ITO-WARD-7(1), Nagpur V. SHRI PRAKASH MEGHRAJ HIRANWAR, Nagpur

ITA 392/NAG/2013

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 2229 (ITAT-NAGPUR)
• Duration Of Justice: 2 year(s) 6 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-05-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 03-05-2016
• Assessment Year: 2009-2010
• Appeal Filed On: 30-10-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: D RAVI KUMAR
• Keywords: Unexplained cash credit; Retrospective amendment; Tax effect
• Section: 68

Judgement Text

IN TH E INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCH: NAGPUR BEFORE SHRI MUKUL K. SHRAWAT, JUDICIAL MEMBER AND SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER. IT A NO. 3 92 /NAG/201 3 A SSESSMENT Y EAR : 200 9 - 10 ) INCOME TAX OFFICER WARD NO - 7 ( 1 ), R.N.514 MECL BUILDING , SEMI NARY HILLS, NAGPUR - 44000 6 VS SHRI PRAKASH MEGHRAJ HIRANWAR 295, WARISPURA, KAMPTEE, DIST - NAGPUR 44 1 00 2 (APPLIC ANT) (RESPONDENT) APPLICANT BY SHRI D. RAVIKUMAR , D.R. RESPONDENT BY NONE DATE OF HEARING : - 03 /0 5 /2016 DATE OF P RONOUNCEMENT: - 03 / 05 /20 16 O R D E R PER SHRI SHAMIN YAHYA, A.M . THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF LEARNED CIT(APPEALS) - II , NAGPUR DATED 0 1 - 0 8 - 2013 . THE GROUNDS RAISED READ AS UNDER: - 1. WHETHER ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE, THE CIT( A) WAS RIGHT IN DELETING THE ADDITION OF RS.23,55,258/ - MADE ON ACCOUNT EXPLAINED CREDIT IN THE BANK STATEMENT IN SPITE OF FACT THAT THE ASSESSEE FAILED TO SHOW THAT SUCH CREDIT RELATES TO GROSS RECEIPT OF BUSINESS OF THE ASSESSEE? 2. WHETHER ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE, THE CIT(A) WAS RIGHT IN DELETING THE ADDITION OF RS.23,55,258/ - WITHOUT APPRECIATING THE FACT THAT UNEXPLAINED CASH CREDITS CAN BROUGHT TO TAX U/S. 68 OF THE ACT, WHICH IS OUTSIDE THE PURVIEW OF SECTION 44AE OF THE IT ACT , 1961? 2 IT A NO .3 92 /NAG/201 3 A. M.SIR.(MBODKHE,P.S.) 2. AT THE THRESHOLD IT IS NOTED THAT THE TAX EFFECT IN THIS CASE IS BELOW THE LIMIT OF RS.10 LACS FIXED BY THE CBDT FOR FILING APPEAL BEFORE THE INCOME TAX APPELLATE TRIBUNAL VIDE CBDT CIRCULAR NO.21/2015 DATED 10 - 12 - 2015. IN THE SAID CIRCULAR IT HAS BEEN SPECIFIED THAT THE CIRCULAR WOULD HAVE RETROSPECTIVE EFFECT AND THE REVENUE WOULD NOT PRESS AND WOULD WITHDRAW SUCH APPEAL. THERE ARE CERTAIN EXCEPTIONS MENTIONED IN THE SAID CIRCULAR. LEARNED D.R. COULD NOT POINT OUT THAT ANY OF THESE CASES ATTRA CT THE EXCEPTIONS PROVIDED IN THE SAID CIRCULAR. IN THESE CIRCUMSTANCES, IN THE LIGHT OF THE ABOVE SAID CBDT CIRCULAR, THIS APPEAL IS DISMISSED ON ACCOUNT OF TAX EFFECT IN LIMINE . 3. IN THE RESULT, THIS APPEAL BY THE REVENUE STANDS DISMISSED IN LIMINE. ORDER PRONOU NCED IN THE OPEN COURT ON THIS 3 RD DAY OF MAY , 2016. SD/ - SD/ - (MUKUL K. SHRAWAT) ( SHAMIM YAHYA) JUDICIAL MEMBER ACCOUNTANT MEMBER NAGPUR, DATED: - 03 / 05 /2016. MANGESH BODKHE/P.S. COPY FORWARDED TO : 1. APPLICANT 2. RESPONDENT 3. C.I.T., CONCERNED 4. CIT (APPEALS) - I, NAGPUR. 5. D.R., ITAT , NAGPUR. 6. GUARD FILE TRUE COPY BY ORDER ASSISTANT REGISTRAR, INCOME TAX APPELLATE TRIBUNAL, NAGPUR BENCH, NAGPUR