DCIT, Chandigarh V. Sh. Tarninder Singh, Chandigarh

ITA 648/CHANDI/2016

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 4805 (ITAT-CHANDIGARH)
• Duration Of Justice: 2 year(s) 4 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-10-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: Not Allotted
• Assessment Year: 2010-2011
• Appeal Filed On: 30-05-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ASHISH ABROL
• Assessee Lawyers: N K SAINI
• Keywords: Tax effect
• Section: 132

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BEN CH B, CHANDIGARH , ! . .., # $, %& BEFORE: SH. SANJAY GARG, JM & DR. B.R.R. KUMAR, AM ITA NO. 648 & 649/CHD/2016 ASSESSMENT YEAR : 2010-11 THE DCIT CENTRAL CIRCLE-1 CHANDIGARH SHRI. TARMINDER SINGH SCO-139-141, SECTOR-17C CHANDIGARH PAN NO: ABZPS6105N APPELLANT RESPONDENT !' ASSESSEE BY : SHRI. N.K. SAINI #!' REVENUE BY : SHRI. ASHISH ABROL $ %! & DATE OF HEARING : 23/08/2018 '()*! & DATE OF PRONOUNCEMENT : 23/10/2018 %'/ ORDER PER BENCH: BOTH THE ABOVE APPEALS HAVE BEEN FILED BY THE REVEN UE AGAINST THE ORDER OF THE LD. CIT(A)-3, GURGAON DT. 14/03/2016 . 2. BRIEF FACTS OF THE CASE ARE THAT THE ASSESSEE WA S COVERED UNDER SECTION 132 OF INCOME TAX ACT,1961 VIDE THE SEARCH AND SEIZ URE ACTION CONDUCTED ON 08/09/2011. 3. DURING THE COURSE OF SEARCH UNDER SECTION 132, T HE ASSESSEE HAD SURRENDERED ADDITIONAL INCOME OF RS. 1,50,00,000/-. IN THE COMPUTATION OF INCOME PREPARED BY THE ASSESSEE, THE ASSESSEE HAS S HOWN SURRENDERED INCOME OF RS. 1,50,00,000/- AS INCOME FROM BUSINESS IN THE FINANCIAL YEAR 2009-10 AND THE ASSESSEE HAS CLAIMED SET OFF OF LOSSES OF BUSINESS AGAINST THIS SURRENDERED INCOME. 4. DURING THE PROCEEDINGS BEFORE US, THE ASSESSEE H AS SUBMITTED COMPUTATION SHEETS SHOWING THE DIFFERENCE IN ASSESS ED INCOME AND THE RETURNED INCOME AND ARGUED THAT THE TOTAL TAX EFFEC T IS LESS THAN RS. 20,00,000/- AS PRESCRIBED IN THE CIRCULAR NO. 3 OF 2018 CBDT DT . 11/07/2018. 2 5. THE LD. DR WAS GIVEN AN OPPORTUNITY TO GO THROUG H THE COMPUTATION SUBMITTED BY THE ASSESSEE, WHO WAS SATISFIED THAT T HE CASE IS SQUARELY FALLS UNDER THE AMBIT OF CBDT CIRCULAR NO. 3 OF 2018 DT.11/07/ 2018. 6. HENCE, KEEPING IN VIEW THE TAX EFFECT INVOLVED, BOTH THE APPEALS OF THE REVENUE ARE HEREBY DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT SD/- SD/- . .., # $, (SANJAY GARG ) ( DR. B.R.R. KUM AR, AM) / JUDICIAL MEMBER %& / ACCOUNTANT MEMBER (+! ,-.- COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. $ / CIT 4. $ / 01 THE CIT(A) 5. -2 45&456789 DR, ITAT, CHANDIGARH 6. 8:% GUARD FILE