ITO TDS 3(1), MUMBAI V. R.R. NABAR & CO. SHARE BROKER LTD, MUMBAI

ITA 3822/MUM/2014

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 3227 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 10 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-03-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Next Hearing Date: 17-12-2015
• Assessment Year: 2008-2009
• Appeal Filed On: 28-05-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: B S BIST

Judgement Text

R R NABAR AND CO SHARE BROKERS LTD. ITA 3822 /M/201 4 1 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH D , MUMBAI . , , BEFORE SHRI D. KARUNAKARA RAO , ACCOUNTANT MEMBER AND SHRI AMIT SH UKLA , JUDICIAL MEMBER ITA NO. : 3822 /MUM/20 1 4 (ASSESSMENT YEAR: 200 8 - 0 9 ) ITO TDS - 3 ( 1 ), 1010, 10 TH FLOOR, SMT. K G MITTAL, AYURVEDIC HOSPITAL BUILDING, CHARNI ROAD (W), MUMBAI - 400 002 VS R R NABAR AND CO SHARE BROKERS LTD. , GR. FLOOR, EXAMINER PRESS BLDG., DALAL STREET, FORT, MUMBAI - 400 001 .: PAN: AABCR 3221 L (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI B S BIST RESPONDENT BY : NONE /DATE OF HEARING : 31 - 0 3 - 201 6 / DATE OF PRONOUNCEMENT : 31 - 03 - 201 6 ORDER : . . : PER AMIT SHUKLA , JM : THE AFORESAID APPEAL HAS BEEN FILED BY THE RE VENUE AGAINST IMPUGNED ORDER DATED 11 . 03 .201 4 , PASSED BY C OMMISSIONER OF I NCOME T AX (A PPEALS ) - 14 , MUMBAI [CIT(A)] IN RELATION TO LEVY OF PE NALTY OF RS. 6,50,900/ - U/S 272A(2)(K). DESPITE NOTICE TO THE ASSESSEE NONE APPEARED ON BEHALF OF THE ASSESSEE NOR AN Y ADJOURNMENT LETTER HAS BEEN FILED. HENCE WE PROCEED TO DECIDE THE IMPUGNED APPEAL AFTER HEARING DR. 2. AT THE OUTSET, IT HAS BEEN ADMITTED BY THE LD. DR THAT THE TAX A FFECT ON THE DISPUTED ISSUE IS LESS THAN RS. 10 LAKHS , THEREFORE, APPEAL OF THE REVENU E IS NOT MAINTAINABLE IN VIEW OF THE R R NABAR AND CO SHARE BROKERS LTD. ITA 3822 /M/201 4 2 LATEST BOARD CIRCULAR. THIS FACT HAS BEEN ADMITTED BY THE LD. DR ALSO. NOW IN THE WAKE OF CBDTS CIRCULAR NO. 21 OF 2015 DATED 10.12.2015, THE MONETARY LIMIT PRESCRIBED FOR FILING OF APPEAL BEFORE THE TRIBUNAL IS RS. 10 LAKHS. FURTHER IT HAS ALSO BEEN CLARIFIED THAT THIS CIRCULAR WILL APPLY ON PENDING APPEALS ALSO WHICH IS EVIDENT FROM PARA 10 OF THE IMPUGNED CIRCULAR, WHICH READS AS UNDER: - 10. THIS INSTRUCTION WILL APPLY RETROSPECTIVELY TO PENDING APPEALS TO BE FILE D HENCEFORTH IN HIGH COURTS/TRIBUNALS. PENDING APPEALS BELOW THE SPECIFIED TAX LIMITS IN PARA 3 ABOVE MAY BE WITHDRAWN/NOT PRESSED. APPEALS BEFORE THE SUPREME COURT WILL BE GOVERNED BY THE INSTRUCTIONS ON THIS SUBJECT, OPERATIVE AT THE TIME WHEN SUCH APPEA L WAS FILED. THUS, THE APPEAL OF THE REVENUE IS TREATED AS DISMISSED AS NON - MAINTAINABLE. 3. IN THE RESULT, APPEAL OF THE REVENUE STANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 31 ST MARCH , 2016 . SD/ - SD/ - ( . ) ( ) (D. KARUNAKARA RAO ) ( AMIT SHUKLA ) ACCOUNTANT MEMBER JUDI CIAL MEMBER MUMBAI, DATE: 31 ST MARCH , 2016 / COPY TO: - 1 ) / THE APPELLANT. 2 ) / THE RESPONDENT. 3) THE CIT (A) - 14 , MUMBAI . 4 ) THE COMMISSIONER OF INCOME TAX - IV , MUMBAI . 5 ) , , / THE D.R. A BENCH, MUMBAI. 6 ) \ COPY TO GUARD FILE. R R NABAR AND CO SHARE BROKERS LTD. ITA 3822 /M/201 4 3 / BY ORDER / / TRUE COPY / / / , DY. / ASSTT. REGISTRAR I.T.A.T., MUMBAI * . . *CHAVAN, SR.PS