DCIT 20(2), MUMBAI V. NITIN L.. JOBANPUTRA, MUMBAI

ITA 3979/MUM/2014

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 8936 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 7 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-01-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2009-2010
• Appeal Filed On: 30-05-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Retrospective amendment; Tax effect

Judgement Text

, , , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES B, MUMBAI , , , BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER, AND SHRI ASHWANI TANEJA, ACCOUNTANT MEMBER ITA NO.3979/MUM/2014 ASSESSMENT YEAR: 2009-10 DCIT-20(2), 612, PIRAMAL CHAMBERS, LALBAUG, MUMBAI-400012 / VS. SHRI NITIN L. JOBANPUTRA, 93-B, PARK PLAZA, NEW YARI ROAD, VERSOVA, ANDHERI (W), MUMBAI-400061 ( / REVENUE) ( ! ' /ASSESSEE) PAN. NO. AAGPJ9582L C.O. NO.224/MUM/2015 (ARISING OUT OF ITA NO.3979/MUM/2014) ASSESSMENT YEAR: 2009-10 SHRI NITIN L. JOBANPUTRA, 93-B, PARK PLAZA, NEW YARI ROAD, VERSOVA, ANDHERI (W), MUMBAI-400061 / VS. DCIT-20(2), 612, PIRAMAL CHAMBERS, LALBAUG, MUMBAI-400012 ( ! ' /ASSESSEE) ( / REVENUE) PAN. NO. AAGPJ9582L ITA NO.3979/MUM/2014 & C.O. NO.224/MUM/2015 NITIN L JOBANPUTRA 2 / REVENUE BY SHRI SUMAN KUMAR-DR ! ' / ASSESSEE BY SHRI RUTUJA PAWAR # $ % ' & / DATE OF HEARING : 12/01/2017 % ' & / DATE OF ORDER: 12/01/2017 / O R D E R PER JOGINDER SINGH (JUDICIAL MEMBER) THE REVENUE IS AGGRIEVED BY THE IMPUGNED ORDER DATED 30/03/2014 OF THE LD. FIRST APPELLATE AUTHORI TY, MUMBAI, DELETING THE DISALLOWANCES MADE OF LONG TER M CAPITAL LOSS OF RS.10,36,875/-. THE ASSESSEE HAS AL SO PREFERRED CROSS OBJECTION IN SUPPORT OF THE ORDER O F THE LD. COMMISSIONER OF INCOME TAX (APPEAL). 2. DURING HEARING, THE LD. DR, SHRI SUMAN KUMAR, REQUESTED THE BENCH TO GRANT PERMISSION TO WITHDRAW THE APPEAL, BEING LOW TAX EFFECT INVOLVED, BELOW PRESCR IBED MONETARY LIMIT. THE LD. COUNSEL FOR THE ASSESSEE, SHRI RUTUJA PAWAR , HAD NO OBJECTION IF THE DEPARTMENT IS PERMITTED TO WITHDRAW THE APPEAL, FILED BY THE REVE NUE. 2.1. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD. IN VIEW O F THE ITA NO.3979/MUM/2014 & C.O. NO.224/MUM/2015 NITIN L JOBANPUTRA 3 ABOVE, IT IS NOTED THAT THE TAX EFFECT IN THE PRESE NT APPEAL IS BELOW PRESCRIBED LIMIT OF RS.10 LAKH FOR FILING THE APPEAL BEFORE THE TRIBUNAL, AS CONTAINED IN CBDT INSTRUCTI ON NO.21 OF 2015, DATED 10/12/2015 (F NO.279/MISC./142/2007-IT(PT), APPLICABLE WITH RETROSPECTIVE EFFECT, WHEREIN, THE DEPARTMENT WAS ADVISED/DIRECTED BY THE BOARD NOT TO FILE APPEAL I N THE CASES WHERE THE TAX EFFECT DOES NOT EXCEED THE FOLL OWING MONETARY LIMIT.:- SL. NO. APPEALS IN INCOME TAX MATTERS MONETARY LIMIT (IN RS.) 1. BEFORE ITAT 10,00,000/ - 2. U/S 260 A BEFORE HONBLE HIGH COURT 20,00,000/ - 3. BEFORE HONBLE SUPREME COURT 25,00,000/ - IN VIEW OF THE ABOVE INSTRUCTION, SINCE, THE TAX EF FECT IS LESS THAN RS.10,00,000/-, THE APPEAL OF THE REVENUE IS DISMISSED AS WITHDRAWN. 3. NOW, WE SHALL TAKE UP THE CROSS OBJECTION OF TH E ASSESSEE (C.O. NO.224/MUM/2015), WHICH WAS ARGUED T O BE IN SUPPORT OF THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (APPEAL). SINCE, WE HAVE DISMISSED THE A PPEAL OF THE REVENUE, AFFIRMING THE STAND OF THE FIRST AP PELLATE AUTHORITY, THEREFORE, THE CROSS OBJECTION OF THE AS SESSEE HAS REMAINED FOR ACADEMIC INTEREST ONLY, THEREFORE, DIS MISSED AS IN-FRUCTUOUS. FINALLY, THE APPEAL OF THE REVENUE AS WELL AS THE C ROSS OBJECTION OF THE ASSESSEE ARE DISMISSED. ITA NO.3979/MUM/2014 & C.O. NO.224/MUM/2015 NITIN L JOBANPUTRA 4 THIS ORDER WAS PRONOUNCED IN THE OPEN COURT IN THE PRESENCE OF LD. REPRESENTATIVES OF BOTH SIDES AT TH E CONCLUSION OF THE HEARING ON 12/01/2017. SD/- SD/- ( ASHWANI TANEJA ) (JOGINDER SINGH) '# / ACCOUNTANT MEMBER $# / JUDICIAL MEMBER # $ MUMBAI; ' DATED :12/01/2017 F{X~{T? P.S/. . . %$&'()(*& / COPY OF THE ORDER FORWARDED TO : 1. )*+, / THE APPELLANT 2. -.+, / THE RESPONDENT. 3. / / # 0' ( )* ) / THE CIT, MUMBAI. 4. / / # 0' / CIT(A)- , MUMBAI 5. 23 -' , / )*& ) 4 , # $ / DR, ITAT, MUMBAI 6. 5 6$ / GUARD FILE. / BY ORDER, .2*' -' //TRUE COPY// / (DY./ASSTT. REGISTRAR) , # $ / ITAT, MUMBAI