ITO, WD-35(1), kolkata, Kolkata V. Sri Purushottam Kr. Rajgarhia, Kolkata

ITA 996/KOL/2016

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 0842 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 6 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-11-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2010-2011
• Appeal Filed On: 10-05-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SAILEN SAMADDAR
• Keywords: Tax effect

Judgement Text

1 ITA NO. 996/KOL/2016 ASSESSMENT YEAR: 2010-2011 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA SMC BENCH, KOLKATA BEFORE SHRI P.M. JAGTAP, ACCOUNTANT MEMBER I.T.A. NO. 996/KOL./2016 ASSESSMENT YEAR: 2010-2011 INCOME TAX OFFICER,................................ ..............................APPELLANT WARD-35(1), KOLKATA, AAYAKAR BHAWAN POORVA, 7 TH FLOOR, 110, SHANTIPALLY, KOLKATA-700 107 -VS.- SRI PURUSHOTTAM KR. RAJGARHIA,..................... ..............RESPONDENT 2, BRBOURNE ROAD, 5 TH FLOOR, KOLKATA-700 001 [PAN: ADGPR 2565 N] APPEARANCES BY: SHRI SAILEN SAMADDAR, ADDL. CIT, D.R., FOR THE DEPA RTMENT SMT. NILIMA JOSHI, FCA, FOR THE ASSESSEE DATE OF CONCLUDING THE HEARING : NOVEMBER 28, 2017 DATE OF PRONOUNCING THE ORDER : NOVEMBER 28, 2017 O R D E R THIS APPEAL IS PREFERRED BY THE REVENUE AGAINST THE ORDER OF LD. COMMISSIONER OF INCOME TAX (APPEALS)-10, KOLKATA DA TED 28.02.2016 ON THE FOLLOWING GROUNDS:- (1) WHETHER ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LD. CIT(A) WAS RIGHT IN NOT FOLLOWING THE DECISION OF THE HONBLE SUPREME COURT IN THE CASE OF HARPRASAD & CO . PVT. LTD. AND THEREBY CHALLENGING THE CONSTITUTIONA L VALIDITY OF THE ACT. (2) WHETHER ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LD. CIT(A) WAS RIGHT IN DELETING THE DISALLOWANCE M ADE BY THE AO REGARDING CARRY FORWARD OF LONG TERM CAPITAL LOSS AMOUNTING TO RS.23,77,650/- AS THE TRANSACTIONS ARE RELATED TO STT AND HENCE DO NOT FORM PART OF TOTAL INCOME AND AS SUCH IT IS NOT ALLOWED TO BE CARRIED FORWARD. 2. AS SUBMITTED BY THE LD. COUNSEL FOR THE ASSESSEE , AT THE OUTSET, THE TAX EFFECT INVOLVED IN THIS APPEAL OF THE REVENUE I S LESS THAN THE MONETARY LIMIT FIXED BY THE CBDT VIDE CIRCULAR NO. 21/2015 D ATED 10 TH DECEMBER, 2 ITA NO. 996/KOL/2016 ASSESSMENT YEAR: 2010-2011 2015 AT RS.10,00,000/- FOR FILING THE APPEAL BY THE REVENUE BEFORE THE TRIBUNAL AND THIS POSITION CLEARLY 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 LI MIT FOR FILING THE APPEALS BY THE REVENUE BEFORE THE TRIBUNAL HAS BEEN INCREASED TO RS.10,00,000/- AND AS CLARIFIED IN THE SAID CIRCULA R, THE SAID MONETARY LIMIT IS APPLICABLE RETROSPECTIVELY EVEN TO THE APP EALS PENDING BEFORE THE TRIBUNAL. THE CBDT HAS ALSO INSTRUCTED THAT SUCH PE NDING APPEALS BELOW THIS SPECIFIED TAX LIMIT OF RS.10,00,000/- MAY BE W ITHDRAWN/ NOT PRESSED. KEEPING IN VIEW THE INSTRUCTION GIVEN BY THE CBDT V IDE CIRCULAR NO. 21/2015 DATED 10.12.2015, WHICH IS SQUARELY APPLICA BLE IN THE PRESENT CASE, THE APPEAL FILED BY THE REVENUE IN THIS CASE IS TREATED AS WITHDRAWN/NOT PRESSED AND DISMISSED ACCORDINGLY. 3. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISMISS ED. ORDER PRONOUNCED IN THE OPEN COURT ON 28 TH DAY OF NOVEMBER, 2017. SD/- (P.M. JAGTAP) ACCOUNTANT MEMBER KOLKATA, THE 28 TH DAY OF NOVEMBER, 2017 COPIES TO : (1) INCOME TAX OFFICER, WARD-35(1), KOLKATA, AAYAKAR BHAWAN POORVA, 7 TH FLOOR, 110, SHANTIPALLY, KOLKATA-700 107 2) SRI PURUSHOTTAM KR. RAJGARHIA, 2, BRBOURNE ROAD, 5 TH FLOOR, KOLKATA-700 001 (3) CIT(APPEALS)-10, KOLKATA (4) CIT- , KOLKATA (5) THE DEPARTMENTAL REPRESENTATIVE (6) GUARD FILE TRUE COPY BY ORDER SENIOR PRIVATE SECRETARY, HEAD OF OFFICE/DDO, INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCHES, KOLKATA LAHA/SR. P.S.