The ACIT, Circle-1, RAJKOT-GUJARAT V. Vijay N. Chandrani, Ahmedabad

ITA 423/RJT/2013

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 1260 (ITAT-RAJKOT)
• Duration Of Justice: 2 year(s) 6 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-05-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2006-2007
• Appeal Filed On: 08-11-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: C S ANJARIA
• Assessee Lawyers: RD LALCHANDANI
• Keywords: Unexplained investment; Retrospective amendment; Tax effect
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL RAJKOT BENCH , RAJKOT BEFORE: SHR I S. S. GODARA , JUDICIAL MEMBER AND SHRI MANISH BORAD, ACCOUNTANT MEMBER [CONDUCTED THROU GH E - COURT AT AHMEDABAD] THE ACIT, CIRCLE - 1, RAJKOT (APPELLANT) VS VIJAY N. CHANDRANI, KHAZANA STORES P. LTD. B/7 - ANIKET, C.G. ROAD, NAVRANGPURA, AHMEDABAD PAN: AAXPC2098K (RESPONDENT ) REVENUE BY : S H RI C.S. ANJARIA , SR. D . R. ASSESSEE BY: S H RI R.D. LALCHANDANI , A.R. DATE OF HEARING : 30 - 05 - 2 016 DATE OF PRONOUNCEMENT : 31 - 0 5 - 2 016 / ORDER P ER : S. S. GODARA , JUDICIAL MEMBER : - THI S REVENUE S APPEAL FOR A.Y. 2006 - 07 , AR ISES FROM ORDER OF THE CIT(A), RAJKOT DATED 22 - 08 - 2013 IN APPEAL NO. CIT(A) / JAM/205/11 - 12 , IN PROCEEDINGS UNDER SECTION 143(3) R.W.S. 147 OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT . I T A NO . 423 / RJT /20 13 A SSESSMENT YEAR 200 6 - 07 I.T.A NO. 423 /RJT /20 13 A.Y. 2006 - 07 PAGE NO ACI T VS. M/S. VIJAY N. CHANDRANI 2 2. THE REVENUE S SOLE SUBSTANTIVE GROUND CHALLENGES THE LOWER APPELLATE ORDER DELETING ADDITION OF RS. 20, 00, 000/ - AS UNEXPLAINED INVESTMENT MADE IN ASSESSMENT ORDER DATED 09 - 12 - 2011. THERE IS NO DISPUTE THAT THE NET TAX EFF ECT IN THE INSTANT APPEAL IS LESS THAN RS. 10 LACS. WE FIND THAT THE CENTRAL BOARD OF DIRECT TAXES; HEREAFTER THE BOARD HAS ISSUED THE CIRCULAR NO. 21/2015 DATED 10 - 12 - 2015 CLEARLY ENVISAGING THEREIN THAT DEPARTMENT S PENDING APPEALS BEFORE THE TRIBUNAL /HIGH COURTS ARE TO BE WITHDRAWN/NOT PRESSED AS PER THE ABOVE STATED CIRCULAR. THE SAME HAS BEEN DECLARED TO BE HAVING RETROSPECTIVE EFFECT IN OTHER WORDS. WE TAKE INTO CONSIDERATION THE ABOVE STATED BOARD S CIRCULAR AND DISMISS THE INSTANT APPEAL ACCORD INGLY. 3. THIS REVENUE S APPEAL IS DISMISSED AS HAVING LOW TAX EFFECT. ORDER PR ONOUNCED IN THE OPEN C OUR T ON 31 - 05 - 201 6 SD/ - SD/ - (MANISH BORAD ) ( S. S. GODARA ) ACCOUNTANT MEMBER JUDICIAL MEMBER AH MEDABAD : DATED 31 /05 /2016 AK / COPY OF ORDER FORWARDED TO: - 1. ASSESSEE 2. REVENUE 3. CONCERNED CIT 4. CIT (A) 5. DR, ITAT, AHMEDABAD 6. GUARD FILE. BY ORDER, I.T.A NO. 423 /RJT /20 13 A.Y. 2006 - 07 PAGE NO ACI T VS. M/S. VIJAY N. CHANDRANI 3 ASSISTANT REGISTRAR, INCOME TAX APPELLATE TRIBUNAL, RAJKOT