DCIT 17(2), MUMBAI V. MEENA PANKAJ TANNA, MUMBAI

ITA 7912/MUM/2010

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 88058 (ITAT-MUMBAI)
• Duration Of Justice: 4 year(s) 1 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-01-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 14-01-2015
• Assessment Year: 2007-2008
• Appeal Filed On: 16-11-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ASGHAR ZAIN V P SR
• Keywords: Business income; Tax effect

Judgement Text

, ( ) IN THE INCOME TAX APPELLATE TRIBUNAL B B ENCH, MUMBAI . . , BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER ./ I.T.A. NO. 7912/MUM/2010 ( ! ! ! ! ' ' ' ' / ASSESSMENT YEAR : 2007-08 ) ACIT-17(1) PIRAMAL CHAMBERS PAREL MUMBAI-400 012. / VS. SMT. MEENA PANKAJ TANNA 204-C, DR. AMBEDKAR ROAD, RATTY LODGE, GROUND FLOOR, DADAR TT MUMBAI-400 014. ./ ./ PAN/GIR NO. : AACPT 4113 F ( / APPELLANT ) .. ( / RESPONDENT ) / APPELLANT BY : SHRI ASGHAR ZAIN V.P. SR.AR / RESPONDENT BY : SHRI NISHIT GANDHI / DATE OF HEARING: 14/01/2015 / DATE OF PRONOUNCEMENT : 14/01 /2015 # / O R D E R PER SANJAY GARG, JUDICIAL MEMBER: THE PRESENT APPEAL HAS BEEN PREFERRED BY THE REVENU E AGAINST THE ORDER DATED 13/08/2010 OF THE COMMISSIONER OF INCOME TAX (APPEA LS) [(HEREINAFTER REFERRED TO AS CIT(A)] AGITATING THE ACTION OF THE CIT(A) IN DIREC TING THE AO TO TREAT THE SHARE INCOME AS SHORT TERM CAPITAL GAINS AS AGAINST BUSINESS INCOME TREATED BY THE AO. 2. AT THE OUTSET, THE LD. A.R. OF THE ASSESSEE HAS STATED THAT THE TAX EFFECT IN THIS APPEAL IS LESS THAN RS.4 LAKHS WHICH IS BELOW THE PRESCRIB ED LIMIT FOR FILING THE APPEAL BEFORE THE TRIBUNAL AS PER THE CBDT CIRCULAR NO.5 DATED 10.07. 14. LD. D.R. HAS FAIRLY ADMITTED THAT THE TAX EFFECT IN THIS APPEAL IS BELOW THE PRESCRIBED L IMIT OF RS.4 LAKHS. 3. SINCE THE TAX EFFECT IN THE PRESENT APPEAL IS B ELOW PRESCRIBED LIMIT, THEREFORE, WE ARE OF THE VIEW THAT THE APPEAL OF THE REVENUE IS NOT M AINTAINABLE. THE CENTRAL BOARD OF DIRECT TAXES (CBDT) VIDE INSTRUCTION NO.5 DATED 10.07.2014 HAS PRESCRIBED THE MONETARY LIMIT FOR ITA NO.7912/M/2010 2 FILING THE APPEAL BY THE DEPARTMENT WHERE TAX EFFEC T IS LESS THAN RS.4 LAKHS. THE HON'BLE BOMBAY HIGH COURT IN THE CASE OF 'MADHUKAR INAMDAR' - 185 TAXMANN. 101 HAS HELD THAT CBDT CIRCULAR IS APPLICABLE WHERE THE APPEALS ARE P ENDING AND NOT ONLY TO THE APPEALS WHICH ARE TO BE FILED AFTER THE CIRCULAR WAS ISSUED. SI MILAR VIEW HAS BEEN ADOPTED BY THE CO- ORDINATE BENCHES OF THIS TRIBUNAL IN THE CASE OF 'ITO VS. SURENDERMAL R. LODHA' IN ITA NO.1628/MUM/11 FOR THE ASSESSMENT YEAR 2004-05 DECIDED ON 25.08.14 AND FURTHER IN THE CASE OF 'ITO VS. SHRI KULDEEP GANESH HAKE' IN ITA NO.4284/M /2013 FOR THE ASSESSMENT YEAR 2008-09 DECIDED ON 17.09.2014 . IN VIEW OF THE AFOREMENTIONED INSTRUCTIONS OF TH E CBDT AND THE ABOVE JUDICIAL DECISIONS ON THE ISSUE, SIN CE THE TAX EFFECT IN THE APPEAL OF THE REVENUE IS BELOW THE PRESCRIBED LIMIT, THEREFORE, T HE PRESENT APPEAL OF THE REVENUE IS NOT MAINTAINABLE, CONSEQUENTLY, THE SAME IS HEREBY DISM ISSED. 4. IN THE RESULT, THE APPEAL OF THE REVENUE IS DIS MISSED AS NOT MAINTAINABLE. ORDER PRONOUNCED IN THE OPEN COURT ON 14/01 /2015 . # $ %' & '!( 14/01 /2015 % $ SD/- SD/- (B.R. BASKARAN) ( SANJAY GARG ) / ACCOUNTANT MEMBER /JUDICIAL MEMBER MUMBAI; '! DATED 14/01 /2015 . ! . ./ JV , SR. PS # # # # $ $$ $ )*+ )*+ )*+ )*+ ,+'* ,+'* ,+'* ,+'* / COPY OF THE ORDER FORWARDED TO : 1. -. / THE APPELLANT 2. )/-. / THE RESPONDENT. 3. 0 ( ) / THE CIT(A)- 4. 0 / CIT 5. + 1 )*! , , / DR, ITAT, MUMBAI 6. 2 3 / GUARD FILE. /+* )* //TRUE COPY// #! #! #! #! / BY ORDER, 4 44 4 / 5 5 5 5 (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI.