ACIT - 14(2), MUMBAI V. HITEN P. DALAL, MUMBAI

ITA 4732/MUM/2014

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 3756 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 8 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-03-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: H
• Next Hearing Date: 15-03-2016
• Assessment Year: 2010-2011
• Appeal Filed On: 11-07-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AMIT KUMAR SINGH
• Assessee Lawyers: BHAVIN PAREKH
• Keywords: Source of fund; Retrospective amendment; Tax effect
• Section: 14A

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL H BENCH, MUMBAI , , BEFORE HONBLE S/SHRI SANJAY GARG, JM AND SHRI RAJESH KUMAR , AM ./ I.T.A. NO. 4732 /MUM / 201 4 ( / ASSESSMENT YEAR : 20 10 - 11 ) ASSTT. COMMISSIONER OF INCOME TAX, 1 4( 2 ), EARNEST HOUSE, ROOM NO.303, 3 RD FLOOR, NARIMAN POINT, MUMBAI - 400021 / VS. SHRI HITEN P DALAL, PLOT NO.77, ABC, GOVT. IN DL. ESTATE, CHRKOP, KANDIVALI (W), MUMBAI - 400067 ./ PAN : AABPD5221H ( / APPELLANT ) .. ( / RESPONDENT ) / APPELLANT BY : SHRI AMIT KUMAR SINGH / RESPONDENT BY : SHRI BHAVIN P AREKH / DATE OF HEARING : 1 5 .3. 2016 / DATE OF PRONOUNCEMENT : 1 5 . 3 . 2016 / O R D E R PER RAJESH KUMAR , AM : THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER DATE D 24.04. 201 4 PASSED BY THE LD.CIT(A) - 25 , MUMBAI AND IT RELATES TO THE ASSESSMENT YEAR 20 10 - 11 . 2. WE HEARD THE PARTIES AND PERUSED THE RECORD. THE ASSESSEE FILED HIS RETURN OF INCOME ON 30 . 09 .20 10 DECLARING A TOTAL INCOME OF R S. 1,75,13,250/ - . THE AO MADE THE ASSESSMENT AT RS. 3,43,50,080/ - . AGGRIEVED BY THE ORDER OF AO, THE ASSESSEE PREFERRED AN APPEAL BEFORE THE LD.CIT(A) AND THE LD. CIT(A) GRANTED RELIEF TO THE ASSESSEE. AGGRIEVED BY ITA NO. 4732 / MUM/20 1 4 2 ORDER OF LD.CIT(A) GRANTING RELIEF TO THE ASSESSEE THE REVENUE IS IN APPEAL BEFORE THE TRIBUNAL. 3. THE REVENUE IS CONTESTING THE RELIEF OF RS. 1,19,139/ - STATING THAT THE SOURCE OF FUNDS IS EXPLAINED, THOUGH THE ASSESSEE DID NOT EXPLAINED, THE DELETION OF ADDITION OF RS.11,83,500/ - AND ADDITION U/S 14A AMOUNTING TO RS.7, 01,114/ - . 4. WE FIND THAT THE QUANTUM IN DISPUTE IS RS. 20, 03 , 753 / - AND THE TAX EFFECT INVOLVED THEREIN IS LESS THAN RS.10 LAKHS. IN VIEW OF THE CIRCULAR ISSUED BY CBDT BEARING NO.21/2015 DATED 10.12.2015 PRESCRIBING NEW MONETARY LIMIT OF RS.10.00 LAKHS FOR PREFERRING APPEAL AGAINST THE ORDERS PASSED BY LD CIT(A) BEFORE THE TRIBUNAL, THE REVENUE IS PRECLUDED FROM PURSUING THIS APPEAL BY THE REVENUE , AS THE SAID CIRCULAR HAS RETROSPECTIVE EFFECT AND IS APPLICABLE TO THE EXISTING APPEALS OF REVENUE. ACCO RDINGLY, WE DISMISS THE SAME. 5 . IN THE RESULT THE APPEAL OF THE REVENUE STANDS DISMISSED . ORDER PRONOUNCED IN THE OPEN COURT ON 1 5 TH MARCH , 2016 . 1 5 TH MARCH , 2016 S D SD ( / SANJAY GARG) ( / RAJESH KUMAR ) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI ; DATED 1 5 /03 /2016 . . ./ SRL , SR. PS ITA NO. 4732 / MUM/20 1 4 3 / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / T HE RESPONDENT. 3. ( ) / THE CIT(A) - 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE . / BY ORDER, T RUE COPY / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI