DCIT, Central Circle-3(1), Hyderabad, Hyderabad V. Highgrace Investments Pvt Ltd., Hyderabad, Hyderabad

ITA 671/HYD/2015

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 3674 (ITAT-HYDERABAD)
• Duration Of Justice: 4 year(s) 9 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-03-2020
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB-A
• Next Hearing Date: 18-02-2020
• Assessment Year: 2008-2009
• Appeal Filed On: 19-05-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Tax effect

Judgement Text

LOW TAX EFFECT SIX APPEALS. PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD A BENCH, HYDERABAD BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER APPEAL IN ITA NO. APPELLANT RE SPONDENT A.Y 640/HYD/2015 M/S. VEEYES INVESTMENTS P LTD, HYDERABAD PAN:AABCV6591K ACIT, CENTRAL CIRCLE - 8 HYDERABAD 2007-08 641/HYD/2015 -DO- -DO- 2008-09 671/HYD/2015 DCIT, CENTRAL CIRCLE 3(1) HYDERABAD M/S.HIGHGRACE INVESTMENTS (P) LTD HYDERABAD PAN:AAACH5018G 2008-09 680/HYD/2015 DCIT, CENTRAL CIRCLE 3(1) HYDERABAD FINCITY INVESTMENTS PVT. LTD HYDERABAD PAN:AAACF3011D 2008-09 681/HYD/2015 DCIT, CENTRAL CIRCLE 3(1) HYDERABAD M/S. VEEYES INVESTMENTS P LTD, HYDERABAD PAN:AABCV6591K 2008-09 682/HYD/2015 DCIT, CENTRAL CIRCLE 3(1) HYDERABAD ELEM INVESTMENT S (P) LTD, HYDERABAD AAACE4370L 2008-09 ASSESSEE BY: SRI K.C.DEVDAS REVENUE BY : SRI R. MOHAN REDDY, DR DATE OF HEARING: 18/02/2020 DATE OF PRONOUNCEMENT: 04/03/2020 ORDER PER SMT. P. MADHAVI DEVI, J.M. THESE APPEALS ARE PREFERRED BY BOTH THE ASSESSEE AN D THE REVENUE FOR THE RELEVANT A.YS AGAINST THE ORDER S OF THE RESPECTIVE CIT (A). 2. AT THE TIME OF HEARING IT HAS BEEN BROUGHT TO OU R NOTICE AS PER THE CBDT CIRCULAR NO.03 OF 2018 DATED 11.07.2018 AND CIRCULAR NO.17 OF 2019 DATED 8 TH AUGUST, 2019, THE TAX LIMIT FOR FILING OF APPEAL BY THE REV ENUE LOW TAX EFFECT SIX APPEALS. PAGE 2 OF 2 BEFORE THE TRIBUNAL HAS BEEN FIXED AT RS.50.00 LAKH S. SINCE THE TAX EFFECT IN ALL OF THESE APPEALS IS LESS THAN RS.50.00 LAKHS, WE ARE DISMISSING THE SAME ON ACCOUNT OF LOW TAX EFFECT WITH THE LIBERTY TO THE REVENUE TO SEEK RECA LL OF THE ORDER, IF ANY OF THESE CASES FALLS WITHIN THE EXCEP TIONS MENTIONED IN THE CIRCULARS CITED ABOVE. 3. IN THE RESULT, APPEALS FILED BY THE REVENUE ARE DISMISSED AND THE APPEALS FILED BY THE ASSESSEE ARE REJECTED AS WITHDRAWN. ORDER PRONOUNCED IN THE OPEN COURT ON 4 TH MARCH, 2020. SD/- SD/- (A. MOHAN ALANKAMONY) ACCOUNTANT MEMBER (P. MADHAVI DEVI) JUDICIAL MEMBER HYDERABAD, DATED 4 TH MARCH, 2020. VINODAN/SPS COPY TO: 1 M/S.VEEYES INVESTMENTS (P) LTD., FORTUNE MONARCH MALL, 3 RD FLOOR, NO.306, PLOT NO.707-709, JUBILEE HILLS, ROAD NO.36, HYDERABAD 500033 2 3 4 5 6 ACIT, CENTRAL CIRCLE-8, 2 ND FLOOR, PONSETT BHAVAN, CHURCH BUILDING, TILAK ROAD, HYDERABAD HIGHGRACE INVESTMENTS (P) LTD., RK RESIDENCY, H.NO. 8-3- 229/D/32, FIRST FLOOR, VENKATGIRI, YOUSUFGUDA, HYDE RABAD DY.CIT, CENTRAL CIRCLE 3(1), 7 TH FLOOR, AAYAKAR BHAVAN, BASHEERBAGH, HYDERABAD 500004 FINCITY INVESTMENTS (P) LTD, RK RESIDENCY, H.NO.8-3 -229/D/32, FIRST FLOOR, VENKATGIRI, YOUSUFGUDA, HYDERABAD ELEM INVESTMENTS (P) LTD, RK RESIDENCY, H.NO.8-3-22 9/D/32, FIRST FLOOR, VENKATGIRI, YOUSUFGUDA, HYDERABAD 7 CIT (A)-12, HYDERABAD 4 CIT CENTRAL, HYDERABAD 5 THE DR, ITAT HYDERABAD 6 GUARD FILE BY ORDER