Addl. CIT, Special Range- 8, New Delhi V. S. Chand & Co. Pvt. Ltd., New Delhi

ITA 7837/DEL/2017

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 9771 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 6 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-07-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: G
• Assessment Year: 2013-2014
• Appeal Filed On: 28-12-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PRAKASH DUBEY
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI G BENCH: NEW DELHI (THROUGH VIDEO CONFERENCING ) BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER & DR.B.R.R.KUMAR, ACCOUNTANT MEMBER ITA NO.7837/DEL/2017 ASSESSMENT YEAR : 2013-14 ADDL.CIT, SPECIAL RANGE-8, NEW DELHI VS S.CHAND & CO. PVT.LTD., 7361, RAVINDER MANSION, RAM NAGAR, NEW DELHI-110055. PAN-AAACS1149M APPELLANT RESPONDENT APPELLANT BY SH.PRAKASH DUBEY, SR.DR RESPONDENT BY MS. SWEETY KOTHARI, CA DATE OF HEARING 27.07.2021 DATE OF PRONOUNCEMENT 27.07.2021 ORDER PER KUL BHARAT, JM : THIS APPEAL FILED BY THE REVENUE FOR THE ASSESSMENT YEAR 2013-14 IS DIRECTED AGAINST THE ORDER OF LD. CIT(A)-42, NEW DE LHI DATED 27.10.2017. THE REVENUE HAS RAISED FOLLOWING GROUND OF APPEAL:- 1. 'WHETHER THE LD.CIT(A) WAS JUSTIFIED IN DELETING THE ADDITION OF RS.72,72,188/- MADE BY THE ASSESSING OFFICER ON ACC OUNT OF VALUATION OF CLOSING STOCK @ 2% OF RS.36,36,09,371/- BEING TH E PRINTED PRICE OF THE BOOKS AS ON 31.03.2013. 2. HOWEVER, LD. SR. DR FOR THE REVENUE POINTED OUT THAT THE PRESENT APPEAL IS TO BE WITHDRAWN AS THE TAX EFFECT INVOLVE D IN THE CASE IS BELOW RS.50 LACS. 3. THE CBDT VIDE CIRCULAR NO.17/2019 DATED 08.08.20 19 HAS REVISED THE MONETARY LIMIT FOR FILING THE APPEALS BEFORE TH E TRIBUNAL TO RS.50 LACS. ITA NO. 7837/DEL/2017 2 | P A GE FURTHER, CBDT VIDE LETTER DATED 20.08.2019 HAS ALSO CLARIFIED THAT CIRCULAR NO.17/2019 WOULD BE APPLICABLE TO ALL PENDING APPEA LS. IN SUCH CIRCUMSTANCES, THE PRESENT APPEAL FILED BY THE REVE NUE IN CASE OF LOW TAX EFFECT IS NOT MAINTAINABLE. 4. BEFORE PARTING, WE CLARIFY HERE THAT THE REVENUE SHALL BE AT LIBERTY TO APPROACH THE TRIBUNAL FOR RE-INSTITUTION OF APPEAL, IF THE REQUISITE MATERIAL IS BROUGHT TO SHOW THAT THE APPEAL IS PROTECTED BY THE EXCEPTIONS PRESCRIBED IN PARA 10 OF THE CIRCULAR DATED 11.07.2 018. 5. IN CONCLUSION, BY APPLYING THE CBDT CIRCULAR DAT ED 08.08.2019 AND LETTER DATED 20.08.2019 (SUPRA), THE CAPTIONED APPE AL OF THE REVENUE IS DISMISSED AS WITHDRAWN/NOT PRESSED. 6. IN THE RESULT, THE APPEAL OF REVENUE IS DISMISSE D. ABOVE DECISION WAS PRONOUNCED ON CONCLUSION OF VIRT UAL HEARING IN THE PRESENCE OF BOTH THE PARTIES ON 27 TH JULY, 2021. SD/- SD/- (DR.B.R.R.KUMAR) (KUL BHARAT) ACCOUNTANT MEMBER JUDICIA L MEMBER *AMIT KUMAR* COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSISTANT REGISTRAR ITAT, NEW DELHI