INCOME TAX OFFICER 15(1)(2), MUMBAI V. ENERGIC REAL ESTATE PRIVATE LIMITED , MUMBAI

ITA 5999/MUM/2017

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 1329 (ITAT-MUMBAI)
• Duration Of Justice: 11 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-08-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2008-2009
• Appeal Filed On: 25-09-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S K BEPARI
• Assessee Lawyers: DHARAN V GANDHI
• Keywords: Tax effect
• Section: 68

Judgement Text

, , , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES, SMC MUMBAI , , , BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER, AND SHRI RAJESH KUMAR, ACCOUNTANT MEMBER ITA NOS.5999 & 6000/MUM/2017 ASSESSMENT YEARS: 2008-09 & 2010-11 INCOME TAX OFFICER-15(1)(2), ROOM NO.15B, GROUND FLOOR, AAYAKAR BHAVAN, MAHARSHI KARVE ROAD, CHURCHGATE, MUMBAI-400020 / VS. M/S. ENERGIC REAL ESTATE PRIVATE LIMITED, 3/24, RIDDHI SIDDHI APARTMENT, MITHANAGAR ROAD, MULUND (EAST), MUMBAI-400081 ( / REVENUE) ( !'# /ASSESSEE) PAN. NO . AABCE 4027D $ % #& / DATE OF HEARING : 27/08/2018 % #& / DATE OF ORDER: 27/08/2018 ! / REVENUE BY SHRI S.K. BEPARI- DR !'# ! / ASSESSEE BY SHRI DHARAN V. GANDHI ITA NOS.5999 & 6000 /MUM/2017 M/S. ENERGIC REAL ESTATE PVT. LTD. 2 / O R D E R PER JOGINDER SINGH (JUDICIAL MEMBER) THESE TWO APPEALS ARE BY THE REVENUE AGAINST THE IMPUGNED ORDERS BOTH DATED 14/06/2017 OF THE LD. FI RST APPELLATE AUTHORITY, MUMBAI, WITHDRAWING THE ADDITI ON MADE UNDER SECTION 68 OF THE INCOME TAX ACT, 1961 (HEREI NAFTER THE ACT), IGNORING THE DECISION IN THE CASE OF NAVODAYA CASTLE PVT. LTD. (2015) 56 TAXMAN.COM 18 (SUPREME COURT). 2. DURING HEARING OF THESE APPEALS, AT THE OUTSET, SHRI DHARAN V. GANDHI, LD. COUNSEL FOR THE ASSESSEE, POI NTED OUT THAT THE TAX EFFECT IN THE PRESENT APPEALS, FILED B Y THE REVENUE, IS BELOW PRESCRIBED MONETARY LIMIT OF RS.2 0 LAKH. THE LD. DR, SHRI S.K. BEPARI, DID NOT CONTROVERT TH E FACTUAL MATRIX THAT THE TAX EFFECT IN BOTH THE APPEALS IS B ELOW PRESCRIBED MONETARY LIMIT. 2.1. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD . IN VIEW OF THE ABOVE, IT IS NOTED THAT THE TAX EFFECT IN THE RESPE CTIVE APPEALS ARE BELOW PRESCRIBED LIMIT OF RS.20 LAKH, VIDE INSTRUCTION/CIRCULAR NO.3 OF 2018, ISSUED BY CBDT ( F NO.279/MISC./142/ 2007-ITJ(PT) DATED 11/07/2018. A S PER ITA NOS.5999 & 6000 /MUM/2017 M/S. ENERGIC REAL ESTATE PVT. LTD. 3 THE CIRCULAR, WHEREIN, THE DEPARTMENT WAS ADVISED/D IRECTED BY THE BOARD NOT TO FILE APPEAL IN THE CASES WHERE THE TAX EFFECT DOES NOT EXCEED THE FOLLOWING MONETARY LIMIT :- SL. NO. APPEALS IN INCOME TAX MATTERS MONETARY LIMIT (IN RS.) 1. BEFORE ITAT 20,00,000/ - 2. U/S 260 A BEFORE HONBLE HIGH COURT 50,00,000/ - 3. BEFORE HONBLE SUPREME COURT 1,00,00,000/ - IN VIEW OF THE ABOVE INSTRUCTION, SINCE, THE TAX EF FECT IS LESS THAN RS.20,00,000/- (NOT CONTROVERTED BY LD. D R ALSO), CONSEQUENTLY, THE APPEALS OF THE REVENUE ARE NOT MAINTAINABLE, THEREFORE, DISMISSED. FINALLY, THE APPEALS OF THE REVENUE ARE DISMISSED. THIS ORDER WAS PRONOUNCED IN THE OPEN COURT IN THE PRESENCE OF THE LD. REPRESENTATIVES FROM BOTH SIDES AT THE CONCLUSION OF THE HEARING ON 27/08/2018. SD/- SD/- ( RAJESH KUMAR ) (JOGINDER SINGH) '!# / ACCOUNTANT MEMBER $!# /JUDICIAL MEMBER $ MUMBAI; ( DATED : 27/08/2018 F{X~{T? P.S / /. . . %$&'()(*& / COPY OF THE ORDER FORWARDED TO : 1. *+,- / THE APPELLANT (RESPECTIVE ASSESSEE) 2. ./,- / THE RESPONDENT. 3. 0 0 1# ( *+ ) / THE CIT, MUMBAI. 4. 0 0 1# / CIT(A)- , MUMBAI, ITA NOS.5999 & 6000 /MUM/2017 M/S. ENERGIC REAL ESTATE PVT. LTD. 4 5. 34 .# , 0 *+& * 5 , $ / DR, ITAT, MUMBAI 6. 6! 7$ / GUARD FILE. ! / BY ORDER, /! (DY./ASSTT. REGISTRAR) , $ / ITAT, MUMBAI