ACIT 19(2), MUMBAI V. KIRTILAL M SHAH, MUMBAI

ITA 3285/MUM/2016

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 5833 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 2 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-07-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: Not Allotted
• Assessment Year: 2009-2010
• Appeal Filed On: 10-05-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: RAJAT MITTAL
• Assessee Lawyers: RAJESH CHAMARIA
• Keywords: Tax effect
• Section: 68

Judgement Text

THE INCOME TAX APPELLATE TRIBUNAL C BENCH, MUMBAI BEFORE SHRI B.R. BASKARAN (AM) & SHRI RAMLAL NEGI (JM) I.T.A. NO. 3285 /MUM/ 201 6 (ASSESSMENT YEAR 20 09 - 10 ) THE ACIT 19(2) ROOM NO. 207 MATRU MANDIR MUMBAI - 400 007. V S . KIRTILAL M. SHAH 30, GAJANAN D ARSHAN C.P. TANK ROAD MUMBAI - 400 004. ( APPELLANT ) ( RESPONDENT ) C.O. NO. 318/MUM/2017 (ASSESSMENT YEAR 2009 - 10) KIRTILAL M. SHAH 30, GAJANAN DARSHAN C.P. TANK ROAD MUMBAI - 400 004. V S . THE ACIT 19(2) ROOM NO. 207 MATRU MANDIR MUMBAI - 400 007. ( APPELLA NT ) ( RESPONDENT ) PAN : AAHPS8248K ASSESSEE BY SHRI RAJESH CHAMARIA DEPARTMENT BY SHRI RAJAT MITTAL DATE OF HEARING 1 7 . 7 . 201 8 DATE OF PRONOUNCEMENT 17 . 7 . 201 8 O R D E R PER BENCH: THE REVENUE HAS FILED THIS APPEAL AND THE ASSESSEE HAS FILED CROSS OBJECTION CHALLENGING THE ORDER DATED 08 - 02 - 2016 PASSED BY LD CIT(A) - 30, MUMBAI AND IT RELATES TO THE ASSESSMENT YEAR 2009 - 10. THE REVENUE IS AGGRIEVED BY THE DECISION OF LD CIT(A) IN DELETING THE ADDITION MADE U/S 68 OF THE ACT RELATING TO SH ARE TRANSACTIONS. 2. AT THE TIME OF HEARING, WE NOTICED THAT THE QUANTUM IN DISPUTE IS RS.41.05 LAKHS AND HENCE THE TAX EFFECT INVOLVED THEREIN IS LESS THAN RS.20.00 LAKHS. THE CBDT HAS ISSUED A NEW CIRCULAR NO.3/2018 DATED 11.07.2018 IN SUPERSESSIO N OF ITS EARLIER CIRCULAR NO.21/2015 DATED 10.12.2015. ACCORDING TO THE CIRCULAR NO.3/2018, THE REVENUE IS PRECLUDED FROM PURSUING ITS APPEAL IF THE TAX EFFECT IS RS.20.00 LAKHS OR LESS. APPARENTLY THE ISSUE IN DISPUTE DOES KIRTILAL M. SHAH 2 NOT FALL IN ANY OF THE EXCEPTI ONS SPECIFIED IN PARAGRAPH 10 OF THE CIRCULAR NO.3/2018, REFERRED ABOVE. THE LD D.R, HOWEVER, SOUGHT TIME TO GET A CERTIFICATE FROM THE PCIT/CIT CONCERNED THAT THE GROUNDS URGED IN THIS APPEAL DOES NOT FALL UNDER ANY OF THE EXCEPTIONS SPECIFIED IN THE SAID CIRCULAR. HOWEVER, FROM THE AVAILABLE MATERIAL, HE COULD NOT POINT OUT THAT THE ISSUE CONTESTED IN THIS APPEAL FALL IN ANY OF THE EXCEPTIONS. 3. WE HAVE NOTICED THAT THE TAX EFFECT INVOLVED IN THIS APPEAL IS LESS THAN RS.20.00 LAKHS AND THE ISSUE CO NTESTED HEREIN ALSO APPARENTLY DOES NOT FALL IN ANY OF THE EXCEPTIONS SPECIFIED IN THE CIRCULAR. ACCORDINGLY WE DISMISS THE APPEAL OF THE REVENUE IN LIMINE. HOWEVER, THE REVENUE IS GIVEN LIBERTY TO MOVE MISCELLANEOUS APPLICATION SEEKING RECALL OF THIS ORDE R, IF IT IS FOUND THAT THE ISSUE CONTESTED IN THIS APPEAL FALLS IN ANY OF THE EXCEPTION PROVIDED IN PARAGRAPH 10 OF THE CIRCULAR. 4. THE LD A.R DID NOT PRESS CROSS OBJECTION FILED BY THE ASSESSEE. 5. IN THE RESULT, THE APPEAL OF THE REVENUE AND T HE CROSS OBJECTION OF THE ASSESSEE ARE DISMISSED. ORDER HAS BE EN PRONOUNCED IN THE COURT ON 17 . 7 . 201 8 . SD/ - SD/ - (RAMLAL NEGI) (B.R.BASKARAN) J U DICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; DATED : 17 /7 / 20 1 8 COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. BY ORDER, //TRUE COPY// ( SENIOR P RIVATE S ECRETARY ) PS ITAT, MUMBAI