ACIT CIR 21(1), MUMBAI V. NIRAJ MUKESH PATEL, MUMBAI

ITA 932/MUM/2013

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 8177 (ITAT-MUMBAI)
• Duration Of Justice: 4 year(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-02-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 13-04-2015
• Assessment Year: 2009-2010
• Appeal Filed On: 04-02-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: POOJA SWAROOP
• Assessee Lawyers: KEYURI DESAI
• Keywords: Tax effect
• Section: 54F

Judgement Text

IN THE INC OME TAX APPELLATE TRIBUNAL F BENCH, MUMBAI BEFORE SHRI R. C. SHARMA, A M AND SHRI SANDEEP GOSAIN , J M ./ I.T.A. NO. 932 / MUM/ 2013 ( / ASSESSMENT YEAR: 2005 - 06 ) A CIT, C IR 21(1) , 6 TH FLOOR, R. NO. 601 PRATYAKSHAKAR B HAWAN, BANDRA KURLA COMPLEX, BANDARA(E), MUMBAI / VS. NIRAJ MUKESH PATEL 6, 2 ND FLOOR, VIBHUTI APTS, RUIA PARK, GANDHI GRAM ROAD, VILE PARLE WEST , MUMBAI. ./ ./ PAN/GIR NO. AA VPP 9786 F ( / APPELLANT ) : ( / R ESPONDENT ) & ./ I.T.A. NO. 933 / MUM/ 2013 ( / ASSESSMENT YEAR: 2005 - 06 ) ACIT, CIR 21(1), 6 TH FLOOR, R. NO. 601 PRATYAKSHAKAR BHAWAN, BANDRA KURLA COMPLEX, BANDARA(E), MUMBAI / VS. NIRAJ MUKESH PATEL 6, 2 ND FLOOR, VIBHUTI APTS, RUIA PARK, GANDHI GRAM ROAD, VILE PARLE WEST, MUMBAI. ./ ./ PAN/GIR NO. AAVPP 9786 F ( / APPELLANT ) : ( / RESPONDENT ) / APPELLANT BY : MS. POOJA SWAROOP / RESPONDENT BY : MS. KEYURI DESAI / DATE OF HEARING : 07/02 /201 7 / DATE OF PRONOUNCEMENT : 15/02/2017 2 ITA NO. 932 & 933 /MUM/ 2013 NIRAJ MUKESH PATEL / O R D E R PER SANDEEP GOSAIN, J. M.: THESE TWO APPEAL S FILED BY THE REVENUE IS DIRECTE D AGAINST THE ORDER DATED 29 . 11.20 12 OF COMMISSIONER OF INCOME TAX (APPEALS) - 32 , MUMBAI (HEREINAFTER CALLED AS THE C IT(A) ) FOR ASSESSMENT YEAR 2009 - 10 . 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE ID. CIT(A) HAS ERRED IN DIRECTING TO ALLOW DEDUCTION U/S 54F BY NOT CONSIDERING THAT THE ASSESSEE HAS NOT FURNISHED POSSESSION LETTER IN RESPECT OF THE PROPERTY PURCHASED.' 2. 'ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW, THE LD. CIT(A) HAS ERRED IN NOT APPRECIATION THAT THE PURCHASE TRANSACTION IS NOT IR REVOCABLE.' 3. 'THE APPELLANT PRAYS THAT THE ORDER OF THE CIT(A) ON THE ABOVE GROUNDS BE SET ASIDE AND THAT OF THE ASSESSING OFFICER RESTORED.' 4. 'THE APPELLANT CRAVES LEAVE TO AMEND OR TO ALTER ANY GROUND OR ADD A NEW GROUND, WHICH MAY BE NECESSARY.' 2. AT THE OUTSET THE LD. AR OF THE ASSESSEE POINTED OUT THAT THE TAX EFFECT IN THIS APPEAL IS BELOW RS.10.00 LAKHS AND FURTHER SUBMITTED THAT IN VIEW OF THE CBDT CIRCULAR NO.21/201 5, DATED 10.12.2015 BROUGHT OUT BY THE CENTRAL BOARD OF DIRECT TAXES, DEPARTME NT OF REVE NUE, MINISTRY OF FINANCE , G OVERNMENT OF INDIA, 3 ITA NO. 932 & 933 /MUM/ 2013 NIRAJ MUKESH PATEL THE APPEAL WA S NOT MAINTAINABLE AND BE DISMISSED. THE LD. DR ALSO AGREED TO THE SUBMISSION OF THE LD. AR. 3. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL ON RECORD. WE FIND FROM THE R ECORDS BEFORE US THAT THE TAX INVOLVED IN THE DISPUTED ISSUE IS BELOW RS.10 LACS AND THEREFORE, IN VIEW OF THE CIRCULAR NO 21/2015 DATED 10 TH DECEMBER, 2015 NO APPEALS SHOULD BE FILED BY THE REVENUE BEFORE THE TRIBUNAL WHICH HAS TAX EFFECT OF RS. 10.00 LAC S OR LESS AND THIS CIRCULAR IS ALSO APPLICABLE RETROSPECTIVELY TO ALL PENDING APPEALS . THE RELEVANT EXTRACT THE SAID CBDT CIRCULAR (SUPRA) IS AS UNDER: - THIS INSTRUCTION WILL APPLY RETROSPECTIVELY TO PENDING APPEALS AND APPEALS TO BE FILED HENCEFORTH IN H IGH 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. 4. CONSIDERING THE ABOVE, THE TWO APPEAL S FILED BY THE REVENUE, ARE THEREFORE DISMISSED. IN THE RESULT, THE APPEAL S OF THE REVENUE ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 15 TH FEBRUARY , 201 7 SD/ - SD/ - ( R. C. SHARMA ) (SANDEEP GOSAIN) / ACCOUNTANT MEMBER / JUDICIAL MEMBER MUMBAI ; DATED : 15 .02.2017 4 ITA NO. 932 & 933 /MUM/ 2013 NIRAJ MUKESH PATEL SR. PS DHANNAJAY / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT 3. ( ) / THE CIT(A) 4. / CIT CONCERNED 5. , , / DR, ITAT, MUMBAI 6. / GUARD F ILE / BY ORDER, / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI.