The ITO, Ward-9(1), Surat V. Shri Bharatbhai Bhuirabhai Savani, Surat

ITA 396/AHD/2012

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 1627 (ITAT-AHMEDABAD)
• Duration Of Justice: 4 year(s) 3 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-05-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Next Hearing Date: 13-05-2016
• Assessment Year: 2008-2009
• Appeal Filed On: 10-02-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: SONIA KUMAR
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD D BENCH (BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER & SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER) ITA. NO: 396/AHD/2012 (ASSESSMENT YEAR: 2008-09) INCOME-TAX OFFICER, WARD- 9(1), SURAT V/S SHRI BHARATBHAI BHURABHAI SAVANI, PROP. OF KANAIYA MEDICAL STORES, SHOP NO. 3, SHRI NIDHI APARTMENTS, NIDHI PARK SOCIETY, ANKUR CHAR A.K. ROAD, SURAT- 395006 (APPELLANT) (RESPONDENT) PAN: AGUPS7543N APPELLANT BY : NONE RESPONDENT BY : SMT. SONIA KUMAR, SR. D.R. ( )/ ORDER DATE OF HEARING : 13 -05-201 6 DATE OF PRONOUNCEMENT : 18-05-2016 PER N.K. BILLAIYA, ACCOUNTANT MEMBER: 1. THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF LD. CIT(A)- V, SURAT DATED 17.10.2011 PERTAINING TO A.Y. 2008-0 9. ITA NO. 396/ AHD/2012 . A.Y.2008-09 2 2. THE SUBSTANTIAL GRIEVANCE OF THE REVENUE READ AS UN DER:- 1. ON THE FACTS, IN THE CIRCUMSTANCES OF CASE AND IN L AW, THE LD. CIT(A) HAS ERRED:- I) IN DIRECTING TO THE A.O. TO VERIFY THE CLAIM OF THE ASSESSEE RAISED BEFORE THE LD.CIT(A) THROUGH ADDITIONAL GROUND CLAI MING LOSS ON SHARE TRANSACTIONS OF RS.21,57,047/- FROM THE DETAI LS WHICH WAS FILED BY THE ASSESSEE THROUGH TAPAL MUCH AFTER COMP LETION OF THE ASSESSMENT, WHICH AMOUNTS TO 'SETTING ASIDE' THE IS SUE AND THE POWER OF LD.CIT(A) TO SET ASIDE HAS BEEN REPEALED W ITH EFFECT FROM 01.06.2001 BY THE FINANCE ACT 2001. II) IN DIRECTING THE A.O. TO 'ALLOW' THE CLAIM WH EN 'VERIFICATION' AND ITS RESULT IS PENDING BEFORE THE A.O. IS IN CONTRAD ICTION OF HIS DIRECTION TO 'VERIFY' THE CLAIM. 2. ON THE FACTS, IN THE CIRCUMSTANCES OF CASE AND IN L AW, THE LD.CIT(A) HAS ERRED IN REDUCING OF RS.21,57,047/- OUT OF ADDITION OF RS.30,32,100/- MADE BY THE A.O. ON ACCOUNT OF CASH DEPOSITS IN THE BANK, WITHOUT APPRECIATING THE FACTS OF THE CASE. 3. A PERUSAL OF THE AFOREMENTIONED GROUND SHOWS THAT T HE TAX EFFECT INVOLVED IN THE ISSUES CONTESTED BY THE REVENUE IS LESS THAN RS. 10 LACS. 4. WE, THEREFORE, DISMISS THIS APPEAL OF THE REVENUE I N THE LIGHT OF CBDT CIRCULAR NO. 21/2015 DATED 10.12.2015 BY WHICH THE CBDT HAS DIRECTED NOT TO FILE APPEALS BEFORE ITAT IN CASES W HERE THE TAX EFFECT DOES NOT EXCEED RS. 10 LACS. ITA NO. 396/ AHD/2012 . A.Y.2008-09 3 5. HOWEVER, THE REVENUE IS FREE TO APPROACH THE TRIBUN AL, IF IT FINDS THAT THE APPEAL IS NOT HIT BY THE AFOREMENTIONED CIRCULA R AS PER THE PROVISIONS OF THE LAW. ORDER PRONOUNCED IN OPEN COURT ON 18 - 05 - 2016. SD/- SD/- (RAJPAL YADAV) (N. K. BILLAIYA) JUDICIAL MEMBER ACCOUNTANT MEMBER AHMEDABAD: TRUE COPY RAJESH COPY OF THE ORDER FORWARDED TO: - 1. THE APPELLANT. 2. THE RESPONDENT. 3. THE CIT (APPEALS) 4. THE CIT CONCERNED. 5. THE DR., ITAT, AHMEDABAD. 6. GUARD FILE. BY ORDER DEPUTY/ASSTT.REGISTRAR ITAT,AHME DABAD