Income Tax Officer, Patiala V. M/S Rawalpindi Stationers, Patiala

ITA 800/CHANDI/2015

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 95775 (ITAT-CHANDIGARH)
• Duration Of Justice: 1 month(s) 30 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-12-2015
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: Not Allotted
• Assessment Year: 2009-2010
• Appeal Filed On: 29-10-2015
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: DEE
• Assessee Lawyers: MANJIT SINGH
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL CHANDIGARH BENCHES, CHANDIGARH BEFORE SHRI H.L.KARWA, HON'BLE VICE PRESIDENT & MS. RANO JAIN, ACCOUNTANT MEMBER ITA NO. 800/CHD/2015 ASSESSMENT YEAR: 2009-10 THE ITO, VS. M/S RAWALPINDI STATIONERS, WARD-4, PATIALA PATIALA PAN NO. AABFR7888M (APPELLANT) (RESPONDENT) APPELLANT BY : SH. MANJIT SINGH RESPONDENT BY : SH. DEEPANSHU JAIN DATE OF HEARING : 22.12.2015 DATE OF PRONOUNCEMENT : 28.12.2015 ORDER PER H.L.KARWA, VP THIS APPEAL FILED BY THE REVENUE IS DIRECTED AGAINS T THE ORDER OF CIT(A), PATIALA DATED 21.08.2015 RELATING TO ASSESSMENT YE AR 2009-10. 2. IN THIS APPEAL THE REVENUE HAS RAISED THE FOLLOW ING GROUNDS:- 1. IN THE FACTS AND IN THE CIRCUMSTANCES OF THE CAS E AND IN LAW, THE LD. CIT(A) HAS ERRED IN FOLLOWING THE DECI SION OF THE HON'BLE ITAT IN ASSESSEES OWN CASE FOR THE ASSESSMENT YEAR 2007-08 DESPITE THE FACT THAT FACTS IN THE CURRENT YEAR ARE ENTIRE DIFFERENT FROM THAT YEA R. 2. IN THE FACTS AND CIRCUMSTANCES OF THE CASE AND I N LAW, THE LD. CIT(A) HAS ERRED IN NOT APPRECIATING THE FA CT THAT THE ASSESSEE HAS UNDERVALUED ITS CLOSING STOCK BY RS. 12,42,000/- AS NOTED BY THE ASSESSING OFFICER F ROM THE PAPER BOOK FILED BY THE ASSESSEE BEFORE THE HON 'BLE ITAT FOR THE ASSESSMENT YEAR 2007-08 2 3. IT IS PRAYED THAT THE ORDER OF LD. CIT(A) BE SET ASIDE AND THAT OF ASSESSING OFFICER BE RESTORED. 3. WE HAVE HEARD MS. MANJIT SINGH LD. DR AND SHRI D EEPANDHU JAIN, LD. COUNSEL FOR THE ASSESSEE. IT IS OBSERVED THAT IN THIS CASE THE TAX EFFECT DOES NOT EXCEED THE MONETARY LIMIT OF RS. 10 LAKHS. THUS, IN VIEW OF CIRCULAR NO. 21/2015 DATED 10.12.2015, F.NO. 279/MISC.142/2007-I TJ(PT), GOVERNMENT. OF INDIA, MINISTRY OF FINANCE, DEPARTMENT OF REVENUE, CENTRAL BOARD OF DIRECT TAXES, THE INSTANT APPEAL DESERVES TO BE TREATED AS WITHDRAWN / NOT PRESSED. VIDE PARA 10 OF THE ABOVE INSTRUCTIONS, THE CBDT HA S CLARIFIED THAT THIS INSTRUCTION WILL APPLY RETROSPECTIVELY TO PENDING A PPEALS AND APPEALS TO BE FILED HENCEFORTH IN ITAT. THE CBDT HAS FURTHER CLARIFIED THAT THE PENDING APPEALS BEFORE THE TRIBUNAL BELOW THE SPECIFIED TAX LIMITS I.E. RS. 10 LAKHS MAY BE WITHDRAWN / NOT PRESSED BY THE REVENUE. IT IS ALSO OBSERVED THAT THE ISSUES INVOLVED IN THIS APPEAL ARE NOT COVERED BY PARA 8 O F THE ABOVE INSTRUCTIONS. ACCORDINGLY, THE APPEAL FILED BY THE REVENUE IS TRE ATED AS WITHDRAWN / NOT PRESSED. 4. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 28.12.2015 SD/- SD/- (RANO JAIN) (H.L.KARWA) ACCOUNTANT MEMBER VICE PRESIDENT DATED : 28 TH DECEMBER, 2015 RKK COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT 4. THE CIT(A) 5. THE DR