ITO, New Delhi V. M/s Navyug Projects Pvt. Ltd., New Delhi

ITA 4682/DEL/2010

• Counselvise Citation: [2011] 135 COUNSELVISE.COM (IT) 0129 (ITAT-DELHI)
• Duration Of Justice: 4 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-03-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: E
• Next Hearing Date: 16-03-2011
• Assessment Year: 2001-2002
• Appeal Filed On: 27-10-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PIYUSH SONKAR
• Keywords: Tax effect
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH E : NEW DELHI) BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER AND SHRI B.C. MEENA. ACCOUNTANT MEMBER ITA NOS.4682 & 4683/DEL./2010 (ASSESSMENT YEARS : 2001-02 & 2002-03) ITO, WARD 13(1), VS. M/S NAVYUG PROJECTS PVT. LTD., NEW DELHI. 28, N.W.A. CLUB ROAD, PUNJABI BAGH EXTN., NEW DELHI. (PAN/GIR NO.AABCN1919R) (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI SATYEN SETHI, ADV. REVENUE BY : SHRI PIYUSH SONKAR, SR.DR ORDER PER B.C. MEENA: AM THESE APPEALS BY THE REVENUE ARE DIRECTED AGAINST TH E ORDER OF THE LD. COMMISSIONER OF INCOME TAX (APPEALS)-XVI, NEW DELHI, DATED 09.08.2010 PERTAINING TO ASSESSMENT YEARS 2001-02 & 2002 -03. 2. THE ISSUE RAISED IN THESE APPEALS IS THAT LD. COMMISSION ER OF INCOMETAX (APPEALS) HAS ERRED IN DELETING DISALLOWANC E OF ` 2,50,000/- AND `6,50,000/- IN I.T.A. NOS.4682 AND 4683, RESPECTI VELY MADE U/S 68 OF THE ACT ON ACCOUNT OF SHARE APPLICATION MONEY PAR TICULARLY WHEN THE ASSESSEE HAD ALREADY SURRENDERED THE SAID AMOUNT DURING T HE COURSE OF ASSESSMENT PROCEEDINGS ITSELF. 3. AT THE THRESHOLD, WE NOTE THAT THE TAX EFFECT IN BOTH APPEALS IS LESS THAN ` 3 LAKHS. AS PER INSTRUCTION NO. 3/2011 (F.NO . 279/MISC./142/2007-ITJ) DATED 09.02.2011 ISSUED BY THE CBDT, THE TAX EFFECT FOR FILING APPEAL BEFORE THE APPELLATE TRIBU NAL SHOULD BE MORE THAN ` 3 LAKHS. IN THE PRESENT CASE, ADMITTEDLY THE T AX IS BELOW ` 3 LAKHS. HENCE, THE APPEALS ARE IN CONTRAVENTION OF THE AFORESAID CBDT CIRCULAR/INSTRUCTION. HENCE, THE SAME IS LIABLE TO BE DISMISSED. I.T.A. NOS.4682 & 4683/DEL./10 (A.YS. : 2001-02 & 02-03) 2 ACCORDINGLY, THESE APPEALS BY THE REVENUE STAND DISMISSED FOR TAX EFFECT. 4. IN THE RESULT, THE APPEALS FILED BY THE REVENUE AR E DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 16/03/2011 UP ON CONCLUSION OF HEARING. SD/- SD/- [RAJPAL YADAV] [B.C. MEENA] JUDICIAL MEMBER ACCOUNTANT MEMBER DATE 16/03/2011 SKB COPY FORWARDED TO: - 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT (A)-XVI, NEW DELHI. 5. CIT( ITAT) BY ORDER, DEPUTY REGISTRAR, ITAT, DELHI BENCHES