ACIT 3(2)(1), MUMBAI V. J M FINANCIAL VENTURES LTD, MUMBAI

ITA 6361/MUM/2016

• Counselvise Citation: [2017] 126 COUNSELVISE.COM (IT) 8613 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-11-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: Not Allotted
• Assessment Year: misc
• Appeal Filed On: 27-10-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: V VIDHYADHAR
• Assessee Lawyers: K SHIVARAM
• Keywords: Tax effect
• Section: 143(3)

Judgement Text

P A G E | 1 ITA NO. 6361/MUM/2016 AY: 2012 - 13 ACIT VS. M/S JM FINANCIAL VENTURES LTD. IN THE INCOME TAX APPELLATE TRIBUNAL G BENCH, MUMBAI BEFORE SHRI RAJENDRA , AM AND SHRI RAVISH SOOD, JM ./ I.T.A. NO.6361/MUM/2016 ( / ASSESSMENT YEAR: 2012 - 13 ) A.C.I.T. - 3(2)(1), R. NO. 608 6 TH FLOOR, AAYAKAR BHAVAN, M.K. ROAD, MUMBAI - 400 020. / VS. M/S JM FINANCIAL VENTURES LTD. (MERGED WITH JM FINANCIAL INSTITUTIONAL SECURITIES LTD.), 7 TH FLOOR CNERGY, APPASAHEB MARATHE MARG, PRABHADEVI, MUMBAI 400025 ./ ./ PAN/GIR NO. AABCK5019K ( / REVENUE ) : ( / ASSESSEE) / REVENUE BY : SHRI V.VIDHYADHAR , D.R / ASSESSEE BY : SHRI K. SHIVARAM, A.R / DATE OF HEARING : 09/11 /2017 / DATE OF PRONOUNCEMENT : 09 /11 /2017 / O R D E R PER RAVISH SOOD, JUDICIAL MEMBER T HE CAPTIONED APPEAL FILED BY THE REVENUE PERTAINING TO ASSESSMENT YEAR 20 12 - 13 IS DIRECTED AGAINST THE ORDER PASSED BY THE CIT(A) - 8 , MUMBAI , DATED 28.07 . 201 6 , WHICH IN ITSELF ARISES FROM THE P A G E | 2 ITA NO. 6361/MUM/2016 AY: 2012 - 13 ACIT VS. M/S JM FINANCIAL VENTURES LTD. ORDER PASSED BY THE ASSESSING OFFICER UNDER SECTION 143(3) OF THE INCOME TAX ACT, 19 61 (IN SHORT THE ACT), DATED 24 .0 3 .2015 . 2. THAT AT THE VERY OUTSET OF THE HEARING OF THE APPEAL IT WAS SUBMITTED BY THE LD. AUTHORIZED REPRESENTATIVE (FOR SHORT A .R.) FOR THE ASSESSEE THAT TAX E FFECT INVOLVED IN THIS APPEAL WAS LESS THAN RS.10.00 LACS. THE LD. A.R IN ORDER TO DRIVE HOME HIS AFORESAID CONTENTION HAD PLACED ON RECORD THE CALCULATION SHEET , AS PER WHILE THE TAX EFFECT STOOD CALCULATED AT RS.9,51,254/ - . THE LD. D.R. AFTER MAKING VERIFICATION S HAD ACCEPTED THE AFOR ESAID CONTENTION OF THE LD. A.R. THE CBDT VIDE ITS CIRCULAR NO. 21. 2015 , DATED 10.12. 2015 HAS REVISED THE MONETARY LIMITS FOR FILING OF APPEALS BY THE DEPARTMENT BEFORE THE TRIBUNAL , RETROSPECTIVELY. SINCE THE TAX EFFECT IN DISPUTE IN THE CAPTIONED APPEAL IS STATED TO BE BELOW THE MONETARY LIMIT OF RS.10.00 LAC SPECIFIED IN THE CBDT CIRCULAR , DATED 10.12. 2015 (SUPRA), THE SAME IS DISMISSED AS NOT MAINTAINABLE. 3. IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 09 . 11 . 2017 SD/ - SD/ - ( RAJENDRA ) ( RAVISH SOOD ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI , DATED 09 . 11 . 2017 P A G E | 3 ITA NO. 6361/MUM/2016 AY: 2012 - 13 ACIT VS. M/S JM FINANCIAL VENTURES LTD. COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT , 2. THE RESPONDENT. 3. THE CIT(A) - 8 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE . BY ORDER, //TRUE COPY// (DY./ASSTT. REGISTRAR) ITAT, MUMBAI