ACIT, New Delhi V. M/s Primus Finvest Pvt. Ltd., Delhi

ITA 94/DEL/2010

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 81864 (ITAT-DELHI)
• Duration Of Justice: 4 year(s) 9 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-10-2014
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: F
• Next Hearing Date: 15-10-2014
• Assessment Year: 1999-2000
• Appeal Filed On: 07-01-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SAMEER SHARMA
• Assessee Lawyers: VK SABHARWAL
• Keywords: Tax effect
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH F, NEW DELHI BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER & SHRI J.S. REDDY, ACCOUNTANT MEMBER ITA NO. 94/DEL/2010 ASSESSMENT YEAR: 1999-2000 ACIT, VS. PRIMUS FINVEST PVT. LTD., CIRCLE 14(1), ROOM NO. 415, H-6, MODEL TOWN, 4 TH FLOOR, C.R. BUILDING, DELHI. NEW DELHI. AAACP9445M (APPELLANT) (RESPONDENT) APPELLANT BY : SH. SAMEER SHARMA, SR. DR RESPONDENT BY : SH. V.K. SABHARWAL, ADV. ORDER PER H.S. SIDHU, J.M. THE REVENUE HAS FILED THE PRESENT APPEAL AGAINST T HE ORDER DATED 28.10.2009 PASSED BY THE LD. CIT(A) FOR THE A.Y. 19 99-2000 ON THE FOLLOWING GROUNDS: 1. THAT THE LD. CIT(A) ERRED IN LAW AND ON THE FACTS AND CIRCUMSTANCES OF THE CASE IN DELETING THE ADDITION OF RS. 9,00,000/- MADE BY THE AO U/S 68 OF THE INCOME TAX ACT, 1961; 2. THAT THE LD. CIT(A) ERRED IN LAW AND ON THE FACTS A ND CIRCUMSTANCES OF THE CASE IN HOLDING THAT THE ASSES SEE HAS ESTABLISHED THE IDENTITY AND CREDITWORTHINESS OF M/ S ADHUNIK SYSTEMS LTD. & M/S FRENZY PRODUCTS PVT. LTD.; 3. THE APPELLANT CRAVES TO BE ALLOWED TO ADD, DELETE O R AMEND ANY OTHER GROUNDS OF APPEAL. 2. AT THE TIME OF HEARING LD. COUNSEL FOR THE ASSES SEE RAISED THE PRELIMINARY OBJECTION THAT THE TAX EFFECT IN THE PR ESENT APPEAL IS LESS THAN RS. 3 LAKH, THE LIMIT PRESCRIBED UNDER INSTRUCTION NO. 3/2011 DATED 09.02.2011. 2.1 THE LD. COUNSEL FOR THE ASSESSEE, AT THE OUTSET , CONTENDS THAT AS PER CENTRAL BOARD OF DIRECT TAXES, INSTRUCTION NO. 3/20 11 DATED 09 TH FEBRUARY, ITA NO. 94/D/2010 2 2011, THE REVISED LIMIT FOR PREFERRING REVENUES AP PEAL HAS BEEN INCREASED FROM RS. 2 LACS TO RS. 3 LACS, ALTHOUGH THE TAX EFF ECT IN THE PRESENT REVENUES APPEAL IS BELOW THE PRESCRIBED LIMIT OF R S. 3 LACS. IN VIEW THEREOF, THE REVENUES APPEAL MAY BE DISMISSED AS T HE TAX EFFECT BEING BELOW THE PRESCRIBED LIMIT. 3. ON THE CONTRARY LD. DR STATED THAT THE TAX EFFEC T IN THE PRESENT APPEAL MORE THAN RS. 3 LAKH. HE HAS FILED A COPY OF INCOM E TAX COMPUTATION FORM FOR A.Y. 1999-2000. 4. WE HAVE HEARD BOTH THE SIDES. THE CBDT, VIDE AB OVE INSTRUCTION HAS CLEARLY LAID DOWN THAT THE REVENUE SHOULD NOT P REFER APPEAL AGAINST ASSESSE BEFORE ITAT IF THE TAX EFFECT INVOLVED IN T HE APPEAL, EXCLUDING INTEREST, IS LESS THAN RS. 3 LACS. THE TAX PAYABLE IN THE PRESENT APPEAL BEING BELOW RS. 3 LACS, THE REVENUES APPEAL IS DIS MISSED AS NOT MAINTAINABLE IN VIEW OF CBDT INSTRUCTION. 5. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ODER PRONOUNCED IN THE OPEN COURT ON 15/10/2014 SD/- SD/- (J.S. REDDY) (H.S. SIDHU) ACCOUNTANT MEMBER JUDICIA L MEMBER DATED: 15/10/2014 *KAVITA, P.S. COPY FORWARDED TO: - 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR, ITAT TRUE COPY BY ORDER, ASSISTANT REGISTRAR ITA NO. 94/D/2010 3 ITA NO. 94/D/2010 4