DCIT, Chandigarh V. Sh. Iqbal Rai Gulati, Panchkula

ITA 548/CHANDI/2014

• Counselvise Citation: [2016] 121 COUNSELVISE.COM (IT) 2465 (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; Documents seized

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL CHANDIGARH BENCHES, CHANDIGARH BEFORE SHRI H.L.KARWA, HON'BLE VICE PRESIDENT & MS. ANNAPURNA MEHROTRA, ACCOUNTANT MEMBER ITA NO. 548/CHD/2014 ASSESSMENT YEAR: 2006-07 THE DCIT, VS. SH. IQBAL RAI GULATI, CC-II, CHANDIGARH PANCHKULA PAN NO. ACFPG9153R (APPELLANT) (RESPONDENT) APPELLANT BY : SH. SUNIL KUMAR RESPONDENT BY : SH. SUDHIR SEHGAL DATE OF HEARING : 05.01.2016 DATE OF PRONOUNCEMENT : 07.01.2016 . ORDER PER H.L.KARWA, VP THIS APPEAL FILED BY THE REVENUE IS DIRECTED AGAINS T THE ORDER OF CIT(A), (CENTRAL), GURGAON DATED 22.04.2014 RELATING TO ASS ESSMENT YEAR 2006-07. 2. IN THIS APPEAL THE REVENUE HAS RAISED THE FOLLOW ING GROUND:- 1. THAT THE LD. CIT(A) HAS FAILED TO APPRECIATE TH E FACTS AND CIRCUMSTANCES OF THE CASE AND HAS THEREBY ERRED IN DELETING THE ADDITION OF RS. 33,17,837/- MADE ON ACCOUNT OF UNAC COUNTED SALE CONSIDERATION OF SHARES OF PRAGATI NIRMAN (P) LTD E VEN THOUGH THE CONTENTS OF THE DOCUMENTS SEIZED FROM ANOTHER SHAR EHOLDER CLEARLY 2 INDICATE AND CORROBORATE THAT PART OF THE TRANSACTI ONS IN RESPECT OF SALE OF SHARES OF M/S PRAGATI NIRMAN PVT LTD WERE CARRIE D OUTSIDE BOOKS. 3. WE HAVE HEARD SUSHIL KUMAR, LD. DR AND SHRI SUDH IR SEHGAL, LD. COUNSEL FOR THE ASSESSEE. IT IS OBSERVED THAT IN THIS CAS E THE TAX EFFECT DOES NOT EXCEED THE MONETARY LIMIT OF RS. 10 LAKHS. THUS, IN VIEW O F CIRCULAR NO. 21/2015 DATED 10.12.2015, F.NO. 279/MISC.142/2007-ITJ(PT), GOVERN MENT. OF INDIA, MINISTRY OF FINANCE, DEPARTMENT OF REVENUE, CENTRAL BOARD OF DIRECT TAXES, THE INSTANT APPEAL DESERVES TO BE TREATED AS WITHDRAWN / NOT PR ESSED. VIDE PARA 10 OF THE ABOVE INSTRUCTIONS, THE CBDT HAS CLARIFIED THAT THI S INSTRUCTION WILL APPLY RETROSPECTIVELY TO PENDING APPEALS AND APPEALS TO B E FILED HENCEFORTH IN ITAT. THE CBDT HAS FURTHER CLARIFIED THAT THE PENDING APP EALS BEFORE THE TRIBUNAL BELOW THE SPECIFIED TAX LIMITS I.E. RS. 10 LAKHS MA Y BE WITHDRAWN / NOT PRESSED BY THE REVENUE. IT IS ALSO OBSERVED THAT THE ISSUE INVOLVED IN THIS APPEAL IS NOT COVERED BY PARA 8 OF THE ABOVE INSTRUCTIONS. ACCOR DINGLY, 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/- (ANNAPURNA MEHROTRA) (H.L.KARWA) ACCOUNTANT MEMBER VICE PRESIDENT DATED : 7 TH JANUARY, 2016 RKK COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT 4. THE CIT(A) 5. THE DR