ITO 9(2)-1, MUMBAI V. JAS TRADING P.LTD, MUMBAI

ITA 6260/MUM/2010

• Counselvise Citation: [2012] 119 COUNSELVISE.COM (IT) 8671 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 1 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-10-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: I
• Next Hearing Date: 10-10-2012
• Assessment Year: 2003-2004
• Appeal Filed On: 19-08-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: AJIT SHETLY
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH I, MUMBAI BEFORE SHRI P.M.JAGTAP, ACCOUNTANT MEMBER AND SHRI AMIT SHUKLA, JUDICIAL MEMBER.. I.T.A. NO.6260/MUM/2010. ASSESSMENT YEAR : 2003-04. THE INCOME-TAX OFFICER, M/S JAS TRADING PVT. LTD. WARD-9(2)-1, MUMBAI. V S. 6/D, 603, PREM NAGAR, MANDAPESHWAR ROAD, BORIVALI (W), MUMBAI- 92. PAN AAACJ9837H. APPELLANT. RESPONDENT . APPELLANT BY : SHRI RAK ESH RANJAN. RESPONDEN T BY : SHRI AJIT SHETLY. DATE OF HEARING : 10-10-2012 DATE OF PRONOUNCEMENT : 12-10-2012. O R D E R PER P.M. JAGTAP, A.M. : THIS APPEAL IS PREFERRED BY THE REVENUE AGAINST TH E ORDER OF LEARNED CIT(APPEALS)-20, MUMBAI DATED 17-06-2010 AND IN THE SOLITARY GROUND RAISED THEREIN, THE REVENUE HAS CHALLENGED THE ACTION OF T HE LEARNED CIT(APPEALS) IN DELETING THE TRADING ADDITION OF RS.6,35,355/- MADE BY THE AO BY APPLYING HIGHER GROSS PROFIT RATE. 2. WE HAVE HEARD THE ARGUMENTS OF BOTH THE SIDES A ND ALSO PERUSED THE RELEVANT MATERIAL ON RECORD. AS NOTED AT THE OUTSET FROM THE GROUND RAISED BY THE REVENUE, THE TAX EFFECT INVOLVED IN THIS APPEAL FILED BY THE REVENUE IS LESS THAN RS.3 LAKHS 2 ITA NO.6290/MUM/2010 AND THIS POSITION HAS NOT BEEN DISPUTED EVEN BY THE LEARNED DR. AS PER THE CBDT INSTRUCTION NO. 3 OF 2011 ISSUED ON 09-02-2011, THE MONETARY LIMIT FOR FILING OF AN APPEAL BY THE DEPARTMENT BEFORE THE TRIBUNAL HAS BE EN REVISED TO RS.3 LAKHS. AS DECIDED BY THE CBDT, APPEALS SHALL NOT BE FILED BY THE DEPARTMENT IN CASES WHERE TAX EFFECT DOES NOT EXCEED RS.3 LAKHS. IN THE CASE OF CIT VS. MADHUKAR INAMDAR (HUF) 318 ITR 149, THE HONBLE BOMBAY HIGH COURT HA S HELD THAT CBDT INSTRUCTION FIXING ANY MONETARY LIMIT FOR FILING TH E APPEAL WOULD APPLY EVEN FOR THE PENDING CASES. KEEPING IN VIEW THE SAID DECISION OF HONBLE JURISDICTIONAL HIGH COURT AND THE BOARD INSTRUCTION NO. 3 OF 2011 DATED 09-02-2011, WE HOLD THAT THE PRESENT APPEAL FILED BY THE DEPARTMENT INVOLVING TA X EFFECT OF LESS THAN RS.3 LAKHS IS NOT MAINTAINABLE. THE SAME IS, THEREFORE, DISMIS SED AT THE THRESHOLD. 3. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED ON THIS 12 TH DAY OF OCT. , 2012. SD/- SD/- (AMIT SHUKLA) (P.M. JAGTAP) JUDICIAL MEMBER ACCO UNTANT MEMBER MUMBAI, DATED: 12 TH OCT., 2012. COPY TO : 1. APPELLANT 2. RESPONDENT 3. C.I.T. 4. CIT(A) 5. DR, I-BENCH. (TRUE COPY) BY ORD ER ASSTT. REGI STRAR, ITAT, MUMBAI BENC HES, WAKODE MUMBAI.