Assistant Commssioner of Income-tax, V. Smt. Taradevi Ratanlal Bafna, Jalgaon

ITA 366/PUN/2015

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 5342 (ITAT-PUNE)
• Duration Of Justice: 3 year(s) 3 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-07-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 17-07-2018
• Assessment Year: 2011-2012
• Appeal Filed On: 01-04-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MUKESH JHA
• 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 . 366 /P U N/201 5 / ASSESSMENT YEAR : 20 1 1 - 12 ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2, NASHIK ....... / APPELLANT / V/S. SMT. TARADEVI RATANLAL BAFNA, R.C. BAFNA JEWELL ERS, NAYANTARA, 91, SUBHASH CHOWK, JALGAON 425001 PAN : AADPB9424E / RESPONDENT ASSESSEE BY : SHRI SUNIL GANOO REVENUE BY : SHRI MUKESH JHA / DATE OF HEARING : 17 - 07 - 201 8 / DATE OF PRONOUNCEMENT : 17 - 0 7 - 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 1 3 - 01 - 2015 FOR THE ASSESSMENT YEAR 2011 - 12. 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 2 ITA NO . 366/PUN/2015, A.Y. 2011 - 12 ACCOUNT OF LOW TAX EFFECT IN TERMS OF RECENT CBDT C IRCULAR NO. 3/2018, DATED 11 - 07 - 2018. 3. SHRI MUKESH JHA REPRESENTING THE DEPARTMENT FAIRLY ADMITTED THAT IN THE PRESENT APPEAL BY THE DEPARTMENT TAX EFFECT IS LESS THAN RS.20 LAKHS. 4. BOTH SIDES HEARD. THE REVENUE IS IN APPEAL AGAINST THE ORDER OF COMMISSIONER OF INCOME TAX (APPEALS) IN DELETING THE ADDITION OF RS.27,28,948/ - MADE BY THE ASSESSING OFFICER ON ACCOUNT OF MELTING GAINS OF GOLD IN URD PURCHASE. UNDISPUTEDLY, THE TAX EFFECT INVOLVED IN APPEAL IS LESS THAN THE MONETARY LIMIT PRESCRIBED BY RECENT CBDT CIRCULAR FOR FILING OF APPEAL S BEFORE THE TRIBU NAL BY THE DEPARTMENT. THE CBDT VIDE C IRCULAR 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 DEPA RTMENT IN FUTURE, AS WELL AS THE APPEALS PENDING BEFORE THE TRIBUNAL. THUS, IN VIEW OF THE CBDT C IRCULAR THE PRESENT APPEAL OF THE REVENUE IS LIABLE TO BE DISMISSED ON ACCOUNT OF LOW TAX EFFECT. 5. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT AT THE TIME OF HEARING ON TUESDAY, THE 1 7 TH DAY OF JULY, 2018. SD/ - SD/ - ( . /D. KARUNAKARA RAO ) ( / VIKAS AWASTHY) / ACCOUNTANT MEMBER / JUDICIAL MEMBER / PUNE; / DATED : 17 TH JU LY , 2018 RK 3 ITA NO . 366/PUN/2015, A.Y. 2011 - 12 / 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