ITO, V. The New Vikas Co-op,

ITA 955/DEL/2009

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 7162 (ITAT-DELHI)
• Duration Of Justice: 6 year(s) 10 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-02-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: F
• Next Hearing Date: 09-02-2016
• Assessment Year: 2006-2007
• Appeal Filed On: 16-03-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R B MEENA
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH F, NEW DELHI BEFORE SHRI N.K. SAINI, ACCOUNTANT MEMBER AND SH. SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER ITA NO. 955/DEL/2009 AY: 20 06-07 ITA NO. 2441/DEL/2008 AY: 20 05-06 INCOME TAX OFFICER, VS THE NEW VIKAS C O-OP HOUSE BUILDING WARD-1(4), SOCIETY LTD., BALLABGARH, NEW DELHI FARIDABAD. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI R.B. MEENA, SR.D.R. RESPONDENT BY : SHRI VIJAY KUMAR GUPTA, ADV. ORDER PER SUDHANSHU SRIVASTAVA, ACCOUNTANT MEMBER THESE APPEALS FILED BY THE REVENUE DIRECTED AGAINST THE ORDER DT. 29.01.2009 AND 30.4.2008 OF LD.CIT(A), FARIDABAD FOR ASSESSMENT YEARS 2005-06 AND 2006-07. 2. THE TAX EFFECT IN THESE APPEALS BY THE REVENUE DOES NOT EXCEED THE MONETARY LIMIT OF RS.10 LAKHS SPECIFIED IN RECENT C BDT CIRCULAR NO.21/2015 DATED 10 TH DECEMBER, 2015, F.NO. 279/MISC./142/2007-ITJ(PT.) READ WITH S.268 A OF THE INCOME TAX ACT 1961, INASMUCH AS THE TAX EFFECT IS RS. 8,97,838.00, WHICH HAS BEEN CALCULATED AS UNDER: I.T.A. 955/DEL/2009 & 2441/DEL/2008 ASSESSMENT YEAR 2006-07, 2005-06 2 FOR ASSESSMENT YEAR 2006-07 INCOME ASSESSED RS.29,44,113. 00 TAX ASSESSED: FIRST 10,000.00 @ 10% 1,000- SECOND 10,000.00 @ 20% 2,000- ON BALANCE RS. 29,24,113.00 @ 30% 8,7 7,233- 8,80,233- SURCHARGE @ 2% 17,605- TOTAL TAX DUE 8,97,838- FOR ASSESSMENT YEAR 2005-06 INCOME ASSESSED RS.29,37,380. 00 TAX ASSESSED: FIRST 10,000.00 @ 10% 1,000- SECOND 10,000.00 @ 20% 2,000- ON BALANCE RS. 29,37,380.00 @ 30% 8,7 5,214- 8,78,214- SURCHARGE @ 2.5% 21,955- 9,00,169- EDUCATION CESS @ 2% 18,003- TOTAL TAX DUE 9,18,172- FURTHER IN THIS CBDT CIRCULAR, AT PARA 10 IT IS SPE CIFIED THAT THE INSTRUCTION WILL APPLY RETROSPECTIVELY, TO ALL PENDING APPEALS. 3. THE LD. D.R. COULD NOT CONTROVERT THE FACT THAT TH E TAX EFFECT ON THE QUANTUM OF INCOME IN DISPUTE IS BELOW THE MONETARY LIMIT OF RS.10,00,000/- (TEN LAKHS ONLY). 4. HENCE WE DISMISS THESE APPEALS FILED BY THE REVENU E ON THE GROUND THAT THE TAX EFFECT IN THE PRESENT APPEALS DOES NOT EXCEED THE MONETARY LIMIT SPECIFIED BY THE CBDT CIRCULAR NO.21/2015 DATED 10 TH DECEMBER,2015, I.T.A. 955/DEL/2009 & 2441/DEL/2008 ASSESSMENT YEAR 2006-07, 2005-06 3 F.NO. 279/MISC./142/2007-ITJ(PT.) READ WITH S.268 A OF THE INCOME TAX ACT 1961, AND HENCE NOT MAINTAINABLE. 5. IN CASE THERE IS A MISTAKE IN THE CALCULATION OR I F THE CASE IS COVERED BY ANY OF THE EXCEPTION SPECIFIED IN THE CIRCULAR, THE REVENUE MAY FILE A MISC. APPLICATION U/S 254(2) OF THE INCOME TAX ACT 1961 POINTING OUT THE MISTAKE AND IF THE BENCH IS CONVINCED OF THE MISTAK E, THIS ORDER WILL BE RECALLED AND THE APPEALS RESTORED FOR FRESH DISPOSA L ON MERITS. 6. IN THE RESULT, THE REVENUES APPEALS ARE DISMISSE D. ORDER PRONOUNCED IN THE OPEN COURT ON 9TH OF FEBRU ARY, 2016. SD/- SD/- (N.K. SAINI) (SUDHANSHU SRIVASTAVA) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: THE 9TH OF FEBRUARY, 2016 GS COPY FORWARDED TO: - 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR, ITAT BY ORDER ASSISTANT REGISTRAR