ITO 14(3)(2), MUMBAI V. PANKAJ.B. SHAH, MUMBAI

ITA 715/MUM/2014

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 3023 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 7 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-09-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 01-02-2016
• Assessment Year: 2003-2004
• Appeal Filed On: 31-01-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: C S SHARMA
• Assessee Lawyers: KEYURI DESAI
• Keywords: Tax effect
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH C, MUMBAI , , BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI MANOJ K AGGARWAL, ACCOUNTANT MEMBER ITA NO. : 715 /MUM/20 1 4 (ASSESSMENT YEAR: 200 3 - 0 4 ) ITO - 14 (3)(2), 6 TH FLOOR, EARNEST HOUSE, NARIMAN POINT, MUMBAI - 400 021 VS PANKAJ B SHAH , 416, GAUMUKH GALI M J MARKET, MUMBAI - 400 002 PAN: AA JPS 4606 H (APPELLA NT) (RESPONDENT) CROSS OBJECTION NO.59/MUM/2015 ARISING OUT OF ITA NO. : 715/MUM/2014 , AY 2003 - 04 PANKAJ B SHAH , 416, GAUMUKH GALI M J MARKET, MUMBAI - 400 002 PAN: AAJPS 4606 H VS ITO - 14(3)(2), 6 TH FLOOR, EARNEST HOUSE, NARIMAN PO INT, MUMBAI - 400 021 ( CROSS OBJECTOR ) (RESPONDENT) CROSS OBJECTOR ASSESSEE BY : MS KEYURI DESAI REVENUE BY : SHRI C S SHARMA /DATE OF HEARING : 26 - 0 9 - 201 6 / DATE OF PRONOUNCEMENT : 26 - 0 9 - 2016 ORDER PER BENCH : THE AFORESAID APPEAL AND CROSS OBJECTION HAS BEEN FILED BY THE REVENUE AS WELL AS BY THE ASSESSEE AGAINST IMPUGNED ORDER DATED 13.11.2013 , PASSED BY LD. CIT(A PPEALS ) - 25, 2 PANKAJ B SHAH ITA 715 /MUM/ 2014 CO NO. 59/MUM/2015 MUMBAI FOR THE QUANTUM OF ASSESSMENT PASSED UNDER SECTION 143(3) R.W.S. 147 FOR THE ASSESSMENT YEAR 2003 - 04. 2. AT THE OUTSET, BOTH THE PARTIES ADMITTED THAT, THE DISPUTED ADDITION IS OF ONLY RS.13,75,997/ - ON WHICH THE TAX EFFECT IS MUCH BELO W THE PRESCRIBED MONITORY LIMIT RS. 10 LAKHS . 3. NOW IN THE WAKE OF CBDTS CIRCULAR NO. 21 OF 2015 DATED 10.12.2015, THE MONETARY LIMIT PRESCRIBED FOR FILING OF APPEAL BEFORE THE TRIBUNAL IS RS. 10 LAKHS. FURTHER IT HAS ALSO BEEN CLARIFIED THAT THIS CIRCU LAR WILL APPLY ON PENDING APPEALS ALSO WHICH IS EVIDENT FROM PARA 10 OF THE IMPUGNED CIRCULAR, WHICH READS AS UNDER: - 10. THIS INSTRUCTION WILL APPLY RETROSPECTIVELY TO PENDING APPEALS TO BE FILED HENCEFORTH IN HIGH COURTS/TRIBUNALS. PENDING APPEALS BEL OW THE SPECIFIED TAX LIMITS IN PARA 3 ABOVE MAY BE WITHDRAWN/NOT PRESSED. APPEALS BEFORE THE SUPREME COURT WILL BE GOVERNED BY THE INSTRUCTIONS ON THIS SUBJECT, OPERATIVE AT THE TIME WHEN SUCH APPEAL WAS FILED. THUS, THE APPEAL OF THE REVENUE IS TREATED AS DISMISSED AS NON - MAINTAINABLE. 4 . IN THE RESULT, APPEAL OF THE REVENUE STANDS DISMISSED. 5. AS REGARD THE CROSS OBJECTIONS FILED BY THE ASSESSEE, THE LD. COUNSEL BEFORE US AT THE TIME OF HEARING SUBMITTED THAT CROSS OBJECTIONS FILED BY THE ASSESSEE A RE BEING NOT PRESSED. ACCORDINGLY, THE C.O. FILED BY THE ASSESSEE IS DISMISSED AS NOT PRESSED. 3 PANKAJ B SHAH ITA 715 /MUM/ 2014 CO NO. 59/MUM/2015 6. IN THE RESULT, APPEALS OF THE REVENUE AS WELL AS CROSS OBJECTION OF THE ASSESSEE ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 26 TH SEPTEMBER, 201 6. SD/ - SD/ - ( ) ( ) ( MANOJ K AGGARWAL ) ( AMIT SHUKLA ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATE: 26 TH SEPTEMBER, 2016 / COPY TO: - 1 ) / THE APPELLANT. 2 ) / THE RESPONDENT. 3 ) THE C IT (A) 2 5 , MUMBAI . 4 ) THE C IT 14 , MUMBAI 5 ) C , , / THE D.R. C BENCH, MUMBAI. 6 ) \ COPY TO GUARD FILE. / BY ORDER / / TRUE COPY / / / , DY. / ASSTT. REGISTRAR I.T.A.T., MUMBAI * . . *CHAVAN, SR.PS