ITO 13(3)(1), MUMBAI V. BIRENDRA KUMAR JHANWAR, MUMBAI

ITA 3987/MUM/2009

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 3580 (ITAT-MUMBAI)
• Duration Of Justice: 6 year(s) 8 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-03-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: F
• Next Hearing Date: 20-06-2017
• Assessment Year: 2005-2006
• Appeal Filed On: 25-06-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MUKUNDRAJ M CHATE
• Keywords: Tax effect
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL F BENCH, MUM BAI BEFORE SHRI JASON P. BOAZ, AM AND SHRI SANDEEP GOSA IN, JM ./ I.T.A. NO.3987/MUM/2009 ( / ASSESSMENT YEAR:2005-06) ITO. 13(3)(1), ROOM NO.428, 4 TH FLOOR, AAYAKAR BHAVAN, MUMBAI-20. / VS. SHRI BIRENDRA KUMAR JHANWAR 201/203, NARSI NATHA STREET, MUMBAI-400 003. ./ ./PAN/GIR NO. ADGPJ6928B ( /APPELLANT ) : ( / RESPONDENT ) / APPELLANT BY : SHRI MUKUNDRAJ M. CHATE / RESPONDENT BY : NONE / DATE OF HEARING : 29/02/2016 !'# / DATE OF PRONOUNCEMENT : 02/03/2016 $% / O R D E R PER SANDEEP GOSAIN, J. M.: THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER DATED 09.04.2009 OF COMMISSIONER OF INCOME TAX (APPEALS)-XIII, MUMBAI ( HEREINAFTER CALLED AS THE CIT(A) ) FOR ASSESSMENT YEAR 2005-06. 2 ITA NO.3987/MUM/2009(A.Y.05-06) ITO VS BIRENDRA KUMAR JHANWAR 1. (I) ON THE FACTS AND CIRCUMSTANCES OF THE CASE, AND LAW THE LD. CIT(A) HAS ERRED IN DIRECTING THE AO TO DELETE TH E ADDITION MADE U/S 68 OF THE I.T. ACT ON ACCOUNT OF 15000 SHARES OF M/ S. STANLEY SECURITIES LTD. AMOUNTING TO RS.30,03,250/- (II) ON THE FACTS AND CIRCUMSTANCES OF THE CASE, AND LAW THE LD. CIT(A) HAS ERRED IN NOT APPRECIATING THE FACT THAT THE ASSESSEE DID NOT COOPERATE DURING THE REMAND PROCEEDINGS. (III) ON THE FACTS AND CIRCUMSTANCES OF THE CASE, AND LAW THE LD. CIT(A) HAS ERRED IN NOT APPRECIATING THE FACT THAT THE ASSESSEE DIE NOT PROVE THE SOURCE FOR THE INVESTMENT WHICH I S CLAIMED TO BE WITH THE BROKER SINCE YEAR BEFORE THE PREVIOUS Y EAR. 2. ON THE FACTS AND CIRCUMSTANCES OF THE CASE, AND LAW THE LD. CIT(A) HAS ERRED IN NOT APPRECIATING THE FACT THAT THE SHARES SUPPOSED TO HAVE PURCHASED IN 2004-05 MERELY FOR RS.73,650/- BY NO S TRETCH OF IMAGINATION CAN FETCH RS.30,03,250/- IN 2005-06. 3. THE APPELLANT PRAYS THAT THE ORDER OF LD. CIT(A) ON THE ABOVE GROUNDS BE SET ASIDE AND THAT OF THE ASSESSING OFFICER BE RESTORED . 2. AT THE OUTSET THE LD. DR POINTED OUT THAT THE TA X EFFECT IN THIS APPEAL IS BELOW RS.10.00 LAKHS AND FURTHER SUBMITTED THAT IN VIEW O F THE CBDT CIRCULAR 3 ITA NO.3987/MUM/2009(A.Y.05-06) ITO VS BIRENDRA KUMAR JHANWAR NO.21/2015, DATED 10.12.2015 BROUGHT OUT BY THE CENTRAL BOARD OF DIRECT TAXES, DEPARTMENT OF REVENUE, MINISTRY OF FINANCE , GOVERN MENT OF INDIA, THE APPEAL WAS NOT MAINTAINABLE AND BE DISMISSED. THE LD. DR A LSO AGREED TO THE SUBMISSION OF THE LD. AR. 3. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL ON RECORD. WE FIND FROM THE RECORDS BEFORE US THAT THE TAX INV OLVED IN THE DISPUTED ISSUE IS BELOW RS.10 LACS AND THEREFORE, IN VIEW OF THE CIRC ULAR NO 21/2015 DATED 10 TH DECEMBER, 2015 NO APPEALS SHOULD BE FILED BY THE RE VENUE BEFORE THE TRIBUNAL WHICH HAS TAX EFFECT OF RS. 10.00 LACS OR LESS AND THIS CIRCULAR IS ALSO APPLICABLE RETROSPECTIVELY TO ALL PENDING APPEALS. THE RELEVAN T EXTRACT THE SAID CBDT CIRCULAR (SUPRA) IS AS UNDER:- THIS INSTRUCTION WILL APPLY RETROSPECTIVELY TO PEN DING APPEALS AND APPEALS TO BE FILED HENCEFORTH IN HIGH COURTS/TRIBUNALS. PENDI NG APPEALS BELOW THE SPECIFIED TAX LIMITS IN PARA 3 ABOVE MAY BE WITHDRA WN/NOT PRESSED. APPEALS BEFORE THE SUPREME COURT WILL BE GOVERNED BY THE IN STRUCTIONS ON THIS SUBJECT, OPERATIVE AT THE TIME WHEN SUCH APPEAL WAS FILED. 4. CONSIDERING THE ABOVE, THE APPEAL FILED BY THE R EVENUE, IS THEREFORE DISMISSED. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISMISSED. 4 ITA NO.3987/MUM/2009(A.Y.05-06) ITO VS BIRENDRA KUMAR JHANWAR ORDER PRONOUNCED IN THE OPEN COURT ON 2 ND MARCH, 2016 SD/- SD/- (JASON P. BOAZ) (SANDEEP GOSAIN) $ / ACCOUNTANT MEMBER &' $ / JUDICIAL MEMBER ( ) MUMBAI; *$ DATED :02.03.2016 PS. ASHWINI / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT 3. + ( ) / THE CIT(A) 4. + / CIT - CONCERNED 5. ./0 ''12 , 12# , ( ) / DR, ITAT, MUMBAI 6. 045 6 / GUARD FILE / BY ORDER, / !'# (DY./ASSTT. REGISTRAR) #$ %, ( ) / ITAT, MUMBAI.