ITO, New Delhi V. M/s Del Gears Ltd., New Delhi

ITA 5275/DEL/2010

• Counselvise Citation: [2011] 134 COUNSELVISE.COM (IT) 4026 (ITAT-DELHI)
• Duration Of Justice: 5 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-05-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 11-05-2011
• Assessment Year: 2002-2003
• Appeal Filed On: 26-11-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: Y KAKKAR
• Keywords: Tax effect
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH `B: NEW DELHI BEFORE SHRI C.L.SETHI, JUDICIAL MEMBER AND SHRI K.G. BANSAL, ACCOUNTANT MEMBER I.T. A. NO.5275/DEL/2010 ASSESSMENT YEAR : 2002-03 INCOME-TAX OFFICER, M/S. DEL GEARS LTD., WARD 10(1), NEW DELHI. VS. B-2/48, JANAKPURI, NEW DELHI. PAN: AAACD3169L (APPELLANT) (RES PONDENT) APPELLANT BY: MS. Y. KAKKAR, SR. DR. RESPONDENT BY: NONE. O R D E R PER C.L. SETHI, JUDICIAL MEMBER: IN THIS APPEAL FILED BY THE REVENUE AGAINST THE ORD ER DATED 15.10.2010 PASSED BY THE LEARNED COMMISSIONER OF INCOME-TAX (A PPEALS) FOR THE ASSESSMENT YEAR 2002-03, THE ONLY GROUND RAISED BY THE REVENUE IS DIRECTED AGAINST THE CIT(A)S ORDER IN DELETING THE ADDITION OF RS.5,95,000/- MADE BY THE ASSESSING OFFICER ON ACCOUNT OF ALLEGED UNEXPLA INED CASH CREDIT UNDER SECTION 68 OF THE INCOME-TAX ACT, 1961 (THE ACT). 2. WE HAVE HEARD THE LEARNED DEPARTMENTAL REPRESENT ATIVE AND PERUSED THE MATERIAL ON RECORD. 2 3. THE TOTAL AMOUNT OF ADDITION DELETED BY T HE CIT(A) IS OF RS.5,95,000/-, WHICH HAS BEEN CHALLENGED BY THE RE VENUE IN THIS APPEAL. THE TAX EFFECT ON THE SUM OF RS.5,95,000/- COMES BE LOW RS.2,00,000/-. THEREFORE, THE DEPARTMENT SHOULD NOT HAVE FILED THI S APPEAL IN THE LIGHT OF CENTRAL BOARD OF DIRECT TAXS (CBDT) INSTRUCTION NO.2 OF 2005 DATED 24.10.2005. THIS FACT WAS POINTED OUT TO THE LEARN ED DR, AND AFTER HEARING, THE APPEAL IS DISMISSED AS NOT MAINTAINABLE BEING F ILED TO THE CONTRARY OF THE INSTRUCTION OF THE BOARD. 4. IN THE RESULT, THE APPEAL FILED BY THE REVENUE IS DISMISSED. 5. THIS DECISION WAS PRONOUNCED IN THE OPEN COURT IMMEDIATELY AFTER THE HEARING WAS OVER ON 11 TH MAY, 2011. SD/- SD/- (K.G. BANSAL) (C.L. SETHI) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 11 TH MAY, 2011. COPY OF THE ORDER FORWARDED TO:- 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR BY ORDER *MG DEPUTY REGISTRAR, ITAT.