ITO 24(2)(4), MUMBAI V. IGNATIUS QUADROS, MUMBAI

ITA 6517/MUM/2011

• Counselvise Citation: [2012] 119 COUNSELVISE.COM (IT) 8361 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 1 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-10-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: I
• Next Hearing Date: 31-10-2012
• Assessment Year: 2008-2009
• Appeal Filed On: 27-09-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: OM PRAKASH MEENA
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES I : MUMBAI BEFORE SHRI D.K.AGRAWAL, JUDICIAL MEMBER AND SHRI N.K.BILLAIYA, ACCOUNTANT MEMBER ITA. NO.6517/MUM/2011 ASSESSMENT YEAR 2008-2009 THE I.T.O. 24 (2) (4) MUMBAI 400 051. VS. M/S. IGNATIUS GASPER QUADROS MUMBAI 400 064 PAN AABPQ2530N (APPELLANT) (RESPONDENT) FOR APPELLANT : SHRI OM PRAKASH MEENA (D.R.) FOR RESPONDENT : SHRI SATISH SHETTY (POWER OF ATTORNEY NOT FILED) DATE OF HEARING : 31-10-2012 DATE OF PRONOUNCEMENT : 31-10-2012 ORDER PER N.K.BILLAIYA, A.M. THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF THE CIT(A)- 34, MUMBAI DATED 18-7-2011. THE REVENUE HAS RAISED THE FOLLOWING GROUND OF APPEAL : ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LEARNED CIT(A) ERRED IN ALLOWING DEDUCTION UNDE R SECTION 54EC TO THE FULL WITHOUT RESTRICTING IT IN RATIO WI TH THE CAPITAL GAIN IN CONTRAVENTION OF SECTION 54EC(1)(B) OF THE I.T. ACT. 2. FROM PERUSAL OF OUR RECORD SHOW THAT THE APPEAL WAS FILED ON 27-9-2011. WE NOTE THAT THE TAX EFFECT IN THIS APPEAL IS LESS THAN RS. 3 LAKHS AS PER THE LIMIT PRESCRIBED BY THE CBDT VIDE INSTRUCTION NO. 3 /2011 DATED 9-2-2011 AND AS PER THE SAID INSTRUCTION NO. 3/2011, THE REVISED MONETARY LIMIT IS APPLICABLE FOR THE APPEALS FILED ON OR AFTER 9-2-2011. AS THE PRESENT APPEAL IS FILED AFTER 2 9/2/2011, IN VIEW OF THE CBDT CIRCULAR NO. 3/2011 ( SUPRA), WE HOLD THAT THE APPEAL FILED BY THE REVENUE CANNOT BE TAKEN-UP FOR DECISION ON MERITS AS THE TAX EFFECT IN THIS CASE IS ADMITTEDLY LESS THAN RS. 3 LAKHS. WE, THEREFORE, DISMISS THE APPEAL FILED BY THE REVENUE AS NOT MAIN TAINABLE. 3. IN THE RESULT, APPEAL FILED BY THE REVENUE IS DI SMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 31-10-2012. SD/- SD/- (D.K.AGRAWAL) (N.K.BILLAIYA) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATE 31 ST OCTOBER, 2012 VBP/- COPY TO 1. THE I.T.O. 24 (2) (4), ROOM NO. 605, C. - 13, BKC, BANDRA (E), MUMBAI 400 051. 2. M/S. IGNATIUS GASPER QUADROS, FLAT NO. 33 - 2A, MANZIL CHS EVERSHINE NAGAR, MALAD (W), MUMBAI 400 064. PAN AABPQ2530N 3. CIT(A) - 34, MUMBAI. 4. CIT - 24, MUMBAI 5. DR I BENCH 6. GUARD FILE (TRUE COPY) BY ORDER ASST. REGISTRAR, I.T.AT. MUMBAI BENCHE S MUMBAI.