ITO 17(2)(1), MUMBAI V. J. N. MARSHALL & CO. (STEEL DEPT.), MUMBAI

ITA 4993/MUM/2016

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 5585 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 11 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-07-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: Not Allotted
• Assessment Year: 2007-2008
• Appeal Filed On: 04-08-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: POOJASWAROOP LD SR DR
• Assessee Lawyers: MALLIKA DEVENDRA LD
• Keywords: Tax effect

Judgement Text

ITA.NO.4993/MUM/2016 &CO.NO.216/MUM/2018 J.N. MARSHALL & CO.(STEEL DEPT.) ASSESSMENT YEAR-2007-08 IN THE INCOME TAX APPELLATE TRIBUNAL F BENCH, MUMBAI , BEFORE SHRI SAKTIJIT DEY, JM AND SHRI MANOJ KUMAR AGGARWAL, AM I.T.A. NO. 4993/MUM/2016 ( ASSESSMENT YEAR: 2007-08) INCOME TAX OFFICER - 17(2)(1) 1 ST FLOOR, AAYKAR BHAVAN MUMBAI 400 020 VS. J.N. MARSHALL & CO.(STEEL DEPT) 5, APEEJAY CHAMBERS WALLACE STREET, FORT MUMBAI 400 001 ! ' PAN/GIR NO. AACFJ-5661-L ( !# APPELLANT ) : ( $%!# RESPONDENT ) & CROSS OBJECTION NO.216/MUM/2018 ( ASSESSMENT YEAR: 2007-08) J.N. MARSHALL & CO.(STEEL DEPT) 5, APEEJAY CHAMBERS WALLACE STREET, FORT MUMBAI 400 0 01 VS. INCOME TAX OFFICER-17(2)(1) 1 ST FLOOR, AAYKAR BHAVAN MUMBAI 400 020 ! ' PAN/GIR NO. AACFJ-5661-L ( !# APPELLANT ) : ( $%!# RESPONDENT ) ASSESSEE BY : MALLIKA DEVENDRA, LD. AR REVENUE BY : POOJA SWAROOP, LD. SR.DR & DATE OF HEARING : 23/07/2018 '() / DATE OF PRONOUNCEMENT : 31/07/2018 ITA.NO.4993/MUM/2016 &CO.NO.216/MUM/2018 J.N. MARSHALL & CO.(STEEL DEPT.) ASSESSMENT YEAR-2007-08 2 O R D E R PER BENCH 1. THE CAPTIONED APPEAL BY REVENUE FOR ASSESSMENT Y EAR [AY] 2007- 08 CONTEST THE ORDER OF LD. COMMISSIONER OF INCOME- TAX (APPEALS)-28 [CIT(A)], MUMBAI, APPEAL NO. CIT(A)-28/IT-204/ITO-12(1)(4)/2014-15 DATED 19/05/2016 QUA DELETION OF PENALTY U/S 271(1)(C) FOR RS.13.75 LAC S AS LEVIED BY LD. AO VIDE ORDER DATED 29/05/2014. TH E ASSESSEE IS IN CROSS-OBJECTION AGAINST THE SAME. 2. AT THE OUTSET, LD. AUTHORIZED REPRESENTATIVE FOR ASSESSEE DREW OUR ATTENTION TO THE FACT THAT THE QUANTUM OF PENALTY A S CONTESTED BY THE REVENUE IS LESS THAN PRESCRIBED LIMIT OF RS.20 LACS AND THE SAME IS COVERED BY RECENTLY ISSUED LOW TAX EFFECT CIRCULAR NO.03/2018 DATED 11/07/2018 ISSUED BY CENTRAL BOARD OF DIRECT TAXES [CBDT]. THE LD. DR, MS. POOJA SWAROOP, HAS CONTROVERTED THE SAME BY SUBMITTING THAT NECESSARY INSTRUCTIONS / CERTIFICATE, IN THIS REGAR D, WOULD BE REQUIRED FROM HIGHER AUTHORITIES. 3. WE HAVE GONE THROUGH THE CIRCULAR AND FIND THAT THE TAX EFFECT OF QUANTUM IN DISPUTE IS BELOW PRESCRIBED LIMIT OF RS. 20 LACS AND THE ASSESSEE STOOD BENEFITTED BY THE ABOVE CIRCULAR ISS UED BY CBDT WHEREIN THE MINIMUM MONETARY LIMIT FOR FILING THE A PPEALS BEFORE VARIOUS APPELLATE AUTHORITIES HAVE BEEN FIXED AS UNDER:- S. NO. APPEALS/ SLPS IN INCOME-TAX MATTERS MONETARY LIMIT (RS.) 1 BEFORE APPELLATE TRIBUNAL 20.00,000 2 BEFORE HIGH COURT 50.00,000 3 BEFORE SUPREME COURT 1,00.00,000 ITA.NO.4993/MUM/2016 &CO.NO.216/MUM/2018 J.N. MARSHALL & CO.(STEEL DEPT.) ASSESSMENT YEAR-2007-08 3 THE AFORESAID LIMITS, AS PER PARA-13 OF THE CIRCULAR APPLY TO PENDING APPEALS ALSO. FURTHER AS PER PARA-4 OF THE SAID CIRCULAR, TAX EFFECT MEAN QUANTUM OF PENALTY DELETED OR REDUCED IN THE ORDER TO BE APPEALED AGAINST. IN VIEW OF THE ADMITTED POSITION, WE DISMI SS THE REVENUES APPEAL. 4. SO FAR AS THE CONTENTIONS RAISED BY LD. DR IS CO NCERNED, WE FIND THAT AFORESAID CIRCULAR DOES NOT ENVISAGE OBTAINING OF ANY CERTIFICATE FROM ANY AUTHORITIES, IN ANY MANNER. NEVERTHELESS, THE R EVENUE IS FREE TO MOVE APPROPRIATE APPLICATION TO RECALL THIS ORDER, IF AT A LATER STAGE, IT IS FOUND THAT THE MATTER IS COVERED BY ANY EXCEPTIONS PROVIDED IN THE AFORESAID CIRCULAR. 5. RESULTANTLY, THE APPEAL AS WELL AS CROSS-OBJECT ION STAND DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 31 ST JULY, 2018 SD/- SD/- (SAKTIJIT DEY) (M ANOJ KUMAR AGGARWAL) / JUDICIAL MEMBER / ACCOUNTANT MEMBER *& MUMBAI; DATED : 31.07.2018 SR.PS:-THIRUMALESH ! COPY OF THE ORDER FORWARDED TO : 1. !# / THE APPELLANT 2. $%!# / THE RESPONDENT 3. / THE CIT(A) 4. / CIT CONCERNED 5. + ,$ - -) *& / DR, ITAT, MUMBAI 6. , ./0 & GUARD FILE ' / BY ORDER, # '$% (DY./ASSTT.REGISTRAR) *& / ITAT, MUMBAI