ITO 27(1)(1), NAVI MUMBAI V. ANITA AGARWAL, MUMBAI

ITA 7416/MUM/2014

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 3086 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 6 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-06-2016
• Appeal Filed By: Department
• Bench Allotted: SMC
• Assessment Year: 2011-2012
• Appeal Filed On: 12-12-2014
• Court: TRIBUNAL
• Keywords: Tax effect
• Section: 54

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL SMC BENCH, MUMBAI BEFORE SHRI D. KARUNAKARA RAO, ACCOUNTANT MEMBER I.T.A. NO.7416/M/2014 (ASSESSMENT YEAR: 2011 - 2012 ) ITO - 27(1)(1), 4 TH FLOOR, TOWER NO.6, R.NO.404, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI 400 703. / VS. SMT. ANITA AGARWAL, FLAT NO.504, BLDG - A WING, SABARI ASHIANA, DEONAR FARM ROAD, TISS CO, DENOAR, MUMBAI - 88. ./ PAN : A FRPA1523Q ( / APPELLANT) .. ( / RESPONDENT ) / APPELLANT BY : SHRI AARSI PRASAD, DR / RESPONDENT BY : NONE / DATE OF HEARING : 20.06.2016 / DATE OF PRONOUNCEMENT : 20 .06.2016 / O R D E R PER D. KARUNAKARA RAO, AM: THIS APPEAL FILED BY THE ASSESSEE ON 12.12.2014 IS AGAINST THE ORDER OF THE CIT (A) - 33, MUMBAI DATED 22.9.2014 FOR THE ASSESSMENT YEAR 2011 - 2012. IN THIS APPEAL, ASSESSEE RAISED THE FOLLOWING THE EFFECTIVE GROUND AND THE SAME READS AS UNDER: - ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD CIT (A) FAILED TO APPRECIATE THAT THE ASSESSEE HAS NEITHER PURCHASED A NEW RESIDENTIAL PROPERTY WITHIN A PERIOD OF TWO YEARS NOR CONSTRUCTED A NEW HOUSE WITHIN A PERIOD OF THREE YEARS, T HEREFORE, SHE IS NOT ELIGIBLE FOR EXEMPTION OF CAPITAL GAIN U/S 54 OF THE ACT. 2. NONE APPEARED ON BEHALF OF THE ASSESSEE TO REPRESENT ITS CASE. AT THE OUTSET, LD DR FOR THE REVENUE BRIEFLY NARRATED THE FACTS AND THE CASE AND MENTIONED THAT THE ADDITI ON MADE IN THE ORIGINAL ASSESSMENT RELATES TO THE DENIAL OF DEDUCTION U/S 54 OF THE ACT. AO DETERMINED THE INCOME FROM CAPITAL GAINS AMOUNTING TO RS. 41,51,937/ - . BEFORE US, LD DR MENTIONED THAT THE TAX EFFECT AS PER THE CONCESSIONAL RATES OF CAPITAL GAINS IS BELOW RS. 10 LAKHS. AFTER HEARING THE LD DR , PRIMA FACIE , WE FIND THIS CASE SHOULD 2 BE DISMISSED ON ACCOUNT OF TAX EFFECT IN ACCORDANCE WITH THE CIRCULAR NO.21/2015, DATED 10.12.2015 WHICH IS RELEVANT FOR THE PROPOSITION THAT THE APPEALS FILED BY THE RE VENUE WITH A TAX EFFECT OF RS. 10 LAKHS AND BELOW ARE TO BE EITHER DISMISSED BY THE TRIBUNAL AS NOT MAINTAINABLE OR NOT PRESSED BY THE REVENUE. CONSIDERING THE LOW TAX EFFECT INVOLVED, THE PRESENT APPEAL FILED BY THE REVENUE IS DISMISSED AS NOT MAINTAINAB LE. 3. IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED. ORDER PRON OUNCED IN THE OPEN COURT ON 2 0 T H JUNE, 2016. S D / - (D. KARUNAKARA RAO) ACCOUNTANT MEMBER MUMBAI ; 20 .6.2016 . . ./ OKK , SR. PS / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) - 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE . //TRUE COPY// / BY ORDER, / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI