The ITO, Ward-7(1), Ahmedabad V. Shri Gunvantkumar Kantilal Patel, Ahmedabad

ITA 781/AHD/2014

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 8181 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 8 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-11-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 28-08-2017
• Assessment Year: 2007-2008
• Appeal Filed On: 14-03-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Unexplained cash credit; Retrospective amendment; Tax effect
• Section: 68; 144

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD B BENCH BEFORE: SHRI RAJPAL YADAV, JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER THE IT O , WARD - 7(1), AHMEDABAD (APPELLANT) VS SHRI GUNVANTKUMAR KANTILAL PATEL, 18, SHYAM KRUPA, NR. BIG DADY RESTAURANT, GHUMA - BOPAL, AHMEDABAD PAN: AMYPP7313B (RESPONDENT) REVENUE BY : S H RI MUDIT NAGPAL , SR. D . R. ASSESSEE BY: NONE DATE OF HEARING : 20 - 11 - 2 017 DATE OF PRONOUNCEMENT : 22 - 11 - 2 017 / ORDER P ER : AMARJIT SINGH, ACCOUNTANT MEMBER : - THIS REV ENUE S APPEAL FOR A.Y. 2007 - 08 , AR ISES FROM ORDER OF THE CIT(A) - XIV , AHMEDABAD DATED 03 - 12 - 2013 , IN PROCEEDINGS UNDER SECTION 144 OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT . I T A NO . 781 / A HD/20 14 A SSESSMENT YEAR 2007 - 08 I.T.A NO. 781/AHD/2014 A.Y. 2007 - 08 PAGE NO I TO VS. SHRI GUNVANTKUMAR KANTILAL PATEL 2 2. IN THIS CASE, THE ASSESSING OFFICER HAS MADE TOTAL ADDITION OF RS. 62,4 4,400/ - ON ACCOUNT OF UNEXPLAINED CASH CREDIT U/S. 68 OF THE ACT. THE LD. CIT(A) HAS DELETED THE ADDITION TO THE EXTENT OF RS. 14,49,200/ - ON WHICH THE REVENUE HAS FILED THIS APPEAL. SINCE THE TAX EFFECT ON THE AFORESAID AMOUNT ON WHICH THE REVENUE IS IN APPEAL IS LESS THAN RS. 10 LACS, W E FIND THAT THE CENTRAL BOARD OF DIRECT TAXES; HEREAFTER THE BOARD HAS ISSUED THE CIRCULAR NO. 2 1/2015 DATED 10 - 12 - 2015 CLEARLY ENVISAGING THEREIN THAT DEPARTMENT S PENDING APPEALS BEFORE THE TRIBUNAL/HIGH COURTS ARE TO BE WITHDRAWN/NOT PRESSED AS PER THE ABOVE ST ATED CIRCULAR . THE SAME HAS BEEN DECLARED TO BE HAVING RETROSPECTIVE EFFECT IN OTHER WORDS. WE TAKE INTO CONSIDERATION THE ABOVE STATED BOARD S CIRCULAR AND DISMISS THE INSTANT APPEAL ACCORDINGLY. 3. THIS REV ENUE S APPEAL IS DISMISSED AS HAVING LOW TAX EFFECT. ORDER PR ONOUNCED IN THE OPEN C OURT ON 22 - 11 - 2017 SD/ - SD/ - ( RAJPAL YADAV ) ( AMARJIT SINGH ) JUDICIAL MEMBER ACCOUNTANT MEMBER AHMEDABAD : DATED 22 /11 /2017 / COPY OF ORDER FORWARDED TO: - 1. ASSESSEE 2. REVENUE 3. CONCERNED CIT 4. CIT (A) 5. DR, ITAT, AHMEDABAD 6. GUARD FILE. I.T.A NO. 781/AHD/2014 A.Y. 2007 - 08 PAGE NO I TO VS. SHRI GUNVANTKUMAR KANTILAL PATEL 3 BY ORDER/ , / ,