The ITO, Ward-4(2), Ahmedabad V. Kabra Investment Pvt.Ltd., Ahmedabad

ITA 4218/AHD/2007

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 6293 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 5 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-05-2010
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 11-05-2010
• Assessment Year: 2003-2004
• Appeal Filed On: 29-11-2007
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: M C PANDIT
• Keywords: Tax effect

Judgement Text

- 1 - IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCH C AHMEDABAD BEFORE S/SHRI MUKUL SHRAWAT, JM AND D.C.AGRAWAL, AM INCOME-TAX OFFICER, WARD 4(2), AHMEDABAD. V/S . KABRA INVESTMENT (P) LTD., AKANKSHA APRTS., NR. SOLA ROAD RLY. CROSSING, GHATLODIA, AHMEDABAD. (APPELLANT) .. (RESPONDENT) APPELLANT BY :- SHRI M. C. PANDIT, SR. D.R. RESPONDENT BY:- SHRI ASEEM THAKKAR, AR O R D E R PER D. C. AGRAWAL, ACCOUNTANT MEMBER . THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF LD. CIT(A) VIII, AHMEDABAD, DATED 24.8.2007 FOR ASST. YEAR 2003-04 RAISING FOLLOWING GROUNDS:- 1. THE LD. CIT(A) HAS ERRED IN LAW AND ON THE FACTS OF THE CASE IN DELETING THE DISALLOWANCE OF TRADING LOSS OF RS.2,5 5,565/- MADE BY THE AO UNDER THE PROVISIONS OF SECTION 40A(2)(B) . 2. THE LD. CIT(A) HAS ERRED IN LAW AND ON THE FACTS OF THE CASE IN DELETING THE DISALLOWANCE OF INTEREST OF RS.4,16,91 3/- U/S 40A(2)(B) OF THE ACT. ITA NO. 4218/AHD.2007 ASST. YEAR :2003-04 2 2. AT THE OUTSET, IT WAS NOTED THAT THE TAX EFFECT IN THE DEPARTMENTS APPEALS IS LESS THAN RS.2 LAKHS. DEPARTMENT OUGHT N OT HAVE FILED THE APPEAL. OUR VIEW IS SUPPORTED BY THE DECISION OF H ON. DELHI HIGH COURT IN THE CASE OF CIT VS. MANGLAM RICINUS LTD. (2008) 174 TAXMAN 186 (DEL). AS THE APPEAL SO FILED IS AGAINST THE EXECUT IVE INSTRUCTIONS WHICH ARE BINDING ON THE DEPARTMENT, WE DISMISS THE APPEA L IN LIMINE. 4. IN THE RESULT, THE APPEAL FILED BY THE DEPARTMENT I S DISMISSED. SD/- SD/- (MUKUL SHRAWAT) (D.C.AGRAWAL) JUDICIAL MEMBER ACCOUNTANT MEMBER AHMEDABAD, DATED : 14/5/2010 MAHATA/- COPY OF THE ORDER FORWARDED TO :- 1. THE APPELLANT. 2. THE RESPONDENT. 3. THE CIT(APPEALS)- 4. THE CIT CONCERNS. 5. THE DR, ITAT, AHMEDABAD 6. GUARD FILE. BY ORDER, DEPUTY / ASSTT.REGISTRAR ITAT, AHMEDABAD ORDER PRONOUNCED IN OPEN COURT ON 14/5/2010