DCIT CEN CIR 4(2) CEN RG 4, MUMBAI V. SUNIL P MANTRI, MUMBAI

ITA 4865/MUM/2015

• Counselvise Citation: [2017] 126 COUNSELVISE.COM (IT) 8370 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 3 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-12-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: E
• Next Hearing Date: 20-09-2017
• Assessment Year: 2011-2012
• Appeal Filed On: 03-09-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH E , MUMBAI BEFORE SHRI G. S. PANNU , HONBLE ACCOUNTANT MEMBER AND SHRI C. N. PRASAD HONBLE JUDICIAL MEMBER ITA NO. 4865/MUM/2015 (A.Y: 2011 - 12 ) DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 4( 2 ), MUMBAI CENTRAL RANGE 4 PR. C.I.T (C) - 2, R.NO.411, 4 TH FLOOR, AAYAKAR BHAVAN, M. K. ROAD , MUMBAI - 400 020 V. SHRI SUNIL P MANTRI GA - 1, COURT CHAMBERS, GROUND FLOOR, V.THAKKERSEY MARG, 35, NEW MARINE LINES, CHURCH GATE , MUMBAI 400 020 PAN NO: ABNPM 4825 D (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI POOJAN MEHTA DEPARTMENT B Y : S HRI V. JUSTIN DATE OF HEARING : 06/12 /2017 DATE OF PRONOUNCEMENT : 06 /12 /2017 O R D E R PER C.N. PRASAD , JUDICIAL MEMBER THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS) - 52 , MUMBAI IN APPEAL NO. CIT(A) - 52/DC/AC - CC - 4(3)/54/2014 - 15 , DATED 11.06.2015 FOR THE ASSESSMENT YEAR 2011 - 12 . 2. THE REVENUE HAS RAISED THE FOLLOWING GROUNDS IN ITS APPEAL. 1) THE LD. CIT(A) ERRED IN ALLOWING THE INTEREST EXPENSE OF RS.13,94,236/ - INSTEAD OF RS.1,50,000/ - , SINCE THE PROPERTY FOR WHICH THE DEDUCTION OF INTEREST HAS BEEN ALLOWED IS A SELF - OCCUPIED 2 ITA NO. 4865/MUM/2015 (A.Y:2011 - 12 ) SHRI SUNIL P MANTRI HOUSE PROPERTY WHICH HAS BEEN DEEMED TO BE LET OUT WITHIN THE MEAN ING OF PROVISIONS OF SEC. 23 OF THE I.T ACT, 1961 . 2) THE APPELLANT CRAVES TO LEAVE, TO ADD, TO AMEND AND/OR TO ALTER ANY OF THE GROUND OF APPEAL, IF NEED BE. 3) THE APPELLANT, THEREFORE, PRAYS THAT ON THE GROUNDS STATED ABOVE, THE ORDER OF THE LD. CIT(A) 52, MUMBAI, MAY BE SET ASIDE AND THAT OF THE ASSESSING OFFICER BE RESTORED. 3. AT THE TIME OF HEARING, AUTHORIZED REPRESENTATIVE OF THE ASSESSEE SUBMITTED THAT TAX EFFECT ON THE ISSUE IN THE PRESENT APPEAL IS BELOW 10 LAC AND IN VIEW OF THE CBDT CIRCULAR N O . 21/2015 DATED 10/12/2015 , THE APPEAL OF THE REVENUE IS NOT MAINTAINABLE. A STATEMENT SHOWING CALCULATION OF TAX EFFECT IS ALSO FURNISHED ACCORDING TO WHICH THE TAX EFFECT COMES TO . 4,30,820 / - . 4 . DEPARTMENTAL REPRESENTATIVE ALSO AGREED WITH THE ABOVE SUBMISSION OF THE AUTHORIZED REPRESENTATIVE OF THE ASSESSEE. THEREFORE, WE DI SMISS THE APPEAL OF THE REVENUE ON ACCOUNT OF LOW TAX EFFECT . 5 . IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE COURT AT THE CLOSE OF THE HEARING ON WEDNESDAY , THE 06 TH DAY OF DECEMBER , 201 7. SD/ - SD/ - ( G.S. P ANNU ) ( C.N. PRASAD ) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 06/ 12/ 2017 3 ITA NO. 4865/MUM/2015 (A.Y:2011 - 12 ) SHRI SUNIL P MANTRI COPY TO: 1. THE ASSESS E E. 2. THE REVENUE. 3. THE CIT 4. THE CIT(A) 5. THE D.R . 6. GUARD FILE. BY ORDER ASSISTANT REGISTRAR I.T.A.T., MUMBAI