DCIT CIR 7(1), MUMBAI V. SAHILENDRA SINGH, MUMBAI

ITA 4682/MUM/2013

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 92226 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 9 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-04-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: E
• Next Hearing Date: 13-04-2015
• Assessment Year: 2009-2010
• Appeal Filed On: 14-06-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: N V NADKARNIDR
• Keywords: Notional interest; Tax effect

Judgement Text

, , , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES E, MUMBAI , . . , , BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER, AND SHRI B.R. BASKARAN, ACCOUNTANT MEMBER ITA NO.4682/MUM/2013 ASSESSMENT YEAR: 2009-10 DCIT-7(1), ROOM NO.622, AAYAKAR BHAVAN, M.K. ROAD, CHURCHGATE, MUMBAI-400020 / VS. MR. SHAILENDRA SINGH, PERCEPT HOUSE, 22, RAGHUVANSHI ESTATE, 11/12, SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI-400013 ( ' / REVENUE) ( #$% & /ASSESSEE) P.A. NO. AINPS9725M ' / REVENUE BY SMT. N. V. NADKARNI-DR #$% & / ASSESSEE BY NONE ' ' ( & ) / DATE OF HEARING 13/04/2015 ( & ) / DATE OF ORDER: 13/04/2015 / O R D E R PER JOGINDER SINGH (JUDICIAL MEMBER) THE REVENUE IS AGGRIEVED BY THE IMPUGNED ORDER DATED 13/03/2013 OF THE LD. FIRST APPELLATE AUTHORI TY, MR. SHAILENDRA SINGH 2 MUMBAI, ON THE GROUNDS AS MENTIONED IN THE GROUNDS OF APPEAL. 2. AT THE TIME OF HEARING, LD. DR, SHRI N. V. NANDK ARNI, ADVANCED HIS ARGUMENTS WHICH ARE IDENTICAL TO THE G ROUND RAISED. HOWEVER, NONE WAS PRESENT ON BEHALF OF THE ASSESSEE, AT THE OUTSET, WE FOUND THAT THE TAX EFFE CT IN THE PRESENT APPEAL IS BELOW PRESCRIBED MONETARY LIMIT FOR FILING THE APPEAL BEFORE THIS TRIBUNAL. IT WAS FAIRLY AGR EED BY THE LD. DR THAT THE TAX EFFECT IN THE PRESENT APPEAL IS BELOW PRESCRIBED MONETARY LIMIT. 2.1. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD. IN VIEW OF THE FACT THAT THE TAX EFFECT IN THE APPEAL IS BELOW PRESCRI BED MONETARY LIMIT AS CONTAINED IN CBDT INSTRUCTION NO.3/2011 DATED 09/02/2011, FURTHER INSTRUCTION NO.5/2014 (F NO.279/MISC./142/2007-IT(PT) DATED 10/07/2014. THE CBDT REVISED THE MONETARY LIMIT FOR FILING THE APPEAL BEFORE VARIOUS AUTHORITIES/COURTS AND ADVISED/DIRECTED THE DEPARTMENT NOT TO FILE APPEAL IN THE CASES WHERE THE TAX EFFECT DOES NOT EXCEED THE FOLL OWING MONETARY LIMITS:- SL. NO. APPEALS IN INCOME TAX MATTERS MONETARY LIMIT (IN RS.) 1. BEFORE APPELLATE TRIBUNAL 4,00,000/ - 2. U/S 260 A BEFORE HIGH COURT 10,00,000/ - 3. BEFORE SUPREME COURT 25,00,000/ - AS PER THE AFORESAID INSTRUCTION, THE DEPARTMENT IS NOT TO FILE APPEAL BEFORE THE TRIBUNAL WHEREIN THE TAX EFFECT MR. SHAILENDRA SINGH 3 IS LESS THAN RS.4,00,000/-, CONSEQUENTLY, CONSIDERI NG THE DECISION FROM THE HONBLE JURISDICTIONAL HIGH COURT IN THE CASE OF PITHWA ENGINEERING WORKS (276 ITR 519) (BOM ) , THE APPEAL OF THE REVENUE IS NOT MAINTAINABLE. WE FURT HER NOTE THAT THE DEPARTMENT HAS WRONGLY MENTIONED THE ADDIT ION OF RS.12,91,173/- ON ACCOUNT OF NOTIONAL INTEREST IN GROUNDS OF APPEAL RATHER AFTER GIVING THE STATUTORY DEDUCTI ON, ADDITION OF RS.8,40,000/- WAS MADE WITH RESPECT TO INCOME FROM HOUSE PROPERTY, THEREFORE, IN VIEW OF THE AB OVE, THE APPEAL OF THE REVENUE IS DISMISSED AS NOT MAINTAINA BLE. FINALLY THE APPEAL OF THE REVENUE IS DISMISSED. THIS ORDER WAS PRONOUNCED IN THE OPEN COURT IN THE PRESENCE OF LD. REPRESENTATIVE OF BOTH SIDES, AT TH E CONCLUSION OF HEARING ON 13/04/2015. SD/- SD/- ( B.R.BASKARAN ) (JOGINDER SINGH) '# / ACCOUNTANT MEMBER $# / JUDICIAL MEMBER ' MUMBAI; * DATED : 13/04/2015 F{X~{T? P.S/. . . %$&'()(*& / COPY OF THE ORDER FORWARDED TO : 1. +,-. / THE APPELLANT 2. /0-. / THE RESPONDENT. 3. ' 1& ( +, ) / THE CIT, MUMBAI. P4. ' 1& / CIT(A)- , MUMBAI 5. 3' /&# , +,) +# 4 , ' / DR, ITAT, MUMBAI 6. 5$ 6 / GUARD FILE. / BY ORDER, 03,& /& //TRUE COPY// / (DY./ASSTT. REGISTRAR) , ' / ITAT, MUMBAI