ACIT, Chandigarh V. Dr. Naresh Mittal, Panchkula

ITA 519/CHANDI/2015

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 8524 (ITAT-CHANDIGARH)
• Duration Of Justice: 8 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-02-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 08-09-2015
• Assessment Year: 2011-2012
• Appeal Filed On: 13-05-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: N K SAINI
• Keywords: Unexplained investment; Unexplained expenditure; Tax effect
• Section: 69C

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL CHANDIGARH BENCHES, CHANDIGARH BEFORE SHRI H.L.KARWA, HON'BLE VICE PRESIDENT & MS. RANO JAIN, ACCOUNTANT MEMBER ITA NO. 519/CHD/2015 ASSESSMENT YEAR: 2011-12 THE ACIT, VS. DR. NARESH MITTAL CENTRAL CIRCLE II, PANCHKULA CHANDIGARH PAN NO. AEEPM0077R (APPELLANT) (RESPONDENT) APPELLANT BY : SH. SUSHIL KUMAR RESPONDENT BY : SH. N.K. SAINI DATE OF HEARING : 11.02.2016 DATE OF PRONOUNCEMENT : 12.02.2016 . ORDER PER H.L.KARWA, VP THIS APPEAL FILED BY THE REVENUE IS DIRECTED AGAINS T THE ORDER OF CIT(A), (OSD), GURGAON DATED 12.03.2015 RELATING TO ASSESSM ENT YEAR 2011-12. 2. IN THIS APPEAL, THE REVENUE HAS RAISED THE FOLLO WING GROUNDS:- 1. WHETHER ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND AS PER PROVISIONS OF LAW, THE LD. CIT(A) I S CORRECT IN DELETING THE ADDITION AMOUNTING TO RS. 12,88,986 /- ADDED ON ACCOUNT OF UNEXPLAINED INVESTMENT IN JEWELLERY U/S 69B OF THE INCOME-TAX ACT, 1961. 2 2. WHETHER ON THE FACTS AND CIRCUMSTANCES OF THE C ASE AND AS PER THE PROVISIONS OF LAW, THE LD. CIT(A) IS CORRECT IN DELETING THE ADDITION AMOUNTING TO RS. 1,11,850/ - ADDED ON ACCOUNT OF UNEXPLAINED EXPENDITURE U/S 69C OF TH E INCOME-TAX ACT, 1961. 3. WE HAVE HEARD SUSHIL KUMAR, LD. DR AND SHRI N.K. SAINI, LD. COUNSEL FOR THE ASSESSEE. IT IS OBSERVED THAT IN THIS CAS E THE TAX EFFECT DOES NOT EXCEED THE MONETARY LIMIT OF RS. 10 LAKHS. THUS, IN VIEW O F CIRCULAR NO. 21/2015 DATED 10.12.2015, F.NO. 279/MISC.142/2007-ITJ(PT), GOVERN MENT. OF INDIA, MINISTRY OF FINANCE, DEPARTMENT OF REVENUE, CENTRAL BOARD OF DIRECT TAXES, THE INSTANT APPEAL DESERVES TO BE TREATED AS WITHDRAWN / NOT PR ESSED. VIDE PARA 10 OF THE ABOVE INSTRUCTIONS, THE CBDT HAS CLARIFIED THAT THI S INSTRUCTION WILL APPLY RETROSPECTIVELY TO PENDING APPEALS AND APPEALS TO B E FILED HENCEFORTH IN ITAT. THE CBDT HAS FURTHER CLARIFIED THAT THE PENDING APP EALS BEFORE THE TRIBUNAL BELOW THE SPECIFIED TAX LIMITS I.E. RS. 10 LAKHS MA Y BE WITHDRAWN / NOT PRESSED BY THE REVENUE. IT IS ALSO OBSERVED THAT THE ISSUE INVOLVED IN THIS APPEAL IS NOT COVERED BY PARA 8 OF THE ABOVE INSTRUCTIONS. ACCOR DINGLY, THE APPEAL FILED BY THE REVENUE IS TREATED AS WITHDRAWN / NOT PRESSED. 4. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 12.02.2016 SD/- SD/- (RANO JAIN) (H.L.KARWA) ACCOUNTANT MEMBER VICE PRESIDENT DATED : 12 TH FEBRUARY, 2016 RKK COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT 4. THE CIT(A) 5. THE DR 3