ACIT, New Delhi V. M/s. Banaras Global Ltd., New Delhi

ITA 5325/DEL/2012

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 6323 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 5 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-03-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 21-03-2016
• Assessment Year: 2008-2009
• Appeal Filed On: 17-10-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: KK JASWAL
• Keywords: Tax effect
• Section: 14A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: A NEW DELHI BEFORE SMT DIVA SINGH, JUDICIAL MEMBER AND SH.PRASHANT MAHARISHI, ACCOUNTANT MEMBER I.T.A .NO.-5325/DE L/2012 (ASSESSMENT YEAR-2008- 09) ACIT, CIRCLE-2(1), ROOM NO.398D, C.R.BUILDING, NEW DELHI (APPELLANT) VS BANARAS GLOBAL LTD., FLAT NO.1114, 11 TH FLOOR, NEW DELHI HOUSE, 27, BARAKHAMBA ROAD, NEW DELHI-110001.. PAN-AAACB3716B (RESPONDENT) APPELLANT BY SH.K.K.JASWAL, DR RESPONDENT BY NONE ORDER PER DIVA SINGH, JM THE PRESENT APPEAL HAS BEEN FILED BY THE REVENUE AS SAILING THE CORRECTNESS OF THE ORDER DATED 24.08.2012 OF CIT(A)-XXX, NEW DE LHI PERTAINING TO 2008-09 ASSESSMENT YEAR ON THE FOLLOWING GROUNDS: 1. THE LD.CIT(A) HAS ERRED ON FACTS AND IN LAW IN DEL ETING THE ADDITION OF RS.1220000/- U/S 14A R.W.R. 8D OF THE IT RULES IGNO RING THE FACTS THAT THE DECISION OF THE MUMBAI HIGH COURT IN THE CASE O F CIT VS GODREJ AND BOYCE RULING IS APPLICABLE IN THE PRESENT CASE AS I T PERTAINS TO A.Y.2008- 09. 2. THE APPELLANT CRAVES LEAVE FOR RESERVING THE RIGHT TO AMEND, MODIFY, ALTER, ADD OR FOREGO ANY GROUND(S) OF APPEAL AT ANY TIME BEFORE OR DURING THE HEARING OF THIS APPEAL. 2. NO ONE WAS PRESENT AT THE TIME OF HEARING ON BEH ALF OF THE ASSESSEE. CONSIDERING THE AMOUNT AT STAKE FOR THE REVENUE, TH E LD. DR WAS REQUIRED TO ADDRESS CIRCULAR NO.21/2015 DATED 10TH DECEMBER, 20 15 OF CBDT. CONSIDERING THE SAME IN THE FACTS ON RECORD, THE LD. SR. DR FAI RLY CONCEDED THAT THE DATE OF HEARING 21.03.2016 DATE OF PRONOUNCEMENT 22 .03.2016 I.T.A .NO.-5325/DEL/2012 PAGE 2 OF 2 DEPARTMENTAL APPEAL HAS BEEN FILED WHEREIN THE TAX EFFECT INVOLVED IS MUCH LESS THAN RS.10 LAKH. 3. WE HAVE HEARD THE SUBMISSIONS OF THE LD. DR ON T HIS ISSUE AND PERUSED THE MATERIAL ON RECORD. WE FIND THAT THE CBDT VIDE THE AFORESAID CIRCULAR DATED 10.12.2015 HAS REVISED THE MONETARY LIMIT TO RS.10 LAKH FOR FILING THE APPEAL BY THE DEPARTMENT BEFORE INCOME TAX APPELLATE TRIBUNAL . PARA 3 OF THE AFORESAID CIRCULAR HAS BEEN MADE APPLICABLE VIDE PARA 10 RETR OSPECTIVELY. CONSIDERING THE SETTLED LEGAL PRECEDENT THAT THE BOARDS INSTRUCTIO NS OR DIRECTIONS ISSUED TO THE INCOME TAX AUTHORITIES U/S 268A OF THE INCOME TAX A CT, 1961 ARE BINDING ON THE AUTHORITIES, WE DISMISS THE DEPARTMENTAL APPEAL CON SIDERING THE MATERIAL AVAILABLE ON RECORD. 4. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 22 ND MARCH, 2016. SD/- SD/- (PRASHANTMAHARISHI) (DIVA SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 22/03/2016 *AMIT KUMAR* COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSI STANT REGISTRAR ITAT NEW DELHI