The Income-tax Officer, Srinagar V. M/s. Bhat Shawl Arts, Kashmir

ITA 59/ASR/2014

• Counselvise Citation: 5920914 RSA 2014
• Duration Of Justice: 1 year(s) 10 month(s) 14 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-12-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 17-12-2015
• Assessment Year: 2007-2008
• Appeal Filed On: 04-02-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DR TARUNDEEP KAUR
• Keywords: Tax effect
• Section: 68; 144

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH; AMRITSAR BEFORE SH. A.D.JAIN, HONBLE JUDICIAL MEMBER AND SH. T.S. KAPOOR, HONBLE ACCOUNTANT MEMBER I.T.A NO.59(ASR)/2014 ASSESSMENT YEAR: 2007-08 THE INCOME TAX OFFICER, WARD-3(1), SRINAGAR VS. M/S. BHAT SHAWL ARTS, HAWAL, SRINAGAR KASHMIR. PAN:AAFFB6469D (APPELLANT) (RESPONDENT) APPELLANT BY: DR. TARUNDEEP KAUR (D R.) RESPONDENT BY: NONE. DATE OF HEARING: 17.12.2015 DATE OF PRONOUNCEMENT: 18.12.2015 ORDER PER T. S. KAPOOR (AM): THIS IS AN APPEAL FILED BY THE DEPARTMENT AGAINST T HE ORDER OF LEARNED CIT(A), AMRITSAR, DATED 22.11.2013 FOR THE ASST. YE AR 2007-08. 2. THE FOLLOWING GROUNDS HAS BEEN TAKEN BY THE REVE NUE: (I). ON THE FACTS & CIRCUMSTANCES WHETHER THE LD. COMMISSIONER OF INCOME TAX (APPEALS) WAS RIGHT IN ALLOWING RELIEF ON ACCOU NT OF UN-EXPLAINED CREDIT UNDER SECTION 68 OF THE INCOME TAX ACT,1961. (II) ON THE FACTS AND CIRCUMSTANCES, WHETHER THE LD . COMMISSIONER OF INCOME TAX(APPEALS) WAS RIGHT IN ALLOWING THE RELIE F AN ACCOUNT OF THE ADDITION MADE OUT OF THE AGGREGATED AMOUNT OF CREDI TORS AS DURING THE ITA NO. 59(ASR)/2014 ASST. YEAR 2007-08 2 ASSESSMENT PROCEEDINGS, THE ASSESSEE HAS FAILED TO SUBSTANTIATE THE LIABILITY SHOWN ON ACCOUNT OF SUNDRY CREDITORS. (III) ON THE FACTS AND CIRCUMSTANCES, WHETHER THE L D. COMMISSIONER OF INCOME TAX(APPEALS) WAS RIGHT IN ALLOWING THE RELIE F ON ACCOUNT OF UN- EXPLAINED CREDIT UNDER SECTION 68 OF THE INCOME TAX ACT,1961 WHEN THE ASSESSMENT ORDER UNDER SECTION 144 WAS PASSED ONLY AFTER ISSUING PROPER DETAILED SHOW CAUSE TO THE ASSESSEE REGARDING THE S AME. 2. AT THE TIME OF HEARING NO BODY ON BEHALF OF THE ASSESSEE WAS PRESENT. WHILE GOING THROUGH THE APPEAL FILE WE FOUND THAT T AX EFFECT INVOLVED IN THE APPEAL IS LESS THAN RS. 10 LACS. 3. THE DR HOWEVER, RELIED UPON THE ORDER OF THE ASS ESSING OFFICER. 4. SINCE THE TAX EFFECT INVOLVED IN THIS APPEAL IS LESS THAN RS.10,00,000/-. HENCE, AS PER CBDT INSTRUCTION NO. 21 OF 2015, DATED 10 TH DEC., 2015, WHICH IS BINDING ON THE DEPARTMENT, TH E DEPARTMENT IS PRECLUDED FROM FILING THE PRESENT APPEAL, AS THIS I NSTRUCTION IS APPLICABLE RETROSPECTIVELY. THEREFORE, IN OUR CONSIDERED OPINI ON, THE SAID INSTRUCTION OF CBDT IS BINDING UPON THE DEPARTMENT AND THE PRES ENT APPEAL HAS BEEN FILED CONTRARY TO THE SAID INSTRUCTION ISSUED BY THE CBDT. ACCORDINGLY, THE APPEAL FILED BY THE REVENUE IS DIS MISSED, AS NOT MAINTAINABLE. 5. IN VIEW OF THE ABOVE, THE APPEAL FILED BY THE RE VENUE IS DISMISSED. ITA NO. 59(ASR)/2014 ASST. YEAR 2007-08 3 ORDER PRONOUNCED ORALLY IN THE OPEN COURT ON THE CO NCLUSION OF HEARING, IS PRONOUNCED IN WRITING ON THIS DAY OF 18 TH DECEMBER, 2015. SD/- SD/- (A.D. JAIN) (T. S. KAPOOR) JUDICIAL MEMBER ACCOUNTANT ME MBER DATED: 18.12.2015. /PK/ PS. COPY OF THE ORDER FORWARDED TO: (1) THE ASSESSEE: (2) THE (3) THE CIT(A), (4) THE CIT, (5) THE SR DR, I.T.A.T., TRUE COPY BY ORDER (ASSISTANT REGISTRAR) INCOME TAX APPELLATE TRIBUNAL, AMRITSAR BENCH: AMRITSAR.