The ITO, Ward-5(2), Ahmedabad V. M/s. Oasis Jewels Pvt.Ltd., Ahmedabad

ITA 430/AHD/2012

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 9538 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 11 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-02-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 21-01-2016
• Assessment Year: 2005-2006
• Appeal Filed On: 16-02-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DINESH SINGH SR D R
• Assessee Lawyers: AJIT P SANDESARA
• Keywords: Tax effect

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, AHMEDABAD BEFORE SHRI SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER AND SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER ./ ITA NO. 430/AHD/2012 / ASSESSMENT YEAR: 2005-06 ITO, WARD 5 (2), AHMEDABAD .. APPELLANT VS M/S. OASIS JEWELS PVT LTD, GR. FLOOR, OM CHAMBERS, SHETH NI POLE, RATANPOLE AHMEDABAD-380001 .. RESPONDENT PAN : AAACO 6306 L REVENUE BY : SHRI DINESH SINGH, SR-DR ASSESSEE(S) BY : SHRI AJIT P. SANDESARA, AR / DATE OF HEARING 21/01/2016 /DATE OF PRONOUNCEMENT 12/02/2016 / O R D E R PER SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER: THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS)-XI, AH MEDABAD DATED 05.12.2011 FOR ASSESSMENT YEAR 2005-10, ON TH E FOLLOWING GROUNDS:- 1. THE LD. COMMISSIONER OF INCOME-TAX (A) HAS ERRED IN LAW AND ON FACTS IN DELETING THE DISALLOWANCE OF RS.9,69,51 4/-, BEING HEDGING LOSS. ITA NO. 430/AHD/2012 ITO VS. OASIS JEWELS PVT LTD AY : 2005-06 2 2. ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LD. COMMISSIONER OF INCOME TAX (A) OUGHT TO HAVE UPHELD THE ORDER OF THE ASSESSING OFFICER. 3. IT IS, THEREFORE, PRAYED THAT THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (A) MAY BE SET ASIDE AND THAT OF THE ASSESSING OFFICER BE RESTORED. 2. AT THE OUTSET, THE LEARNED COUNSEL FOR THE ASSES SEE CONTENDED THAT AS PER THE RECENT CENTRAL BOARD OF D IRECT TAXES CIRCULAR NO. 21/2015 IN F.NO.279/MISC. 142/2007-ITJ (PT) DATED 10 TH DECEMBER 2015, THE REVISED LIMIT FOR PREFERRING REVENUE'S APPEALS BEFORE ITAT IS RS.10,00,000/-. T HE LEARNED COUNSEL FOR THE ASSESSEE POINTED OUT THAT THE TAX E FFECT IN THE PRESENT REVENUE'S APPEAL IS BELOW THE PRESCRIBED LI MIT OF RS.10,00,000/-; THEREFORE, THE REVENUE'S APPEAL MAY BE DISMISSED AS THE TAX EFFECT BEING BELOW THE PRESCRI BED LIMIT. 3. THE LD. DEPARTMENTAL REPRESENTATIVE COULD NOT CO NTROVERT THE AFORESAID SUBMISSIONS OF THE LD. COUNSEL FOR TH E ASSESSEE. 4. WE HAVE HEARD BOTH THE PARTIES AND PERUSED THE MATERIAL PLACED BEFORE US. WE FIND THAT PRIMA-FACIE THIS APPEAL O F THE REVENUE IS NOT MAINTAINABLE IN VIEW OF CBDT CIRCULAR NO. 21 /2015 IN F.NO.279/MISC. 142/2007-ITJ (PT) DATED 10 TH DECEMBER 2015, VIDE WHICH IT HAS BEEN PROVIDED THAT IF THE TAX EFFECT B Y VIRTUE OF THE COMMISSIONER OF INCOME-TAX (APPEALS)S ORDER IS BEL OW RS.10,00,000/- , THEN THAT ORDER WOULD NOT BE CHALLENGED BEFORE TH E TRIBUNAL IN FURTHER APPEAL. THE BOARD HAS PROVIDED EXEMPTIONS AT CLAUSE (8) OF THE INSTRUCTIONS WHEREIN IT HAS BEEN PROVIDED THAT THESE INSTRUCTIONS ITA NO. 430/AHD/2012 ITO VS. OASIS JEWELS PVT LTD AY : 2005-06 3 WILL NOT BE APPLICABLE, IF VIRES OF ANY PROVISIONS HAS BEEN QUASHED BY IMPUGNED ORDER OR ADDITION WAS MADE ON SOME AUDIT O BJECTIONS OR THE ADDITION RELATES TO UNDISCLOSED FOREIGN ASSETS/BANK ACCOUNTS, ETC. WE FIND THAT THE PRESENT CASE DOES NOT FALL WITHIN THE EXEMPTION CLAUSE AND THE TAX IS LESS THAN RS.10,00,000/-. THEREFOR E, THE PRESENT APPEAL IS NOT MAINTAINABLE AND HENCE DISMISSED. 5. IN THE RESULT, THE APPEAL FILED BY THE REVENUE I S DISMISSED IN LIMINE . ORDER PRONOUNCED IN THE COURT ON 12 TH FEBRUARY 2016 AT AHMEDABAD. SD/- SD/- N.K. BILLAIYA SHAILENDRA KUMAR YADAV (ACCOUNTANT MEMBER) (JUDICI AL MEMBER) AHMEDABAD; DATED 12/02/2016 BIJU T., PS !' #'$ / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESP ONDENT. 3. ! ' ' # / CONCERNED CIT 4. ' ' # ( ) / THE CIT(A) 5. &'( ! , ' ! , / DR, ITAT, AHMEDABAD 6. (- . / GUARD FILE . / BY ORDER, TRUE COPY / ( DY./ASSTT.REGISTRAR) , / ITAT, AHMEDABAD