DCIT, Chandigarh V. Sh. Baldev Raj Gulati, Chandigarh

ITA 547/CHANDI/2014

• Counselvise Citation: [2016] 121 COUNSELVISE.COM (IT) 2459 (ITAT-CHANDIGARH)
• Duration Of Justice: 1 year(s) 7 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-01-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 05-01-2016
• Assessment Year: 2006-2007
• Appeal Filed On: 27-05-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Tax effect

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH, CHANDIGARH BEFORE SHRI H.L.KARWA, VICE PRESIDENT AND MS. ANNAP URNA MEHROTRA, ACCOUNTANT MEMBER ITA NO. 547/CHD/2014 (ASSESSMENT YEAR : 2006-07) DCIT VS SH. BALDEV RAJ GULATI, CENTRAL CIRCLE II SCO 39 CHANDIGARH SECTOR 17E CHANDIGARH PAN NO. AATPG3940N (APPELLANT) (RESPONDENT) DEPARTMENT BY :SH. SUSHIL KUMAR ASSESSEE BY :SH. SUDHIR SEHGAL DATE OF HEARING : 05.01.2016 DATE OF PRONOUNCEMENT : 07/01/2016 ORDER PER ANNAPURNA MEHROTRA , A.M THIS APPEAL HAS BEEN FILED BY THE REVENUE AGAINST T HE ORDER OF THE LD. CIT(APPEALS)(CENTRAL), GURGAON DT. 22/04/2014. 2. IN THIS APPEAL THE GROUND RAISED BY THE ASSESSEE IS AS UNDER: (I) THAT THE LD. CIT(A) HAS FAILED TO APPRECIATE TH E FACTS AND CIRCUMSTANCES OF THE CASE AND HAS THEREBY ERRED IN DELETING THE A DDITION OF RS. 18,63,108/- MADE ON ACCOUNT OF UNACCOUNTED SALE CONSIDERATION O F SHARES OF PRAGATI NIRMAN(P) LTD EVEN THOUGH THE CONTENTS OF THE DOCUM ENTS SEIZED FROM ANOTHER SHAREHOLDER CLEARLY INDICATE AND CORROBORATE THAT P ART OF THE TRANSACTIONS IN RESPECT OF SALE OF SHARES OF M/S. PRAGATI MAIDAN PV T. LTD WERE CARRIED OUTSIDE BOOKS. 3. IT IS AN ADMITTED FACT THAT IN THIS APPEAL PREFE RRED BY THE REVENUE, THE TAX EFFECT DOES NOT EXCEED THE MONETARY LIMIT OF RS.10 LAKHS. THUS, IN VIEW OF CIRCULAR NO. 21/2015 DATED 10.12.2015, F.NO.279/MISC.142/200 7-ITJ(PT),GOVERNMENT OF INDIA, MINISTRY OF FINANCE, DEPARTMENT OF REVENUE, CENTRAL BOARD OF DIRECT TAXES, THE 2 ABOVE APPEAL DESERVES TO BE TREATED AS WITHDRAWN/NO T PRESSED. VIDE PARA 10 OF THE ABOVE INSTRUCTIONS, THE CBDT HAS CLARIFIED THAT THIS INSTRUCTION WILL APPLY RETROSPECTIVELY TO PENDING APPEALS AND APPEALS TO B E FILED HENCEFORTH IN ITAT. THE CBDT HAS FURTHER CLARIFIED THAT THE PENDING APPEALS BEFORE THE TRIBUNAL BELOW THE SPECIFIED TAX LIMITS I.E. RS.10 LAKHS MAY BE WITHDR AWN/NOT PRESSED BY THE REVENUE. THE ISSUE INVOLVED IN THIS APPEAL IS NOT COVERED BY THE PARA 8 (EXCEPTIONS) OF THE ABOVE INSTRUCTIONS. ACCORDINGLY 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 07/01/2016 SD/- SD/- (H.L. KARWA) (ANNAPURNA MEHROTRA) VICE PRESIDENT ACCOUNTANT MEMBER AG DATED : 07/01/2016 COPY TO: 1.THE APPELLANT 2.THE RESPONDENT 3.THE CIT 4.THE CIT(A) 5.THE DR