Appeal Details
Counselvise Citation
[2019] 118 COUNSELVISE.COM (IT) 4126 (ITAT-AHMEDABAD)
Assessee PAN
Bench
Appeal Number
Duration Of Justice
2 year(s) 6 month(s) 8 day(s)
Appellant
Respondent
Appeal Type
Income Tax (Search & Seizure) Appeal
Pronouncement Date
11-02-2019
Appeal Filed By
Department
Order Result
Dismissed
Bench Allotted
Not Allotted
Assessment Year
2010-2011
Appeal Filed On
02-08-2016
Judgement Text
, C IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, AHMEDABAD BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI MAHAVIR PRASAD, JUDICIAL MEMBER I.T(SS).A. NO. 207/AHD/2016 ( / ASSESSMENT YEAR : 2010-11) DCIT CIRCLE 1(2), AHMEDABAD / VS. M/S. ANKUR OIL INDUSTRIES 471, CHOKHA BAZAR, KALUPUR, AHMEDABAD - 380001 / / PAN/GIR NO. : AABFA6682K ( / APPELLANT ) .. ( / RESPONDENT ) / APPELLANT BY : SHRI O. P. SHARMA, CIT.D.R. / RESPONDENT BY : SHRI J. P. SHAH & JIMI PATEL, A.RS. / DATE OF HEARING 01/01/2019 !'# / DATE OF PRONOUNCEMENT 11/02/2019 / O R D E R PER PRADIP KUMAR KEDIA - AM: THE CAPTIONED APPEAL HAS BEEN FILED AT THE INSTANCE OF THE REVENUE AGAINST THE ORDER OF THE CIT(A)-12, AHMEDAB AD (CIT(A) IN SHORT), DATED 05.04.2016 ARISING IN THE PENALTY ORDER DATED 27.03.2014 PASSED BY THE ASSESSING OFFICER (AO) UND ER S. 153A IT(SS)A NO. 207/AHD/16 [DCIT VS. M/S. ANKUR OIL INDUSTRIES] A.Y. 2010-11 - 2 - R.W.S. 143(3) OF THE INCOME TAX ACT, 1961 (THE ACT) CONCERNING AY 2010-11. 2. THE GROUNDS OF APPEAL RAISED BY THE REVENUE REA D AS UNDER:- 1. THAT THE LD. CIT(A) HAS ERRED IN LAW AND/OR O N FACTS IN DELETING THE ADDITION OF RS.57,67,000/- ON ACCOUNT OF UNSECURED LOANS TRE ATED AS UNEXPLAINED CASH CREDIT WITHIN THE MEANING OF SECTION 68 OF THE IT ACT, 1961. 2. THAT THE LD. CIT(A) HAS ERRED IN LAW AND/O R ON FACTS IN DELETING THE ADDITION OF RS.57,67,000/- ON ACCOUNT OF DISALLOWANCE OF INT EREST U/S 36(1)(III) OF THE I.T. ACT, 1961. 3. AT THE TIME OF HEARING, IT WAS SUBMITTED BY THE LD.AR FOR THE ASSESSEE THAT APPEAL FILED BY THE REVENUE IS HIT BY RECENTLY ISSUED CBDT CIRCULAR NO.3 OF 2018 DATED 11/07/2018 REVISIN G THE PREVIOUS THRESHOLDS PERTAINING TO TAX EFFECTS. AS PER AFORE SAID CIRCULAR, ALL PENDING APPEALS FILED BY REVENUE ARE LIABLE TO BE D ISMISSED AS A MEASURE FOR REDUCING LITIGATION WHERE THE TAX EFFEC T DOES NOT EXCEED THE PRESCRIBED MONETARY LIMIT WHICH IS NOW REVISED AT RS.20 LAKHS. IN THE INSTANT CASE, THE TAX EFFECT ON THE DISPUTED ISSUES RAISED BY THE REVENUE IS STATED TO BE NOT EXCEEDING RS.20 LAK HS AND THEREFORE APPEAL OF THE REVENUE IS REQUIRED TO BE DISMISSED I N LIMINE. THE AR FURTHER POINTED OUT THAT NOTWITHSTANDING THE AFO RESAID CIRCULAR, THE QUANTUM APPEAL HAS ALSO BEEN DECIDED IN FAVOUR OF THE ASSESSEE BY THE ITAT AND THIS PENALTY APPEAL OF THE REVENUE DOES NOT SURVIVE. THE AR REFERRED TO THE DECISION OF THE CO -ORDINATE BENCH IN ITA NO. 1883/AHD/2014 DATED 02.08.2017 IN QUANTUM P ROCEEDINGS FOR THIS PURPOSE. 4. THE LEARNED DR FOR THE REVENUE FAIRLY ADMITTED T HE APPLICABILITY OF THE CBDT CIRCULAR NO. 3 OF 2018. A CCORDINGLY, APPEAL OF THE REVENUE IS DISMISSED AS NOT MAINTAINA BLE. SECONDLY, IT(SS)A NO. 207/AHD/16 [DCIT VS. M/S. ANKUR OIL INDUSTRIES] A.Y. 2010-11 - 3 - PENALTY PROCEEDINGS DO NOT SURVIVE IN VIEW OF THE D ECISION OF ADDITIONS/DISALLOWANCES IN QUANTUM. 5. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. SD/- SD/- (MAHAVIR PRASAD) (PRADIP KUMA R KEDIA) JUDICIAL MEMBER ACCOUNTANT MEMBER AHMEDABAD: DATED 11/02/2019 TRUE COPY S. K. SINHA !'#' / COPY OF ORDER FORWARDED TO:- & / REVENUE 2 / ASSESSEE ( ) *+ , / CONCERNED CIT 4 ,- / CIT (A) / 012 33*+4 *+#4 56) / DR, ITAT, AHMEDABAD 7 289 : / GUARD FILE. BY ORDER / 4 / 5 *+#4 56) THIS ORDER PRONOUNCED IN OPEN COURT ON 11/02/201 9
