ACIT, Chandigarh V. M/s Aura Builders and Developers, Chandigarh

ITA 624/CHANDI/2015

• Counselvise Citation: [2016] 121 COUNSELVISE.COM (IT) 2525 (ITAT-CHANDIGARH)
• Duration Of Justice: 6 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-01-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: Not Allotted
• Next Hearing Date: 17-03-2016
• Assessment Year: 2011-2012
• Appeal Filed On: 10-06-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S K MITTAL
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH,CHANDIGARH BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND MS.RANO JAIN, ACCOUNTANT MEMBER ITA NO. 624/CHD/2015 ASSESSMENT YEAR: 2011-2012 THE ACIT, VS M/S AURA BUILDERS AND, CIRCLE 4(1), DEVELOPERS, CHANDIGARH. SECTOR 38-D, RISHI NAGAR, CHANDIGARH. LUDHIANA. PAN: AARFA5267G (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI S.K.MITTAL RESPONDENT BY : SHRI PARIKSHIT AGGARWAL DATE OF HEARING : 05.01.2016 DATE OF PRONOUNCEMENT : 05.01.2016 O R D E R PER BHAVNESH SAINI,JM THIS APPEAL BY REVENUE IS DIRECTED AGAINST THE ORD ER OF LD. CIT(APPEALS)-II, CHANDIGARH DATED 12.03.2015 FO R ASSESSMENT YEAR 2011-12, CHALLENGING THE DELETION O F ADDITION OF RS. 29,42,640/- ON ACCOUNT OF UNDER VAL UATION OF THE STOCK. 2. ACCORDING TO CIRCULAR NO. 21/2015 DATED 10.12.20 15, THE CBDT IN SUPERCESSION OF EARLIER INSTRUCTIONS HA S DIRECTED THAT DEPARTMENTS APPEALS BEFORE ITAT SHALL NOT BE FILED IN CASES WHERE THE TAX EFFECT DOES NOT EXCEED THE MONE TARY LIMIT OF RS. 10 LACS. THE TAX WILL NOT INCLUDE ANY INTER EST THEREON. IT IS FURTHER CLARIFIED THAT IF IN THE CASE OF AN A SSESSEE, 2 DISPUTED ISSUES ARISE IN MORE THAN ONE ASSESSMENT Y EAR, APPEAL CAN BE FILED IN RESPECT OF SUCH ASSESSMENT Y EAR OR YEARS IN WHICH THE TAX EFFECT IN RESPECT OF DISPUTE D ISSUES EXCEEDS THE MONETARY LIMIT SO SPECIFIED. THIS INST RUCTION WILL APPLY RETROSPECTIVELY TO PENDING APPEALS AND APPEAL S TO BE FILED HENCEFORTH BEFORE THE TRIBUNAL. THE PENDING A PPEALS BELOW THE SPECIFIED TAX LIMIT MAY BE WITHDRAWN/NOT PRESSED. 3. ADMITTEDLY, IN THE DEPARTMENTAL APPEAL, THE TAX EFFECT IS LESS THAN RS. 10 LACS, THEREFORE, DEPARTMENTAL A PPEAL IS NOT MAINTAINABLE. THE LD. CIT(APPEALS) DECIDED THE ISS UE IN DEPARTMENTAL APPEAL ON FACTS AND THE CASE OF THE RE VENUE WOULD NOT FALL IN THE EXCEPTIONS PROVIDED IN THE AB OVE CIRCULAR. 4. IN VIEW OF THE ABOVE, LD. DR STATED THAT SINCE DEPARTMENTAL APPEAL IS FILED AGAINST THE CBDT INSTR UCTIONS, THEREFORE, HE WOULD NOT BE PRESSING DEPARTMENTAL AP PEAL. THEREFORE, THE ABOVE DEPARTMENTAL APPEAL IS DISMISS ED BEING NOT PRESSED. ORDER PRONOUNCED IN THE OPEN COURT. SD/- SD/- (RANO JAIN) (BHAVNE SH SAINI) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 5 TH JAN., 2016. POONAM COPY TO: THE APPELLANT, THE RESPONDENT, THE CIT(A), THE CIT, DR ASSISTANT REGISTRAR, ITAT/CHD