Assistant Commssioner of Income-tax, V. M/s. Bafna Builders & Land Developers, Jalgaon

ITA 364/PUN/2015

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 4330 (ITAT-PUNE)
• Duration Of Justice: 3 year(s) 4 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-08-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 13-03-2018
• Assessment Year: 2010-2011
• Appeal Filed On: 01-04-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MRS SHWETA MISHRA
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, PUNE . , , , BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM . / ITA NO . 364 /P U N/201 5 / ASSESSMENT YEAR : 20 1 0 - 11 ASSTT. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 2, NASHIK ....... / APPELLANT / V/S. M/S. BAFNA BUILDERS & LAND DEVELOPERS, NAYANTARA, SUBHASH CHOWK, JALGAON 425001 PAN : AADFB4627P / RESPONDENT ASSESSEE BY : SHRI SUNIL GANOO REVENUE BY : MRS. SHWETA MISHRA / DATE OF HEARING : 01 - 08 - 201 8 / DATE OF PRONOUNCEMENT : 01 - 08 - 201 8 / ORDER PER VIKAS AWASTHY, JM : TH E APPEAL HAS BEEN FILED BY THE REVENUE AGAINST THE ORDER OF COMMISSIONER OF INCOME TAX (APPEALS) - 2, NASHIK DATED 13 - 01 - 2015 FOR THE ASSESSMENT YEAR 20 1 0 - 11. 2 ITA NO . 364/PUN/2015, A.Y. 2010 - 11 2. SHRI SUNIL GANOO APPEARING ON BEHALF OF THE ASSESSEE SUBMITTED AT THE OUTSET THAT THE APPEAL OF THE REVENUE IS LIABLE TO BE DISMISSED ON ACCOUNT OF LOW TAX EFFECT IN TERMS OF RECENT CBDT CIRCULAR NO. 3/2018, DATED 11 - 07 - 2018. THE LD. AR OF ASSESSEE HAS FURNISHED WORKING OF TAX EFFECT INVOLVED IN THE APPEAL. ACCORDING TO THE WORKING, TAX EFFECT IS RS.17,81,409/ - INCLUDING CESS. 3. MRS. SHWETA MISHRA REPRESENTING THE DEPARTMENT FAIRLY ADMITTED THAT IN THE PRESENT APPEAL BY THE DEPARTMENT TAX EFFECT IS L ESS THAN RS.20 LAKHS. 4. BOTH SIDES HEARD. THE REVENUE IS IN APPEAL AGAINST THE ORDER OF COMMISSIONER OF INCOME TAX (APPEAL) IN DELETING THE ADDITION OF RS.57,65,078/ - MADE ON ACCOUNT OF UNDERSTATEMENT OF SALE CONSIDERATION OF PLOTS. UNDISPUTEDLY, THE T AX EFFECT INVOLVED IN APPEAL IS LESS THAN THE MONETARY LIMIT PRESCRIBED BY THE RECENT CBDT CIRCULAR FOR FILING OF APPEALS BEFORE THE TRIBUNAL BY THE DEPARTMENT. THE CBDT VIDE CIRCULAR NO. 3/2018, DATED 11 - 07 - 2018 HAS RAISED THE MONETARY LIMIT OF TAX EFFECT FOR FILING OF APPEALS BY THE DEPARTMENT BEFORE THE TRIBUNAL TO RS.20 LAKHS. THE CIRCULAR APPLIES TO THE APPEALS TO BE FILED BY THE DEPARTMENT IN FUTURE AS WELL AS THE APPEALS PENDING BEFORE THE TRIBUNAL. WITHOUT GOING INTO MERIT OF THE ISSUES RAISED IN TH E APPEAL, IN VIEW OF THE CBDT CIRCULAR THE PRESENT APPEAL OF THE REVENUE IS DISMISSED ON ACCOUNT OF LOW TAX EFFECT. 5. BEFORE PARTING, WE CLARIFY HERE THAT THE REVENUE SHALL BE AT LIBERTY TO APPROACH THE TRIBUNAL FOR RESTORATION OF APPEAL, WITH THE REQUI SITE MATERIAL 3 ITA NO . 364/PUN/2015, A.Y. 2010 - 11 TO SHOW THAT THE APPEAL IS PROTECTED BY THE EXCEPTIONS PRESCRIBED IN PARA 10 OF THE CIRCULAR (SUPRA). 6. IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT AT THE TIME OF HEARING ON WEDNESDAY, THE 01 ST D AY OF AUGUST, 2018. SD/ - SD/ - ( . /D. KARUNAKARA RAO ) ( / VIKAS AWASTHY) / ACCOUNTANT MEMBER / JUDICIAL MEMBER / PUNE; / DATED : 01 ST AUGUST, 2018 RK / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT. 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) - 2, NASHIK 4. / THE CIT - 2, NASHIK 5. , , , / DR, ITAT, A BENCH, PUNE. 6. / GUARD FILE. / / // TRUE COPY// / BY ORDER, / PRIVATE SECRETARY, , / ITAT, PUNE