ACIT 24(1), MUMBAI V. PRAVIN A KOTHARI, MUMBAI

ITA 7323/MUM/2011

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 3661 (ITAT-MUMBAI)
• Duration Of Justice: 4 year(s) 4 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-03-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 13-11-2014
• Assessment Year: 2007-2008
• Appeal Filed On: 01-11-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S PANDIAN
• Assessee Lawyers: G P MEHTA
• Keywords: Retrospective amendment; Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, MUMBAI , , BEFORE HONBLE S/SHRI SANJAY GARG, JM AND SHRI RAJESH KUMA R , AM ./ I.T.A. NO. 7323 /MUM / 201 1 ( / ASSESSMENT YEAR : 20 0 7 - 08 ) DY. COMMISSIONER OF INCOME TAX, 24(1), C - 13, ROOM NO.503, PRATYAKSHKAR BHAVAN, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI - 400051 / VS. PRAVIN A KOTHARI , USHA KUNJ, SAHAKAR ROAD, NEAR JAIN TEMPLE, SHANKAR ROAD, J J OGESHWARI (W), MUMBAI - 400102 ./ PAN : AACPK2541E ( / APPELLANT ) .. ( / RESPONDENT ) / APPELLANT BY : SHRI S PANDIAN / RESPONDENT BY : SHRI G P MEHTA / DATE OF HEARING : 10 .3. 2016 / DATE OF PRONOUNCEMENT : 10. 3 . 2016 / O R D E R PER RAJESH KUMAR , AM : THIS IS AN APPEAL FILED BY T HE REVENUE AGAINST THE ORDER DATED 2.8. 201 1 PASSED BY THE LD.CIT(A) - 34 , MUMBAI AND IT RELATES TO THE ASSESSMENT YEAR 200 7 - 08 . 2. WE HEARD THE PARTIES AND PERUSED THE RECORD. THE ASSESSEE FILED HIS RETURN OF INCOME ON 29.10.2007 DECLARING A TOTAL INCOME OF R S.17,53,105/ - . THE AO MADE THE ASSESSMENT AT RS.1,96,75,380/ - . AGGRIEVED BY THE ORDER OF AO, THE ASSESSEE PREFERRED AN APPEAL BEFORE THE ITA NO. 7323 / MUM/20 1 1 2 LD.CIT(A) AND THE LD. CIT(A) GRANTED RELIEF TO THE ASSESSEE. AGGRIEVED BY ORDER OF LD.CIT(A) GRANTING RELIEF TO T HE ASSESSEE THE REVENUE IS IN APPEAL BEFORE THE TRIBUNAL. 3. THE REVENUE IS CONTESTING THE RELIEF OF RS.20,00,000 / - GIVEN BY THE LD. CIT(A) TO THE ASSESSEE. 4. WE FIND THAT THE QUANTUM IN DISPUTE IS RS. 20,00,000 AND THE TAX EFFECT INVOLVED THEREIN IS L ESS THAN RS.10 LAKHS. IN VIEW OF THE CIRCULAR ISSUED BY CBDT BEARING NO.21/2015 DATED 10.12.2015 PRESCRIBING NEW MONETARY LIMIT OF RS.10.00 LAKHS FOR PREFERRING APPEAL AGAINST THE ORDERS PASSED BY LD CIT(A) BEFORE THE TRIBUNAL, THE REVENUE IS PRECLUDED FR OM PURSUING THIS APPEAL BY THE REVENUE , AS THE SAID CIRCULAR HAS RETROSPECTIVE EFFECT AND IS APPLICABLE TO THE EXISTING APPEALS OF REVENUE. ACCORDINGLY, WE DISMISS THE SAME. 5 . IN THE RESULT THE APPEAL OF THE REVENUE STANDS DISMISSED . ORDER PRONOUN CED IN THE OPEN COURT ON 10 TH MARCH , 2016 . 10TH MARCH , 2016 S D SD ( / SANJAY GARG) ( / RAJESH KUMAR ) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI ; DATED 10 /03 /2016 . . ./ SRL , SR. PS ITA NO. 7323 / MUM/20 1 1 3 / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / TH E RESPONDENT. 3. ( ) / THE CIT(A) - 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE . / BY ORDER, T RUE COPY / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI