ITO 15(1)(3), MUMBAI V. TIME SQUARE INDUSTRIES, MUMBAI

ITA 5237/MUM/2013

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 3076 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 10 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-06-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: E
• Next Hearing Date: 28-05-2015
• Assessment Year: 2005-2006
• Appeal Filed On: 26-07-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: LOVE KUMAR
• Assessee Lawyers: DEVANG V SHAH
• Keywords: Tax effect
• Section: 80IB

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL E BENCH, MUMBAI BEFORE SHRI SHAILENDRA KUMAR YADAV , JM AND SHRI RAJESH KUMAR, AM ./ I.T.A. NO. 5237 /MUM/ 201 3 ( / ASSESSMENT YEAR : 20 0 5 - 06 ) INCOME TAX OFFICER - 15(1) ( 3 ) , ROOM NO. 108 , 1ST FLOOR , MATRU MANDIR , TARDEO ROAD, MUMBAI - 400007 / VS. M/S TIME SQUARE INDUSTRIES , C/O K V SHAH AND CO., 9 - 12B, ROOM NO.18 , GHASWA LA BUILDING, SIR M V R OAD , ANDHERI (E), MUMBAI - 400069 ./ PAN : AADFT7360B / REVENUE BY SHRI LOVE KUMAR / ASSESSEE BY SHRI DEVANG V SHAH / DATE OF HEARING : 20. 6. 2016 / DATE OF PRONOUNCE MENT : 20. 6. 2016 / O R D E R PER RAJESH KUMAR, A. M: THIS IS AN APPEAL FILED BY THE REVENUE CHALLENGING THE ORDER DATED 10.5.2013 O F LD.CIT(A) - 26 , MUMBAI , FOR ASSESSMENT YEAR 20 0 5 - 06 BY WHICH THE REVENUE IS CHALLENGING THE DELETI ON U/S 80IB OF THE ACT. 2. WE FIND FROM THE ORDERS OF AUTHORITIES BELOW THAT T HE TAX EFFECT INVOLVED IN THE ABOVE REFERRED CASE IS BELOW THE MONETARY LIMIT (RS. 10,00,000/ - ) PRESCRIBED BY THE CENTRAL BOARD OF DIRECTOR TAXES(CBDT), VIDE ITS CIRCULAR NO.21/2015(F.NO .L42/2007 - ITJ (PT.) DATED 10TH DECEMBER, 2015. 3 . SHRI DEVANG K SHAH APPEARED ON BEHALF OF THE ASSESSEE. THE DEPARTMENTAL REPRESENTATIVE (DR) ON A QUERY BY THE BENCH FAIRLY CONCEDED THAT THE TAX EFFECT 2 5237 /MUM/ 201 3 INVOLVED IN THE ABOVE CASE IS LESS THAN RS. 10.00 LACS. CONSIDERING THESE FACTS, WE DISMISS THE APPEAL HOLDING IT AS NOT MAINTAINABLE U / S. 268A OF THE ACT. 4 . IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 20 .6. 2016. SD SD ( SHAILENDRA KUMAR YADAV ) (RAJESH KUMAR) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI ; DATED : 20. .6.2016 SR.PS:SRL: / COPY OF THE ORDER FORWARDED TO : 1. / THE APPE LLANT 2. / THE RESPONDENT 3. ( ) / THE CIT(A) 4. / CIT CONCERNED 5. , , / DR, ITAT, MUMBAI 6. / GUARD F ILE / BY ORDER, TRUE COPY / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI