )( /COPY TO: 1. /APPELLANT 2. /RESPONDENT 3. , ( )/CIT(A) 4. , /CIT 5. (-. / /DR 6. .0 /GF