The ITO, Ward-7(1), Ahmedabad V. Smt. Parulben Jayantibhai Patel, Ahmedabad

ITA 320/AHD/2014

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 6230 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 2 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-04-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Next Hearing Date: 06-04-2017
• Assessment Year: 2010-2011
• Appeal Filed On: 31-01-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: RAJESH MEENA
• Keywords: Business income; Tax effect
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD D BENCH (BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER & SHRI MAHAVIR PRASAD, JUDICIAL MEMBER) ITA. NO: 320/AHD/2014 (ASSESSMENT YEAR: 2010-11) INCOME TAX OFFICER, WARD- 7 (1), AHMEDABAD V/S SMT. PARULBEN JAYANTIBHAI PATEL, 1 SHREEDHAR BONGLOWS, OPP. GRAND BHAGWATI, S.G. HIGHWAY, BODAKDEV, AHMEDABAD- 380054 (APPELLANT) (RESPONDENT) PAN: AAWPP5165D APPELLANT BY : SHRI RAJESH MEENA, SR. D. R. RESPONDENT BY : SHRI HARDIK VORA, A.R. ( )/ ORDER DATE OF HEARING : 06 -04-201 7 DATE OF PRONOUNCEMENT : 12-04-2017 PER N.K. BILLAIYA, ACCOUNTANT MEMBER: 1. WITH THIS APPEAL, THE REVENUE HAS CHALLENGED THE CO RRECTNESS OF THE ORDER OF THE LD. CIT(A)-I, AHMEDABAD DATED 28.11.2013 PER TAINING TO A.Y. 2010- 11. ITA NO. 320/ AHD/2014 . A.Y. 2010-11 2 2. THE GRIEVANCE OF THE REVENUE READS AS UNDER:- 1. THE LD. CIT(A) HAS ERRED IN LAW AND ON FACTS IN TRE ATING THE LOSS OF RS. 29,81,000/- ARISING OUT OF PURCHASE AND SALE OF SHA RES AS BUSINESS LOSS AND FURTHER DIRECTING TO SET OFF THE SAME AGA INST THE BUSINESS INCOME ARISEN OUT OF SALE OF LAND. 2. THE LD. CIT(A) HAS FURTHER ERRED IN LAW AND ON FACT S IN DIRECTING THE A.O. TO ADOPT THE LOSS AS DECLARED BY THE ASSESSEE AS AGAINST THE RE- WORKED LOSS OF RS. 24,08,647/- BY INVOKING THE RULE 11UA AND SECTION 55A OF THE ACT. 3. THE TAX IMPLICATION IN THE REVENUES GRIEVANCE IS A S UNDER:- PARULBEN J. PATEL A.Y. 2010-11 SR. NO. PARTICULARS TAX AS PER ROI FILLED U/S. 139(1) OF THE ACT TAX AS PER ASSESSMENT U/S. 143(3) OF THE ACT NET AMOUNT OF DIFFERENCE 1 INCOME TAX 159981 1054281 894300 2 EDUCATION CESS 4800 31628 26828 164781 1085909 921128 4. A PERUSAL OF THE ABOVE SHOWS THAT THE TAX EFFECT IS LESS THAN RS. 10 LACS. THEREFORE, THIS APPEAL OF THE REVENUE HAS TO BE DIS MISSED IN THE LIGHT OF THE CBDT CIRCULAR NO. 21 OF 2015 DATED10.12.2015 BY WHI CH THE BOARD HAS DIRECTED THE REVENUE NOT TO FILE APPEAL BEFORE THE TRIBUNAL IN CASES WHERE THE TAX EFFECT IS LESS THAN RS. 10 LACS. ITA NO. 320/ AHD/2014 . A.Y. 2010-11 3 5. THE APPEAL FILED BY THE REVENUE IS ACCORDINGLY DISM ISSED. ORDER PRONOUNCED IN OPEN COURT ON 12 - 04- 20 17 SD/- SD/- (MAHAVIR PRASAD) (N. K. BILLAIYA) JUDICIAL MEMBER TRUE COPY ACCOUNTANT MEMBER AHMEDABAD: DATED 12 /04/2017 RAJESH COPY OF THE ORDER FORWARDED TO: - 1. THE APPELLANT. 2. THE RESPONDENT. 3. THE CIT (APPEALS) 4. THE CIT CONCERNED. 5. THE DR., ITAT, AHMEDABAD. 6. GUARD FILE. BY ORDER DEPUTY/ASSTT.REGISTRAR ITAT,AHME DABAD