ACIT, Ludhiana V. M/s Krishan Chand Joginder Pal, Ludhiana

ITA 702/CHANDI/1993

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 95801 (ITAT-CHANDIGARH)
• Duration Of Justice: 22 year(s) 7 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-12-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 22-12-2015
• Assessment Year: 1989-1990
• Appeal Filed On: 05-05-1993
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MANOJ MISHRA
• Assessee Lawyers: SUDHIR SEHGAL
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH,CHANDIGARH BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND MS.RANO JAIN, ACCOUNTANT MEMBER ITA NO. 702/CHD/1993 ASSESSMENT YEAR: 1989-90 THE ACIT, VS M/S KRISHAN CHAND CENTRAL CIRCLE-II, JOGINDER PAUL, LUDHIANA. GILL ROAD, LUDHIANA. LUDHI ANA. PAN: ------ (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI MANOJ MISHRA RESPONDENT BY : SHRI SUDHIR SEHGAL DATE OF HEARING : 22.12.2015 DATE OF PRONOUNCEMENT : 22.12.2015 O R D E R PER BHAVNESH SAINI,JM THIS APPEAL BY REVENUE HAS BEEN DIRECTED AGAINST THE ORDER OF LD. CIT(APPEALS), CENTRAL, LUDHIANA DA TED 26.02.1993 CHALLENGING THE DELETION OF ADDITION OF RS. 5 LACS + RS. 40,500/- REPRESENTING THE LOAN RECEIVED FROM SHRI SURESH KHANNA AND INTEREST THEREON. 2. ACCORDING TO CIRCULAR NO. 21/2015 DATED 10.12.2015, THE CBDT IN SUPERCESSION OF EARLIER INSTRUCTIONS HAS DIRECTED THAT DEPARTMENTS APPEALS BEFORE ITAT SHALL NOT BE FILED IN CASES WHERE THE T AX EFFECT DOES NOT EXCEED THE MONETARY LIMIT OF RS. 10 LACS. THE TAX WILL NOT INCLUDE ANY INTEREST THEREON. IT IS 2 FURTHER CLARIFIED THAT IF IN THE CASE OF AN ASSESSE E, DISPUTED ISSUES ARISE IN MORE THAN ONE ASSESSMENT Y EAR, APPEAL CAN BE FILED IN RESPECT OF SUCH ASSESSMENT Y EAR OR YEARS IN WHICH THE TAX EFFECT IN RESPECT OF DISPUTE D ISSUES EXCEEDS THE MONETARY LIMIT SO SPECIFIED. THIS INST RUCTION WILL APPLY RETROSPECTIVELY TO PENDING APPEALS AND A PPEALS TO BE FILED HENCEFORTH BEFORE THE TRIBUNAL. THE PEN DING APPEALS BELOW THE SPECIFIED TAX LIMIT MAY BE WITHDRAWN/NOT PRESSED. 3. ADMITTEDLY, IN THE DEPARTMENTAL APPEAL, THE TAX EFFECT IS LESS THAN RS. 10 LACS, THEREFORE, DEPARTM ENTAL APPEAL IS NOT MAINTAINABLE. THE LD. CIT(APPEALS) D ECIDED THE ISSUE IN DEPARTMENTAL APPEAL ON FACTS AND THE C ASE OF THE REVENUE WOULD NOT FALL IN THE EXCEPTIONS PROVID ED IN THE ABOVE CIRCULAR. 4. IN VIEW OF THE ABOVE, LD. DR STATED THAT SINCE DEPARTMENTAL APPEAL IS FILED AGAINST THE CBDT INSTRUCTIONS, THEREFORE, HE WOULD NOT BE PRESSING DEPARTMENTAL APPEAL. THEREFORE, THE ABOVE DEPARTME NTAL APPEAL IS DISMISSED BEING NOT PRESSED. ORDER PRONOUNCED IN THE OPEN COURT. SD/- SD/- (RANO JAIN) (BHAVNE SH SAINI) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 22 ND DEC.,, 2015. POONAM COPY TO: THE APPELLANT, THE RESPONDENT, THE CIT(A), THE CIT, DR ASSISTANT REGISTRAR, ITAT/CHD