The Asstt. Commissioner of Income-tax, Amritsar. V. Sh. Harmohinder Singh Nagpal, Amritsar.

ITA 441/ASR/2012

• Counselvise Citation: [2013] 120 COUNSELVISE.COM (IT) 0577 (ITAT-AMRITSAR)
• Duration Of Justice: 1 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-01-2013
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2008-2009
• Appeal Filed On: 30-11-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: T P SINGH
• Assessee Lawyers: PADAM BAHL
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH; AMRITSAR. BEFORE SH. H.S. SIDHU, JUDICIAL MEMBER AND SH. B.P.JAIN, ACCOUNTANT MEMBER I.T.A. NO.441(ASR)/2012 ASSESSMENT YEAR:2008-09 PAN :AALPN1750B ASSTT. COMMR. OF INCOME TAX, VS. SH. HARMOHINDER SI NGH NAGPAL, CIRCLE-V, AMRITSAR. AMRITSAR. (APPELLANT) (RESPONDENT) APPELLANT BY:SH. T.P. SINGH, DR RESPONDENT BY:SH. PADAM BAHL, CA DATE OF HEARING: 22/01/2013 DATE OF PRONOUNCEMENT:22/01/2013 ORDER PER BENCH ; THE REVENUE HAS FILED THE PRESENT APPEAL AGAINST T HE IMPUGNED ORDER OF CIT(A), AMRITSAR, DATED 05.09.2012 FOR THE ASSES SMENT YEAR 2008-09 ON THE FOLLOWING GROUNDS: 1. WHETHER ON THE FACTS AND CIRCUMSTANCES OF THE CASE THE ORDER OF THE LD. CIT(A) IS BAD IN LAW. 2. WHETHER ON THE FACTS AND CIRCUMSTANCES OF THE C ASE THE LD. CIT(A) HAS ERRED IN DELETING THE ADDITION MADE ON ACCOUNT OF ITA NO.441(ASR)/2012 2 PROFITS EARNED ON TRANSACTIONS OF PURCHASE AND SA LE OF SHARES AMOUNTING TO RS.3,11,437/-. 3. WHETHER ON THE FACTS AND CIRCUMSTANCES OF THE C ASE THE LD. CIT(A) HAS ERRED IN DELETING THE ADDITION AMOUNTI NG TO RS.2,12,956/- ON ACCOUNT OF INTEREST PAID ON AMO UNT INHERITED FROM PARENTS, WHICH WAS DEBITED ON 31.03.2008 BY THE ASSESSEE, WHEREAS FATHER AND MOTHER OF THE ASSESSEE HAD EXP IRED ON 19.08.2007 AND 16.03.2008 RESPECTIVELY AND AMOUNT S OUTSTANDING IN THEIR NAMES WERE EXCLUSIVELY INHER ITED BY THE ASSESSEE. 4. WHETHER ON THE FACTS AND CIRCUMSTANCES OF THE C ASE THE LD. CIT(A) HAS ERRED IN DELETING THE ADDITION AMOUNTI NG TO RS.3,86,0189/- ON ACCOUNT OF CASH INHERITED FROM PARENTS, WHICH WAS SHOWN TO BE INHERITED BY THE ASSESSEE F ROM HIS FATHER EXCLUSIVELY BY EXCLUDING THE SHARE OF HIS BROTHER . 2, AT THE TIME OF HEARING THE LD. COUNSEL FOR THE A SSESSEE RAISED A PRELIMINARY OBJECTION THAT THE TAX EFFECT INVOLVED IN THE REVENUES APPEAL IS LESS THAN RS.3 LACS. THEREFORE, THE PRESENT APPEAL FILED BY THE DEPARTMENT MAY BE DISMISSED, AS THE SAME IS NOT MAINTAINABLE BEING CONTRARY TO CBDTS INSTRUCTION NO.3 OF 2011 DATED 09.02.2011. 5. ON THE CONTRARY, THE LD. DR RELIED UPON THE ORDE RS OF THE AUTHORITIES BELOW. 6. WE HAVE HEARD BOTH THE PARTIES AND PERUSED THE R ELEVANT MATERIAL AVAILABLE ON RECORD, ESPECIALLY CBDTS INSTRUCTION NO.3 OF 2011, DATED 9 TH ITA NO.441(ASR)/2012 3 FEBRUARY, 2011. AS PER RECORD, IT IS SEEN THAT THE REVENUE HAS FILED THE PRESENT APPEAL ON 30.11.2011 AFTER THE ISSUANCE OF CBDT INSTRUCTION NO.3 OF 2011, DATED 9 TH FEBRUARY, 2011. THUS, KEEPING IN VIEW THE FACTS AN D CIRCUMSTANCES, WE ARE OF THE VIEW THAT THE REVENUE HAS FILED THE PRESENT APPEAL AFTER THE ISSUANCE OF THE SAID CBDT INSTRUC TION NO. 3 OF 2011, WHICH IS EFFECTIVE FROM 9 TH FEBRUARY, 2011. THEREFORE, IN OUR CONSIDERED OPINI ON, THE SAID INSTRUCTION OF CBDT IS BINDING UPON THE DE PARTMENT AND THE PRESENT APPEAL HAS BEEN FILED CONTRARY TO THE SAID INSTRUCTION ISSUED BY THE CBDT. ACCORDINGLY, THE APPEAL FILED BY THE REVENUE IS DISMISSED AS NOT MAINTAINABLE. 7. IN THE RESULT, THE APPEAL FILED BY THE REVENUE I S DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 22ND JANUARY, 2013. SD/- SD/- (B.P. JAIN) (H.S. SIDHU) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 22ND JANUARY, 2013 /SKR/ COPY OF THE ORDER FORWARDED TO: 1. THE ASSESSEE:SH.HARMOHINDER SINGH NAGPAL, 2. THE ACIT, CIR.V, ASR. 3. THE CIT(A), ASR. 4. THE CIT, ASR. 5. THE SR DR, ITAT, AMRITSAR. TRUE COPY BY ORDER (ASSISTANT REGISTRAR)