M/s. DCIT, New Delhi V. Shri Sandeep Kumar Pruthi, Mumbai

ITA 983/DEL/2013

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 6227 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 1 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-03-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: G
• Next Hearing Date: 30-03-2016
• Assessment Year: 2006-2007
• Appeal Filed On: 18-02-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PARMITA M VISHVAS
• Keywords: Unexplained investment; Tax effect
• Section: 69

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH G NEW DELHI) BEFORE SHRI I.C. SUDHIR AND SHRI O.P. KANT ITA NO. 983 /DEL/201 3 ASSESSMENT YEAR: 200 6 - 0 7 DCIT, VS. SANDEEP KUMAR PRUTHI, CIRCLE 43(1), 1075 KOHINOOR CITY, NEW DELHI. OFF. LBS ROAD, KULLALA WEST, MUMBAI. (PAN: AA HPP2885P ) (APPELLANT) (RESPONDENT) DEPARTMENT BY: S MT. PARMITA M. VISHVAS, CIT(DR) ASSESSEE BY: S HRI SANKALP SHARMA, ADV. DATE OF HEARING : 30 . 0 3 .201 6 DATE OF PRONOUNCEMENT: 30 : 0 3 .201 6 ORDER PER I.C. SUDHIR : JUDICIAL MEMBER AT THE OUTSET OF HEARING, THE LEARNED AR POINTED OUT THAT THE PRESENT APPEAL HAVING TAX EFFECT BELOW RS. 10 LACS HAS BEEN PREFERRED BY THE REVENUE IN VIOLATION OF CBDT CIRCULAR NO. 21/2015 DATED 10.12.2015, HENCE, IT IS NOT MAINTAINABLE. 2. THE LEARNED CIT(DR) DID NOT DISPUTE THE ABOVE SUBMISSION ON PRELIMINARY OBJ ECTION RAISED BY THE LEARNED AR. SHE, HOWEVER, PLACED RELIANCE ON THE ASSESSMENT ORDER IN SUPPORT OF THE GROUND RAISED IN THE APPEAL. 2 3. WE FIND THAT IN THE PRESENT APPEAL THE REVENUE HAS QUESTIONED ACTION OF THE LEARNED CIT(APPEALS) IN DELETING THE ADDITI ON OF RS.21,40,323 MADE UNDER SEC. 69 OF THE ACT ON ACCOUNT OF UNEXPLAINED INVESTMENT IN MUTUAL FUNDS, ACCRUING OF SHARES AND SHARE TRANSACTION, TAX EFFECT OF WHICH COMES TO BELOW RS.10 LACS. WE THUS CONCUR WITH THE OBJECTION RAISED BY THE LEARNED AR THAT PRESENT APPEAL HAS BEEN PREFERRED BY THE REVENUE IN VIOLATION OF THE ABOVE MENTIONED CBDT CIRCULAR HAVING STATUTORY FORCE UNDER SEC. 268A OF THE INCOME - TAX ACT, 1961, HENCE, IT IS NOT MAINTAINABLE. 4 . IN RESULT, THE APPEAL IS DISMISSED AS SUCH. ORDER PRON OUNCED IN THE OPEN COURT ON 30 . 0 3 . 201 6 S D/ - SD/ - ( O.P . K A NT ) ( I.C. UDHIR ) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 30 / 0 3 /201 6 MOHAN LAL COPY FORWARDED TO: 1) APPELLANT 2) RESPONDENT 3) CIT 4) CIT(APPEALS) 5) DR:ITAT ASSISTANT REGISTRAR 3 DATE DRAFT DICTATED DIRECTLY ON COMPUTER 30 . 0 3 .201 6 DRAFT PLACED BEFORE AUTHOR 30 . 0 3 .2016 DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER DRAFT DISCUSS ED/APPROVED BY SECOND MEMBER. 30 .03 .2016 APPROVED DRAFT COMES TO THE SR.PS/PS 30 . 0 3 .2016 KEPT FOR PRONOUNCEMENT ON 30 .03 .2016 FILE SENT TO THE BENCH CLERK 31 . 0 3 .2016 DATE ON WHICH FILE GOES TO THE AR DATE ON WHICH FILE GOES TO THE HEAD CLERK. DATE OF DISPATCH OF ORDER.