ITO, Ward-14(1), Kolkata V. M/s Sagar Vyapaar Pvt. Ltd , Kolkata

ITA 608/KOL/2020

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 5243 (ITAT-KOLKATA)
• Duration Of Justice: 2 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-02-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 03-12-2020
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: RANU BISWAS
• Keywords: Unexplained cash credit; Tax effect
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH (B), KOLKATA [BEFORE SHRI P.M. JAGTAP, VICE PRESIDENT (KZ) & SHRI A.T. VARKEY, JUDICIAL MEMBER] [THROUGH VIRTUAL COURT] ITA. NO. 608/KOL/2020 ASSESSMENT YEAR: 2012-13 ITO, WARD-14(1), KOLKATA..............................................................APPELLANT AAYAKAR BHAWAN POORVA, 9 TH FLOOR, 110, SHANTIPALLY, KOLKATA 700 107. VS M/S. SAGAR VYAPAAR PVT. LTD.....................................RESPONDENT 236, N.S.C. BOSE ROAD, SONARPUR, KOLKATA 700 146. [PAN: AAFCS 4334 M] APPEARANCES BY: SMT. RANU BISWAS, ADDL. CIT, SR. DR APPEARING ON BEHALF OF THE REVENUE. SHRI SUBASH AGARWAL, ADVOCATE APPEARING ON BEHALF OF THE ASSESSEE DATE OF CONCLUDING THE HEARING : FEBRUARY 05, 2021 DATE OF PRONOUNCING THE ORDER : FEBRUARY 05, 2021 ORDER PER SHRI P.M. JAGTAP, HONBLE VP (KZ): THIS APPEAL IS PREFERRED BY THE REVENUE AGAINST THE ORDER OF LD. COMMISSIONER OF INCOME TAX (APPEALS) 5, KOLKATA DATED 15.07.2020 AND THE SOLITARY ISSUE INVOLVED THEREIN RELATES TO THE DELETION BY THE LD. CIT(A) OF THE ADDITION OF RS. 1,00,00,000/- MADE BY THE AO U/S 68 BY TREATING THE SHARE CAPITAL AMOUNT RECEIVED BY THE ASSESSEE DURING THE YEAR UNDER CONSIDERATION AS UNEXPLAINED CASH CREDIT. 2. THE LD. COUNSEL FOR THE ASSESSEE, AT THE OUTSET, HAS POINTED OUT THAT THE TAX EFFECT INVOLVED IN THIS APPEAL FILED BY THE REVENUE IS LESS THAN THE REVISED MONETARY LIMIT OF RS. 50,00,000/- FIXED BY THE C.B.D.T. FOR FILING THE APPEALS OF THE REVENUE BEFORE THE TRIBUNAL AND 2 ITA. NO. 608/KOL/2020 ASSESSMENT YEAR: 2012-13 M/S. SAGAR VYAPAAR PVT. LTD. THIS POSITION WHICH IS CLEARLY EVIDENT FROM THE GROUNDS RAISED BY THE REVENUE IN THIS APPEAL IS NOT DISPUTED EVEN BY THE LD. D.R. IN THE CIRCULAR NO. 17/2019 DATED 8 TH AUGUST, 2019 ISSUED BY THE C.B.D.T., THE MONETARY LIMIT FOR FILING THE APPEAL BY REVENUE BEFORE THE TRIBUNAL IS REVISED TO RS. 50,00,000/-. AS FURTHER CLARIFIED IN THE SAID CIRCULAR, THE MONETARY LIMIT SO REVISED IS APPLICABLE EVEN TO THE PENDING APPEALS AND THE SAME ARE DIRECTED TO BE WITHDRAWN OR NOT PRESSED. WE ACCORDINGLY TREAT THIS APPEAL AS WITHDRAWN/NOT PRESSED ON ACCOUNT OF LOW TAX EFFECT IN VIEW OF THE C.B.D.T. CIRCULAR NO. 17/2019 DATED 8 TH AUGUST, 2019 AND DISMISS THE SAME. 3. IN THE RESULT, THE APPEAL FILED BY THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 5 TH FEBRUARY, 2021. SD/- SD/- (A.T. VARKEY) (P.M. JAGTAP) JUDICIAL MEMBER VICE PRESIDENT DATED: 05/02/2021 BISWAJIT, SR. PS COPY OF ORDER FORWARDED TO: 1. ITO, WARD-14(1), KOLKATA, AAYAKAR BHAWAN POORVA, 9 TH FLOOR, 110, SHANTIPALLY, KOLKATA 107. 2. M/S. SAGAR VYAPAAR PVT. LTD., 236, N.S.C. BOSE ROAD, SONARPUR, KOLKATA 700 146. 3. THE CIT(A) 4. THE CIT 5. DR TRUE COPY, BY ORDER, ASSISTANT REGISTRAR ITAT, KOLKATA