DCIT,CC-II,KOLKATA, Kolkata V. M/s Maksons Developers Pvt. Ltd., Kolkata

ITSSA 33/KOL/2014

• Counselvise Citation: [2017] 122 COUNSELVISE.COM (IT) 2899 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 10 month(s) 20 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 30-01-2017
• Appeal Filed By: Department
• Bench Allotted: A
• Next Hearing Date: 30-01-2017
• Assessment Year: 2001-2002
• Appeal Filed On: 10-03-2014
• Court: TRIBUNAL
• Department Lawyers: R S BISWAS
• Assessee Lawyers: SIDDHARTH JHAJHARIA F
• Keywords: Tax effect

Judgement Text

1 IT(SS)A NO.33/KOL/2014 & CO NO.40/K/2014 MAKSONS DEVELOPERS PVT. LTD. AY 2001-02 IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH: KOL KATA [BEFORE SHRI M. BALAGANESH, AM & SHRI S. S. VISWA NETHRA RAVI, JM] I.T(SS).A NO. 33/KOL/2014 ASSESSMENT YEAR: 2001-02 DEPUTY COMMISSIONER OF INCOME-TAX, VS. M/S. MAKSO NS DEVELOPERS PVT. LTD. C.C. II, KOLKATA. (PAN: AABCM9091R) ( APPELLANT ) ( RESPONDENT ) & C.O. NO.40/KOL/2014 IN I.T(SS).A NO. 33/KOL/2014 ASSESSMENT YEAR: 2001-02 M/S. MAKSONS DEVELOPERS PVT. LTD. VS. DEPUTY COMMI SSIONER OF INCOME-TAX, C.C II, KOLKATA. (CROSS OBJECTOR) (RESPONDENT) DATE OF HEARING: 30.01.2017 DATE OF PRONOUNCEMENT: 30.01.2017 FOR THE REVENUE : SHRI R. S. BISWAS, CIT FOR THE ASSESSEE : SHRI SIDDHARTH JHAJHARIA, F CA ORDER PER BENCH: BOTH THESE APPEAL BY REVENUE AND CROSS OBJECTION BY ASSESSEE ARE ARISING OUT OF ORDER OF CIT(A), CENTRAL-III, KOLKATA VIDE APPEAL NO. 139 /CC-II/CIT(A)C-III/2008-09/KOLKATA DATED 31.12.2013. ASSESSMENT WAS FRAMED BY ACIT, CE NTRAL CIRCLE-II, KOLKATA U/S. 153C/143(3) OF THE INCOME TAX ACT, 1961 (HEREINAFTE R REFERRED TO AS THE ACT) FOR AY 2001-02 VIDE HIS ORDER DATED 30.12.2008. 2. FIRST WE TAKE UP REVENUES APPEAL I.E. IT(SS)A NO. 33/KOL/2014. AT THE TIME OF HEARING, IT IS SEEN THAT THE QUANTUM INVOLVED IN TH IS CASE IS RS.20,61,711/-AND TAX EFFECT ON THE DISPUTED ADDITION BEFORE US , WHICH IS LESS THA N RS. 10 LACS. 3. AFTER PERUSING THE MATERIALS AVAILABLE ON RECOR D, WE FIND THAT THE ADDITIONS DISPUTED BEFORE US IS BELOW THE TAX EFFECT LIMIT PRESCRIBED BY CBDT VIDE CIRCULAR NO. 21 / 2015 DATED 10.12.2015 FOR PREFERRING APPEALS BEFORE TRIB UNAL BY THE REVENUE. ON PERUSAL OF THE CIRCULAR NO. 21 / 2015 DATED 10.12.2015 AND THE MAT ERIALS AVAILABLE ON RECORD, LD. DR 2 IT(SS)A NO.33/KOL/2014 & CO NO.40/K/2014 MAKSONS DEVELOPERS PVT. LTD. AY 2001-02 COULD NOT POINT OUT WHETHER THIS CASE FALLS UNDER A NY OF THE EXCEPTION AS PROVIDED IN THE CIRCULAR DESPITE SPECIFIC OPPORTUNITY WAS GIVEN, DO ES NOT FALL UNDER ANY OF THE EXCEPTIONS CONTEMPLATED IN THE SAID CIRCULAR, AS THIS IS COVER ED. WE ALSO FIND THAT THE CIRCULAR MAKES IT VERY CLEAR THAT THE REVISED MONETARY LIMITS SHALL A PPLY RETROSPECTIVELY TO PENDING APPEALS ALSO. WE FIND THAT THE CIRCULAR IS BINDING ON THE T AX AUTHORITIES. THIS POSITION HAS BEEN CONFIRMED BY THE HONBLE APEX COURT IN THE CASE OF COMMISSIONER OF C USTOMS VS INDIAN OIL CORPORATION LTD REPORTED IN 267 ITR 272 (SC). HENCE, WE HOLD THAT THE APPEAL OF THE REVENUE DESERVES TO BE DISMISSED IN TERMS OF LOW TA X EFFECT VIDE CIRCULAR NO.21 / 2015 DATED 10.12.2015. ACCORDINGLY, THIS BEING A LOW TAX EFFE CT CASE, WE DISMISS THIS APPEAL OF REVENUE IN LIMINE, AS UNADMITTED, WITHOUT GOING INTO THE ME RITS OF THE CASE. 4. NOW, WE TAKE UP ASSESSEES APPEAL I.E. C.O.NO.40 /KOL/2014. SINCE WE HAVE DISMISSED THE APPEAL OF REVENUE, THE CROSS OBJECTIO N RAISED BY ASSESSEE HAS BECOME INFRUCTUOUS AND THE SAME IS DISMISSED BEING INFRUCT UOUS. 5. IN THE RESULT, BOTH THE APPEAL OF REVENUE AND CR OSS OBJECTION OF ASSESSEE ARE DISMISSED. ORDER IS PRONOUNCED IN THE OPEN COURT. SD/- SD/- (S.S. VISWANETHRA RAVI) (M. BALAGANESH) JUDICIAL MEMBER ACCOUNTAN T MEMBER DATED : 30 TH JANUARY, 2017 JD.(SR.P.S.) COPY OF THE ORDER FORWARDED TO: 1 . APPELLANT DCIT, C.C. XII, KOLKATA 2 RESPONDENT M/S. MAKSONS DEVELOPERS PVT. LTD.,79/2, A.J.C. BOSE ROAD, KOLKATA-700 014. 3 . THE CIT(A), KOLKATA 4. 5. CIT , KOLKATA DR, KOLKATA BENCHES, KOLKATA / TRUE COPY, BY ORDER, ASSTT. REGISTRAR .