ACIT, Jaipur V. KAMAL GUPTA, Jaipur

ITA 603/JPR/2013

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 99605 (ITAT-JAIPUR)
• Duration Of Justice: 2 year(s) 6 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-12-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2008-2009
• Appeal Filed On: 05-06-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Business income; Tax effect

Judgement Text

ITA NO. 603/JP/13 ACIT, CIRCLE-I, JAIPUR VS. SHRI KAMAL GUPTA 1 IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHE S, JAIPUR JH VKJ-IH-RKSYKUH] U;KF;D LNL; ,OA JH FOE FLAG ;KN O] YS[KK LNL; DS LE{K BEFORE: SHRI R.P. TOLANI, JM & SHRI VIKRAM SINGH YA DAV, AM VK;DJ VIHY LA-@ ITA NO. 603/JP/13 FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2008-09 LQUOKBZ DH RKJH[K@ DATE OF HEARING : 15.12.2015 ?KKS'K .KK DH RKJH[K@ DATE OF PRONOUNCEMENT : 16/12/2015 VKNS'K@ ORDER FU/KKZFJRH DH VKSJ LS@ ASSESSEE BY : NONE JKTLO DH VKSJ LS@ REVENUE BY : SHRI REJENDRA SINGH (JCIT) PER SHRI VIKRAM SINGH YADAV, AM THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF CIT(A)-I, JAIPUR DATED 10.04.2013 WHEREIN THE REVENUE HAS TAK EN THE FOLLOWING GROUND OF APPEAL: THE ACIT, CIRCLE - 1, JAIPUR CUKE V/S. SHRI KAMAL GUPTA, DELHIWALON KI BUILDING, GOPALJI KA RASTA, JAIPUR LFKK;H YS[KK LA-@THVKJBZVKJ LA-@ PAN NO. ACIPG 3342B ITA NO. 603/JP/13 ACIT, CIRCLE-I, JAIPUR VS. SHRI KAMAL GUPTA 2 WHETHER ON THE FACTS AND CIRCUMSTANCES O THE CASE AN D IN LAW THE LD. CIT(A) IS JUSTIFIED IN TREATING THE INCOME OF R S. 18,59,346/- AS SHORT TERM CAPITAL GAIN AND NOT A BUSINESS INCOME. 2. THE LD. AR THROUGH ITS WRITTEN SUBMISSION DATED 01 .12.2015 HAS SUBMITTED THAT: WITH REFERENCE TO ABOVE WE WOULD LIKE TO SUBMIT THA T THE TAX EFFECT IN THE ABOVE APPEAL FILED BY THE REVENUE IS LESS THAN RS. 10,00,000/- AND IN THE CIRCULAR NO.21/2015 DATED 10 .12.2015 THE CBDT HAS DIRECTED THAT THE INSTRUCTION WILL APPLIED RETROSPECTIVELY TO PENDING APPEALS BEFORE TRIBUNAL. THE CBDT FURTHE R DIRECTED THAT PENDING APPEALS MAY BE WITHDRAWN/NOT PRESSED. ( PARA 10 OF THE INSTRUCTION) . COPY OF INSTRUCTION IS ENCLOSED HEREWITH. 2.1 THE LD. DR IS HEARD. 3. IT IS OBSERVED THAT THE DEMAND/ TAX EFFECT IN THE REVENUE APPEAL IN QUESTION IS LESS THAN RS. 10 LACS. UNDER THE POWE RS VESTED BY SEC. 268A(1) OF THE I T ACT, CBDT HAS RECENTLY ISSUED CI RCULAR NO.21 OF 2015 DATED 10.12.2015(F NO. 279/MISC. 142/2007-I TJ(PT) INSTRUCTING THE AUTHORITIES THAT DEPARTMENTAL APPE AL SHOULD NOT BE FILED BEFORE ITAT WHERE THE DEMAND/TAX EFFECT DO ES NOT EXCEED RS.10 LACS. THE CIRCULAR IS SPECIFICALLY MEN TIONED TO BE APPLICABLE RETROSPECTIVELY TO ALL PENDING APPEALS. ITA NO. 603/JP/13 ACIT, CIRCLE-I, JAIPUR VS. SHRI KAMAL GUPTA 3 3.1 SUBJECT TO SOME EXCEPTIONS, IT IS FURTHER DIREC TED BY CBDT THAT ALL THE DEPARTMENTAL APPEALS PENDING BEFORE ITAT WHERE THE DEMAND/TAX EFFECT IS LESS THAN 10 LACS SHOULD BE EITHER WITHDR AWN OR NOT PRESSED BY THE DEPARTMENTAL REPRESENTATIVES. 3.2 THE PRESENT APPEAL IS NOT COVERED BY ANY EXCEPT IONS MENTIONED IN THE SAID CBDT CIRCULAR. SINCE THE TAX DEMAND IN DIS PUTE IN THIS DEPARTMENTAL APPEAL IS BELOW THE LIMIT SET OUT BY C BDT. ACCORDINGLY, THE APPEAL OF THE DEPARTMENT IS DISMISSED AS NOT PR ESSED/WITHDRAWN. IN THE RESULT, APPEAL OF REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 16 /12/2015 SD/- SD/- (R.P. TOLANI (VIKRAM SINGH YADAV) JUDICIAL MEMBER ACCOUNTANT MEMBE R JAIPUR DATED : 16/12/2015 *PILLAI COPY OF THE ORDER FORWARDED TO:- 1. THE APPELLANT, ACIT, CIRCLE-2,JAIPURR 2. THE RESPONDENT, SHRI KAMAL GUPTA, JAIPUR 3. THE CIT I, JAIPUR ITA NO. 603/JP/13 ACIT, CIRCLE-I, JAIPUR VS. SHRI KAMAL GUPTA 4 4. THE CIT(A)- I, JAIPUR 5. THE DEPARTMENTAL REPRESENTATIVE, ITAT, JAIPUR 6. GUARD FILE (ITA NO. 603/JP/13) BY ORDER ASSISTANT REGISTRAR.