DEPUTY COMMISSIONER OF INCOME TAX 3(3)(2), MUMBAI V. M/S.UDAIPUR PROPERTIES AND FINANCE LIMITED , MUMBAI

ITA 6448/MUM/2017

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 4445 (ITAT-MUMBAI)
• Duration Of Justice: 9 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-08-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: F
• Assessment Year: 2006-2007
• Appeal Filed On: 02-11-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: VIDISHA KALRA LD
• Assessee Lawyers: G AURAV BANSAL LD
• Keywords: Tax effect

Judgement Text

ITA NOS.6451 & 6448/MUM/2017 UDAIPUR PROPERTIES & FINANCE LIMITED ASSESSMENT YEARS-2006-07 & 2007-08 IN THE INCOME TAX APPELLATE TRIBUNAL F BENCH, MUMBAI , , BEFORE SHRI SAKTIJIT DEY, JM AND SHRI MANOJ KUMAR AGGARWAL, AM ./I.T.A. NO.6451/MUM/2017 ( / ASSESSMENT YEAR: 2007-08) INCOME TAX OFFICER - 3(3)(3) ROOM NO.672, AAYKAR BHAVAN M.K.ROAD, NEW MARINE LINES MUMBAI-400 020 / VS. UDAIPUR PROPERTIES & FINANCE LIMITED 1010, MAKER CHAMBERS V NARIMAN POINT MUMBAI-400 021 ! ./ ./PAN/GIR NO. AAACU-7134-N ( !# /APPELLANT ) : ( $%!# / RESPONDENT ) & ./I.T.A. NO.6448/MUM/2017 ( / ASSESSMENT YEAR: 2006-07) DEPUTY COMMISSIONER OF INCOME TAX-3(3)(2) ROOM NO.609, 6 TH FLOOR AAYKAR BHAVAN, M.K.ROAD MUMBAI-400 020 / VS. UDAIPUR PROPERTIES & FINANCE LIMITED 1010, MAKER CHAMBERS V NARIMAN POINT MUMBAI-400 021 ! ./ ./PAN/GIR NO. AAACU-7134-N ( !# /APPELLANT ) : ( $%!# / RESPONDENT ) A SSESSEE BY : G AURAV BANSAL, LD. AR RE VENUE BY : VIDISHA KALRA , LD. CIT DR / DATE OF HEARING : 01/08/2018 / DATE OF PRONOUNCEMENT : 08/08/2018 ITA NOS.6451 & 6448/MUM/2017 UDAIPUR PROPERTIES & FINANCE LIMITED ASSESSMENT YEARS-2006-07 & 2007-08 2 / O R D E R PER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. AFORESAID APPEALS BY REVENUE FOR ASSESSMENT YEAR S [AY] 2006-07 & 2007-08 CONTEST SEPARATE ORDERS OF LD. FIRST APPE LLATE AUTHORITY. FOR AY 2006-07, THE REVENUE IS AGGRIEVED BY DELETION OF RS .58.05 LACS MADE U/S.68 BY LD. AO IN QUANTUM ASSESSMENT. FOR AY 2007 -08, THE REVENUE IS SIMILARLY AGGRIEVED BY DELETION OF RS.42.68 LACS AS MADE U/S.68 BY LD. AO IN QUANTUM ASSESSMENT. 2. THE LD. AUTHORIZED REPRESENTATIVE FOR ASSESSEE [ AR] SHRI GAURAV BANSAL DRAWING OUR ATTENTION TO THE COMPUTATIONS PLACED B EFORE US, SUBMITTED THAT THE TAX EFFECT OF THE QUANTUM ASSESS MENT IN EACH OF THE AY WAS BELOW RS.20 LACS AND THEREFORE, THE SAME WAS COVERED BY RECENTLY ISSUED LOW TAX EFFECT CIRCULAR NO.03/2018 DATED 11/07/2018 ISSUED BY CENTRAL BOARD OF DIRECT TAXES [CBDT]. THE LD. CIT DR, MS. VIDISHA KALRA CONTROVERTED THE SAME BY SUBMITTING THAT NECESSARY INSTRUCTIONS / CERTIFICATE, IN THIS REGARD, WOULD B E REQUIRED FROM HIGHER AUTHORITIES. 3. WE HAVE GONE THROUGH THE CIRCULAR AND FIND THAT THE TAX EFFECT OF QUANTUM IN DISPUTE IS BELOW PRESCRIBED LIMIT OF RS. 20 LACS AND THE ASSESSEE STOOD BENEFITTED BY THE ABOVE CIRCULAR ISS UED BY CBDT WHEREIN THE MINIMUM MONETARY LIMIT FOR FILING THE A PPEALS BEFORE VARIOUS APPELLATE AUTHORITIES HAVE BEEN FIXED AS UNDER: - S. NO. APPEALS/ SLPS IN INCOME-TAX MATTERS MONETARY LIMIT (RS.) 1 BEFORE APPELLATE TRIBUNAL 20.00,000 ITA NOS.6451 & 6448/MUM/2017 UDAIPUR PROPERTIES & FINANCE LIMITED ASSESSMENT YEARS-2006-07 & 2007-08 3 2 BEFORE HIGH COURT 50.00,000 3 BEFORE SUPREME COURT 1,00.00,000 THE AFORESAID LIMITS, AS PER PARA 13 OF THE CIRCULAR APPLIES TO PENDING APPEALS ALSO. IN VIEW OF THE STATED POSITION, WE DI SMISS THE REVENUES APPEAL FOR BOTH AYS. 4. SO FAR AS THE CONTENTIONS RAISED BY LD. CIT DR I S CONCERNED, WE FIND THAT AFORESAID CIRCULAR DOES NOT ENVISAGE OBTA INING OF ANY CERTIFICATE FROM ANY AUTHORITIES, IN ANY MANNER. NEVERTHELESS, THE REVENUE IS FREE TO MOVE APPROPRIATE APPLICATION TO RECALL THIS ORDER, IF AT A LATER STAGE, IT IS FOUND THAT THE MATTER IS COVERED BY ANY EXCEPTIONS PROVIDED IN THE AFORESAID CIRCULAR. 5. BOTH THE APPEALS STAND DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 08 TH AUGUST, 2018 SD/- SD/- (SAKTIJIT DEY) ( MANOJ KUMAR AGGARWAL) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI; DATED : 08.08.2018 SR.PS:-THIRUMALESH ! / COPY OF THE ORDER FORWARDED TO : 1. !# / THE APPELLANT 2. $%!# / THE RESPONDENT 3. ( ) / THE CIT(A) 4. / CIT CONCERNED 5. + ,$ - , - , / DR, ITAT, MUMBAI 6. , ./0 / GUARD FILE / BY ORDER, / (DY./ASSTT.REGISTRAR) , / ITAT, MUMBAI