ITO, WD-1(4), KOLKATA, Kolkata V. M/s Marson's Power & Infrastructure Development Ltd., Kolkata

ITA 912/KOL/2015

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 1518 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 1 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-07-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2005-2006
• Appeal Filed On: 22-06-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SHALLONG YADIN
• Assessee Lawyers: K M ROY F
• Keywords: Tax effect

Judgement Text

I.T.A. NO. 912/KOL./2015 ASSESSMENT YEAR: 2005-2006 PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA A BENCH, KOLKATA BEFORE SHRI P.M. JAGTAP, ACCOUNTANT MEMBER AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER I.T.A. NO. 912 /KOL/ 2015 ASSESSMENT YEAR: 2005-2006 INCOME TAX OFFICER,................................ ........................................APPELLANT WARD-1(4), KOLKATA, AAYAKAR BHAWAN, 7 TH FLOOR, P-7, CHOWRINGHEE SQUARE, KOLKATA-700 069 -VS.- M/S. MARSONS POWER & INFRASTRUCTURE DEVELOPMENT LT D.,..........RESPONDENT 4, CHANDNI CHOWK STREET, KOLKATA-700 072 [PAN: AABCM 7726 M] APPEARANCES BY: SHRI SHALLONG YADIN, ADDL. CIT, D.R., FOR THE DEPARTMENT SHRI K.M. ROY, F.C.A., FOR THE ASSESSEE DATE OF CONCLUDING THE HEARING : JULY 27, 2017 DATE OF PRONOUNCING THE ORDER : JULY 27, 2017 O R D E R PER SHRI P.M. JAGTAP, A.M. .: THIS APPEAL IS PREFERRED BY THE REVENUE AGAINST THE ORDER OF LD. COMMISSIONER OF INCOME TAX (APPEALS)-1, KOLKATA DAT ED 13.03.2015, WHEREBY HE DELETED THE ADDITION OF RS.98,58,286/- M ADE BY THE ASSESSING OFFICER TO THE TOTAL INCOME OF THE ASSESSEE ON ACCO UNT OF LONG-TERM CAPITAL GAINS. 2. AT THE OUTSET, IT IS NOTED THAT THE TAX EFFECT I NVOLVED IN THIS APPEAL OF THE REVENUE IS RS.9,85,829/- EXCLUDING SURCHARGE AND EDUCATION CESS. IN THE CASE OF ACIT VS.- M/S. DALLAS FINANCE LIMIT ED (I.T.A. NO.3946/DEL/2010 DATED 07.04.2017), THE COORDINATE BENCH OF THIS TRIBUNAL HAS HELD THAT SURCHARGE AND EDUCATION CESS SHALL NOT BE INCLUDED IN THE WORD TAX FOR THE PURPOSE OF EXAMINING TAX EFFECT AS ENVISAGED IN CIRCULAR NO. 21/2015 DATED 10 TH DECEMBER, 2015 ISSUED BY THE CBDT. THE TAX EFFECT INVOLVED IN THIS APPEAL OF THE REVENUE T HUS IS LESS THAN THE I.T.A. NO. 912/KOL./2015 ASSESSMENT YEAR: 2005-2006 PAGE 2 OF 2 REVISED MONETARY LIMIT FIXED BY THE CBDT VIDE CIRCU LAR NO. 21/2015 DATED 10 TH DECEMBER, 2015 AT RS.10,00,000/- FOR FILING THE AP PEAL BY THE REVENUE BEFORE THE TRIBUNAL AND THIS POSITION CLEAR LY EVIDENT FROM THE GROUNDS RAISED BY THE REVENUE IN THIS APPEAL IS NOT DISPUTED EVEN BY THE LD. D.R. IN CIRCULAR NO. 21/2015 (SUPRA) ISSUED BY THE CBDT, THE MONETARY LIMIT FOR FILING THE APPEALS BY THE REVENUE BEFORE THE TRIBUNAL HAS BEEN INCREASED TO RS.10,00,000/- AND AS CLARIFIED IN THE SAID CIRCULAR, THE SAID MONETARY LIMIT IS APPLICABLE RETROSPECTIVELY EVEN T O THE APPEALS PENDING BEFORE THE TRIBUNAL. THE CBDT HAS ALSO INSTRUCTED T HAT SUCH PENDING APPEALS BELOW THIS SPECIFIED TAX LIMIT OF RS.10,00, 000/- MAY BE WITHDRAWN/ NOT PRESSED. KEEPING IN VIEW THE INSTRUC TION GIVEN BY THE CBDT VIDE CIRCULAR NO. 21/2015 DATED 10.12.2015, WH ICH IS SQUARELY APPLICABLE IN THE PRESENT CASE, THE APPEAL FILED BY THE REVENUE IN THIS CASE IS TREATED AS WITHDRAWN/NOT PRESSED AND DISMIS SED ACCORDINGLY. 3. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON JULY 27, 2017 . SD/- SD/- (S.S. VISWANETHRA RAVI) (P.M. JAGTAP ) JUDICIAL MEMBER ACCOUNTANT MEMB ER KOLKATA, THE 27 TH DAY OF JULY, 2017 COPIES TO : (1) INCOME TAX OFFICER, WARD-1(4), KOLKATA, AAYAKAR BHAWAN, 7 TH FLOOR, P-7, CHOWRINGHEE SQUARE, KOLKATA-700 069 (2) M/S. MARSONS POWER & INFRASTRUCTURE DEVELOP MENT LTD., 4, CHANDNI CHOWK STREET, KOLKATA-700 072 (3) COMMISSIONER OF INCOME TAX (APPEALS)-1, KOLKA TA, (4) COMMISSIONER OF INCOME TAX- , (5) THE DEPARTMENTAL REPRESENTATIVE (6) GUARD FILE BY ORDER SENIOR PRIVATE SECRETARY, HEAD OF OFFICE/DDO, INCOME TAX APPELLATE TRIBUNAL, KOLKATA BENCHES, KOLKATA LAHA/SR. P.S.