ITO (Central)-I, Nashik V. Shri Rahul Chandrakant Shah, Nashik

ITA 443/PUN/2013

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 0939 (ITAT-PUNE)
• Duration Of Justice: 3 year(s) 7 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-09-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 19-09-2016
• Assessment Year: 2005-2006
• Appeal Filed On: 15-02-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: NANDITA KANCHAN
• Assessee Lawyers: V L JAIN
• Keywords: Tax effect
• Section: 69

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, PUN E , , !'#'' $ , % & BEFORE SHRI R.K. PANDA, AM AND SHRI VIKAS AWASTHY, JM / ITA NO. 443/PN/2013 %' ( ')( / ASSESSMENT YEAR : 2005-06 INCOME TAX OFFICER (CENTRAL)-1, NASHIK ....... / APPELLANT ' / V/S. SHRI RAHUL CHANDRAKANT SHAH, 6, PURVA APARTMENT, SHINGADA TALAV, NASHIK PAN : AULPS5912Q / RESPONDENT ASSESSEE BY : SHRI V.L. JAIN REVENUE BY : MS. NANDITA KANCHAN / DATE OF HEARING : 19-09-2016 / DATE OF PRONOUNCEMENT : 19-09-2016 * / ORDER PER VIKAS AWASTHY, JM : THE APPEAL HAS BEEN FILED BY THE REVENUE AGAINST THE OR DER OF COMMISSIONER OF INCOME TAX (APPEALS)-I, NASHIK DATED 29-11 -2012 FOR THE ASSESSMENT YEAR 2005-06. IN APPEAL, THE REVENUE HAS ASSAILED THE FINDINGS OF COMMISS IONER OF INCOME TAX (APPEALS) IN DELETING THE ADDITION OF ` 12,94,746/- MADE 2 ITA NO. 443/PN/2013, A.Y. 2005-06 U/S. 69 OF THE INCOME TAX ACT, 1961 (HEREINAFTER REFERRED TO AS THE ACT). 2. MS. NANDITA KANCHAN REPRESENTING THE DEPARTMENT SUBM ITTED AT THE OUTSET THAT THAT THE APPEAL SUFFERS FROM LOW TAX EFFEC T IN VIEW OF RECENT CBDT CIRCULAR NO. 21/2015, DATED 10-12-2015. 3. SHRI V.L. JAIN APPEARING ON BEHALF OF THE ASSESSEE SUPP ORTED THE STATEMENT MADE BY THE LD. DR. 4. BOTH SIDES HEARD. UNDISPUTEDLY, THE TAX EFFECT IN THE PRESENT APPEAL IS LESS THAN ` 10 LAKHS. THE CBDT VIDE CIRCULAR NO. 21/2015, DATED 10-12-2015 HAS RAISED THE MONETARY LIMIT OF TAX E FFECT FOR FILING OF APPEALS BY THE DEPARTMENT BEFORE THE TRIBUNAL TO ` 10 LAKHS. THE CIRCULAR APPLIES TO THE APPEALS TO BE FILED BY THE DEPARTME NT IN FUTURE, AS WELL AS THE APPEALS PENDING BEFORE THE TRIBUNAL. THUS, IN VIEW OF THE CBDT CIRCULAR THE PRESENT APPEAL OF THE REVENUE IS LIABLE T O BE DISMISSED ON ACCOUNT OF LOW TAX EFFECT. 5. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT AT THE TIME OF HE ARING ON MONDAY, THE 19 TH DAY OF SEPTEMBER, 2016. SD/- SD/- ( . . / R.K. PANDA) ( ! ' / VIKAS AWASTHY) #' / ACCOUNTANT MEMBER $ % #' / JUDICIAL MEMBER / PUNE; &# / DATED : 19 TH SEPTEMBER, 2016 RK 3 ITA NO. 443/PN/2013, A.Y. 2005-06 *+,%-.#/#)- / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT. 2. / THE RESPONDENT. 3. ' () / THE CIT(A)-I, NASHIK 4. ' / THE CIT (CENTRAL), NAGPUR 5. !*+ %%,- , ,- , . ./0 , / DR, ITAT, B BENCH, PUNE. 6. + 1 23 / GUARD FILE. // ! % // TRUE COPY// #4 / BY ORDER, %5 ,0 / PRIVATE SECRETARY, ,- , / ITAT, PUNE