The ITO, Ward-5(3), Surat V. Shri Pawankumar R.Harchandani, Surat

ITSSA 340/AHD/2012

• Counselvise Citation: [2016] 122 COUNSELVISE.COM (IT) 1546 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 7 month(s) 4 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 15-02-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Next Hearing Date: 12-02-2016
• Assessment Year: 2004-2005
• Appeal Filed On: 11-07-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Unexplained cash credit; Unexplained investment; Retrospective amendment; Tax effect
• Section: 143(3); 153A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD D BENCH BEFORE: S H RI ANIL CHATURVEDI , ACCOUNTANT MEMBER AND SHR I S. S. GODARA , JUDICIAL MEMBER ITO, WARD 5(3), SURAT (APPELLANT) VS SHRI PAWANKUMAR R. HARCHANDANI, 2 ND FLOOR, RADHA KRISHNA MARKET, RING ROD, SURAT - 395003 PAN: AAFPH3267F (RESPONDENT) REVENUE BY : S H RI ANIL KUMAR BHARDWAJ , SR. D . R. ASSESSEE BY: NONE DATE OF HEARING : 12 - 02 - 2 016 DATE OF PRONOUNCEMENT : 15 - 02 - 2 016 / ORDER P ER : S. S. GODARA , JUDICIAL MEMBER : - THIS REVENUE S APPEAL FO R A.Y. 2004 - 05 , AR IS ES FROM ORDER OF THE CIT(A) - IV, SURAT DATED 30 - 03 - 2012 IN APPEAL NO. CAS - IV/77 - F/201 0 - 11 , IN PROCEEDINGS UNDER SECTION 143(3) R.W.S. 153A OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT . I T (SS)A NO. 340 / A HD/20 12 A SSESSMENT YEAR 200 4 - 05 I.T(SS) A . NO. 340/AHD/2012 A.Y. 2004 - 05 PAGE NO ITO VS. SHRI PA WANKUM A R R. HARCHANDANI 2 2. THE REVENUE S THREE SUBSTANTIVE GROUNDS CH ALLENGE THE LOWER APPELLATE ORDER DELETING ADDITIONS OF RS. 6 LACS MADE FOR UNACCOUNTED INVESTMENT AND RESTRICTING THE OTHER TWO UNDER THE HEAD UNEXPLAINED CASH CREDITS AND INTEREST THEREUPON FROM RS. 11,51,000/ - TO RS. 1,31,000/ - AND FROM RS. 1,01,095/ - T O RS. 11,506/ - ; RESPECTIVELY, MADE BY THE ASSESSING OFFICER IN ASSE SS MENT OR D ER DATED 27 - 03 - 2006. THE ASSESSEE FILES WRITTEN SUBMISSION PLEADING THAT TAX EFFECT INVOLVED IN THE INSTANT APPEAL TURNS OUT TO BE RS. 5,85,890/ - I.E. LESS THAN RS. 10 LACS IN OT HER WORDS. WE FIND THAT THE CENTRAL BOARD OF DIRECT TAXES; HEREAFTER THE BOARD HAS ISSUED THE CIRCULAR NO. 21/2015 DATED 10 - 12 - 2015 CLEARLY ENVISAGING THEREIN THAT DEPARTMENT S PENDING APPEALS BEFORE THE TRIBUNAL/HIGH COURTS ARE TO BE WITHDRAWN/NOT PRE SSED AS PER THE ABOVE STATED CIRCULAR. THE SAME HAS BEEN DECLARED TO BE HAVING RETROSPECTIVE EFFECT IN OTHER WORDS. WE TAKE INTO CONSIDERATION THE ABOVE STATED BOARD S CIRCULAR AND DISMISS THE INSTANT APPEAL ACCORDINGLY. 3. THIS REVENUE S APPEAL IS DISM ISSED AS HAVING LOW TAX EFFECT. ORDER PR ONOUNCED IN THE OPEN C OURT ON 15 - 02 - 201 6 SD/ - SD/ - ( ANIL CHATURVEDI ) ( S. S. GODARA ) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD : DATED 15 /02 /2016 AK I.T(SS) A . NO. 340/AHD/2012 A.Y. 2004 - 05 PAGE NO ITO VS. SHRI PA WANKUM A R R. HARCHANDANI 3 / COPY OF ORDER FORWARDED TO: - 1. ASSESSEE 2. REVENUE 3. CONCERNED CIT 4. CIT (A) 5. DR, ITAT, AHMEDABAD 6. GUARD FILE. BY ORDER/ , / ,