ITO-30(1)(1), MUMBAI V. RAVI VASUDEO GOENKA, MUMBAI

ITA 6679/MUM/2024

AI Insights

This case involves an appeal by the Income Tax Officer (ITO) against the order of the Learned Commissioner of Income-tax (Appeals), which had deleted certain additions made by the Assessing Officer (AO) regarding the assessee, Ravi Vasudeo Goenka, for the Assessment Year 2014-15. The primary contention was whether the additions made by the AO were based on valid documentary evidence or merely on assumptions and surmises. The CIT(A) had found that the AO's additions were not substantiated by concrete evidence, leading to their deletion. The revenue's appeal to the Tribunal was dismissed on procedural grounds due to the low tax effect, as per the CBDT circular No. 09/2024.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 26669 (ITAT-MUMBAI)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-02-2025
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Assessment Year: 2014-2015
• Laws Referred To: Income-tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R.R. MAKWANA
• Assessee Lawyers: ANIL LOHILA; KHUSHIT
• Keywords: Tax effect

Judgement Text

" IN THE INCOME-TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER & SMT. RENU JAUHRI, ACCOUNTANT MEMBER ITA No. 6679/MUM/2024 (A.Y. 2014-15) ITO-30(1)(1), Mumbai 254B, Kautilya Bhavan, Bandra Kurla Complex, Mumbai-400051 v/s. बनाम Ravi Vasudeo Goenka Basement Chandermukhi, Nariman Point, Mumbai-400021 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AACPG266C Appellant/अपीलार्थी .. Respondent/प्रतिवादी Assessee by : Shri Anil Lohila & Mr. Khushit Jain Revenue by : Shri R. R. Makwana Date of Hearing 13.02.2025 Date of Pronouncement 20.02.2025 आदेश / O R D E R PER RENU JAUHRI [A.M.] :- This appeal is filed by the assessee against the order of the Learned Commissioner of Income-tax (Appeals), Mumbai-/National Faceless Appeal Centre, Delhi [hereinafter referred to as “CIT(A)”] dated 21.10.2024 passed u/s. 250 of the Income-tax Act, 1961 [hereinafter referred to as “Act”] for Assessment Year [A.Y.] 2014-15. 2. The assessee has raised the following grounds of appeal: “1. Whether on the facts and circumstances of the case and in law, the Ld.CIT(A) is correct in deleting the addition made holding that the AO has made additions on the basis of assumption and surmises ignoring the fact that P a g e | 2 ITA No. 6679/Mum/2024 A.Y. 2014-15 Ravi Vasudeo Goenka the action of the AO was based on documentary evidence clearing indicating receipt of sale consideration by the assessee both in cash and cheque\". 2. Whether on the facts and circumstances of the case and in law, the Ld.CIT(A) is correct in deleting the addition of Rs.23,39, 177/- u/s. 500 ignoring evidence in form of MOU /dated 30.07.1995 and 17.08.1995. 3. \"The assessee craves the leave to add, substitute, modify, alter, delete or amend all or any ground of appeal either before or at the time of hearing.\" 3. At the outset, Ld. AR pointed out that the appeal of the revenue is liable to be dismissed on account of the low tax effect. He has filed a written submission giving details wherein it has been stated that the revenue has wrongly computed the total tax effect at Rs. 80,87,903/- in Form 36 whereas the actual tax effect comes to only Rs. 37,61,903/- which is below the threshold limit of Rs. 60,00,000/- prescribed by the Central Board of Direct Tax [CBDT] for filing of appeal before the Tribunal vide circular No. 09/2024 dated 17.09.2024. Ld. DR has not controverted this claim of the assessee after going through the written submission filed by the Ld. AR. 4. In view of the above, the appeal of the revenue is liable to be dismissed on account of the low tax effect. 5. In the result, the appeal of the revenue is dismissed. Order pronounced in the open court on 20.02.2025. Sd/- Sd/- RAHUL CHAUDHARY RENU JAUHRI (न्यातयक सदस्य/JUDICIAL MEMBER) (लेखाकार सदस्य/ACCOUNTANT MEMBER) Place: म ुंबई/Mumbai P a g e | 3 ITA No. 6679/Mum/2024 A.Y. 2014-15 Ravi Vasudeo Goenka दिनाुंक /Date 20.02.2025 अननक ेत स ुंह राजपूत/ स्टेनो आदेश की प्रतितलति अग्रेतिि/Copy of the Order forwarded to : 1. अपीलार्थी / The Appellant 2. प्रत्यर्थी / The Respondent. 3. आयकर आयुक्त / CIT 4. विभागीय प्रविविवि, आयकर अपीलीय अविकरण DR, ITAT, Mumbai 5. गार्ड फाईल / Guard file. सत्यावपि प्रवि //True Copy// आदेशानुसार/ BY ORDER, उि/सहायक िंजीकार (Dy./Asstt. Registrar) आयकर अिीलीय अतिकरण/ ITAT, Bench, Mumbai. "