ITO 25(1)(3), MUMBAI V. ASLAM ABDUL PALASARA, MUMBAI

ITA 816/MUM/2012

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 3914 (ITAT-MUMBAI)
• Duration Of Justice: 4 year(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-02-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 22-02-2016
• Assessment Year: 2008-2009
• Appeal Filed On: 07-02-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Peak credit; Tax effect
• Section: 143(3)

Judgement Text

SHRI ASLAM ABDUL PALSARA ITA NO. 81 6 /MUM/201 2 1 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH A , MUMBAI , , BEFORE SHRI AMIT SHUKLA , JUDICIAL MEMBER AND SHRI RA JESH K UM AR , ACCOUNTA NT MEMBER ITA NO. : 81 6 /MUM/20 1 2 (ASSESSMENT YEAR: 2008 - 0 9 ) ITO - 25 (1)(3), R OOM NO. 3 0 6 , 3 RD FLOOR, BUILDING C - 10, PRATYAKSHAKAR BHAVAN, BANDRA - KURLA - COMPLEX, BANDRA (EAST), MUMBAI - 400 051 VS SHRI ASLAM ABDUL PALSARA , B - 302, ATLANTA BUILDING, MAIN CA RTER ROAD NO.5, BORIVALI (E), MUMBAI - 400 0 66 .: PAN: A GPP 8355 A (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI DARSI SUMAN RATNAM RESPONDENT BY : SHRI NISHI T GANDHI /DATE OF HEARING : 22 - 02 - 201 6 / DATE OF PRONOUNCEMENT : 22 - 02 - 201 6 ORDER : . . : PER AMIT SHUKLA , JM : THE AFORESAID APPEAL HAS BEEN FILED BY THE REVENUE AGAINST IMPUGNED ORDER DATED 29.11.2011, PASSE D BY CIT(A) - 35, MUMBAI FOR THE QUANTUM OF ASSESSMENT PASSED U/S 143(3) FOR THE ASSESSMENT YEAR 2008 - 09 ON THE FOLLOWING GROUND OF APPEAL: I ) 'ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD.CIT(A) ERRED IN RESTRICTING THE ADDITION OF RS.21,76,620/ - TO RS. 2,07,720/ - BEING PEAK CREDIT WITHOUT APPRECIATING THE FACT THAT THIS ACCOUNT IN AXIS BANK IS THE ASSESSEES PERSONAL SAVINGS A/C. AND NOT DISCLOSED TO THE DEPARTMENT AND PEAK CREDIT CAN BE WORKED OUT ONLY IN THE CASE OF CASH DE POSITS AND WITHDRAWALS MADE FOR BUSINESS PURPOSES. 2. AT THE OUTSET, IT I S NOTICED THAT ASSESSEE HAS FILED A LETTER MENTIONING THAT THE TAX EFFECT ON THE DISPUTED ISSUE IS LESS THAN SHRI ASLAM ABDUL PALSARA ITA NO. 81 6 /MUM/201 2 2 RS. 10 LAKHS AND ALSO FILED A WORKING OF TAX. THIS FACT HAS BEEN ADMITTE D BY THE LD. DR ALSO. NOW IN THE WAKE OF CBDTS CIRCULAR NO. 21 OF 2015 DATED 10.12.2015, THE MONETARY LIMIT PRESCRIBED FOR FILING OF APPEAL BEFORE THE TRIBUNAL IS RS. 10 LAKHS. FURTHER IT HAS ALSO BEEN CLARIFIED THAT THIS CIRCULAR WILL APPLY ON PENDING AP PEALS ALSO WHICH IS EVIDENT FROM PARA 10 OF THE IMPUGNED CIRCULAR, WHICH READS AS UNDER: - 10. THIS INSTRUCTION WILL APPLY RETROSPECTIVELY TO PENDING APPEALS TO BE FILED HENCEFORTH IN HIGH COURTS/TRIBUNALS. PENDING APPEALS BELOW THE SPECIFIED TAX LIMITS IN PARA 3 ABOVE MAY BE WITHDRAWN/NOT PRESSED. APPEALS BEFORE THE SUPREME COURT WILL BE GOVERNED BY THE INSTRUCTIONS ON THIS SUBJECT, OPERATIVE AT THE TIME WHEN SUCH APPEAL WAS FILED. THUS, THE APPEAL OF THE REVENUE IS TREATED AS DISMISSED AS NON - MAINTAIN ABLE. 3. IN THE RESULT, APPEAL OF THE REVENUE STANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 22 ND FEBRUARY , 2016 . SD/ - SD/ - ( ) ( ) ( RAJESH KUMAR ) ( AMIT SHUKLA ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, D ATE: 22 ND FEBRUARY , 2016 / COPY TO: - 1 ) / THE APPELLANT. 2 ) / THE RESPONDENT. 3) THE CIT (A) - 3 5 , MUMBAI . 4 ) THE COMMISSIONER OF INCOME TAX - CITY - 2 5 , MUMBAI . 5 ) , , / THE D.R. A BENCH, MUMBA I. 6 ) \ COPY TO GUARD FILE. SHRI ASLAM ABDUL PALSARA ITA NO. 81 6 /MUM/201 2 3 / BY ORDER / / TRUE COPY / / / , DY. / ASSTT. REGISTRAR I.T.A.T., MUMBAI * . . *CHAVAN, SR.PS