ACIT - 2(3)(2), MUMBAI V. SHEBA PROPERTIES LTD., MUMBAI

ITA 5256/MUM/2016

• Counselvise Citation: [2018] 124 COUNSELVISE.COM (IT) 9729 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-09-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2013-2014
• Appeal Filed On: 24-08-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: NEIL PHILIPDR
• Assessee Lawyers: PRADEEP MITRA
• Keywords: Tax effect

Judgement Text

, , , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES, B MUMBAI , , , BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER, AND SHRI RAJESH KUMAR, ACCOUNTANT MEMBER ITA NO.5256/MUM/2016 ASSESSMENT YEAR: 2013-14 ACIT-2(3)(2), ROOM NO.552, 05 TH FLOOR, AAYAKAR BHAVAN, M. K. ROAD, MUMBAI-400020 / VS. M/S. SHEBA PROPERTIES LTD. 3 RD FLOOR, NANAVATI MAHALAYA 18, HOMI MODY STREET, FORT, MUMBAI-400001 ( / REVENUE) ( !'# /ASSESSEE) PAN. NO.AAECS0591F $ % #& / DATE OF HEARING : 12/09/2018 % #& / DATE OF ORDER: 12/09/2018 ! / REVENUE BY SHRI NEIL PHILIP-DR !'# ! / ASSESSEE BY SHRI PRADEEP MITRA ITA NO. 5256/MUM/2016 M/S SHEBA PROPERTIES LTD. 2 / O R D E R PER JOGINDER SINGH (JUDICIAL MEMBER) THE REVENUE IS AGGRIEVED BY THE IMPUGNED ORDER DATED 31/05/2016 OF THE LD. FIRST APPELLATE AUTHORI TY, MUMBAI, DELETING THE ENHANCEMENT MADE IN THE ANNUAL LETTING VALUE WITHOUT APPRECIATING THAT THE ASSESSI NG OFFICER CALCULATED ALV @ 8% OF THE MARKET VALUE. 2. DURING HEARING OF THIS APPEAL, AT THE OUTSET, S HRI PRADEEP MITRA, LD. COUNSEL FOR THE ASSESSEE, POINTE D OUT THAT THE TAX EFFECT IN THE PRESENT APPEAL, FILED BY THE REVENUE, IS RS.7,64,850/-, WHICH IS BELOW PRESCRIBE D MONETARY LIMIT OF RS.20 LAKH. THE LD. DR, SHRI NEIL PHILIP, DID NOT CONTROVERT THE FACTUAL MATRIX. 2.1. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD . IN VIEW OF THE ABOVE, IT IS NOTED THAT THE TAX EFFECT IN THE PRESE NT APPEAL IS BELOW PRESCRIBED MONETARY LIMIT OF RS.20 LAKH, VIDE INSTRUCTION/CIRCULAR NO.3 OF 2018, ISSUED BY CBDT ( F NO.279/MISC./142/ 2007-ITJ(PT) DATED 11/07/2018. A S PER THE CIRCULAR, WHEREIN, THE DEPARTMENT WAS ADVISED/DIRECTED BY THE BOARD NOT TO FILE APPEAL I N THE ITA NO. 5256/MUM/2016 M/S SHEBA PROPERTIES LTD. 3 CASES WHERE THE TAX EFFECT DOES NOT EXCEED THE FOLL OWING MONETARY LIMIT.:- SL. NO. APPEALS IN INCOME TAX MATTERS MONETARY LIMIT (IN RS.) 1. BEFORE ITAT 20,00,000/ - 2. U/S 26 0 A BEFORE HONBLE HIGH COURT 50,00,000/ - 3. BEFORE HONBLE SUPREME COURT 1,00,00,000/ - IN VIEW OF THE ABOVE INSTRUCTION, SINCE, THE TAX EF FECT IS LESS THAN RS.20,00,000/- (NOT CONTROVERTED BY LD. D R ALSO), CONSEQUENTLY, THE APPEAL OF THE REVENUE IS NOT MAINTAINABLE, THEREFORE, DISMISSED. FINALLY, THE APPEAL OF THE REVENUE IS DISMISSED. THIS ORDER WAS PRONOUNCED IN THE OPEN COURT IN THE PRESENCE OF THE LD. REPRESENTATIVES FROM BOTH SIDES AT THE CONCLUSION OF THE HEARING ON 12/09/2018. SD/- SD/- ( RAJESH KUMAR ) (JOGINDER SINGH) '!# / ACCOUNTANT MEMBER $!# /JUDICIAL MEMBER $ MUMBAI; ( DATED : 12/09/2018 F{X~{T? P.S / /. . . %$&'()(*& / COPY OF THE ORDER FORWARDED TO : 1. *+,- / THE APPELLANT (RESPECTIVE ASSESSEE) 2. ./,- / THE RESPONDENT. 3. 0 0 1# ( *+ ) / THE CIT, MUMBAI. 4. 0 0 1# / CIT(A)- , MUMBAI, ITA NO. 5256/MUM/2016 M/S SHEBA PROPERTIES LTD. 4 5. 34 .# , 0 *+& * 5 , $ / DR, ITAT, MUMBAI 6. 6! 7$ / GUARD FILE. ! / BY ORDER, /! (DY./ASSTT. REGISTRAR) , $ / ITAT, MUMBAI