Anil Kumar Jain, Kolkata V. DCIT, Cen. Cir-XX, Kolkata, Kolkata

ITSSA 7/KOL/2014

• Counselvise Citation: [2016] 122 COUNSELVISE.COM (IT) 2812 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 10 month(s) 25 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 15-12-2016
• Appeal Filed By: Assessee
• Bench Allotted: B
• Next Hearing Date: 26-10-2016
• Assessment Year: 2002-2003
• Appeal Filed On: 20-01-2014
• Court: TRIBUNAL
• Department Lawyers: NIRAJ KUMAR
• Keywords: Tax effect

Judgement Text

1 IT(SS)A NO.07 & 02/KOL/2014 ANIL KR. JAIN, AY 2002-03& 2003-04 IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH: KOL KATA [BEFORE SHRI A.T. VARKEY, JM & SHRI M. BALAGANESH, AM] I.T(SS).A NO. 02/KOL/2014 ASSESSMENT YEAR: 2003-04 DEPUTY COMMISSIONER OF INCOME-TAX, VS. SHRI ANIL KUMAR JAIN C.C. XX, KOLKATA. (PAN: ACFPJ0712P) ( APPELLANT ) ( RESPONDENT ) & I.T(SS).A NO. 07/KOL/2014 ASSESSMENT YEAR: 2002-03 SHRI ANIL KUMAR JAIN VS. DEPUTY COMMISSIONER OF INCOME-TAX, C.C. XX, KOLKATA. ( APPELLANT ) ( RESPONDENT ) DATE OF HEARING: 15.12.2016 DATE OF PRONOUNCEMENT: 15.12.2016 FOR THE REVENUE: SHRI NIRAJ KUMAR, CIT, DR FOR THE ASSESSEE: SHRI SUBASH AGARWAL, ADVOCAT E ORDER PER BENCH: BOTH THESE APPEALS BY REVENUE AND ASSESSEE ARE ARIS ING OUT OF COMMON ORDER OF CIT(A), CENTRAL-III, KOLKATA VIDE APPEAL NO. 31 & 3 0/CC-XX/CIT(A)C-III/2009- 10/KOLKATA DATED 31.10.2013. ASSESSMENTS WERE FRAME D BY DCIT, CENTRAL CIRCLE-XX, KOLKATA U/S. 153A/143(3) OF THE INCOME TAX ACT, 196 1 (HEREINAFTER REFERRED TO AS THE ACT) FOR AYS 2003-04 AND 2002-03 VIDE HIS SEPARATE ORDER S BOTH DATED 31.12.2008. 2. FIRST WE TAKE UP REVENUES APPEAL I.E. IT(SS)A NO. 02/KOL/2014. AT THE TIME OF HEARING, IT IS SEEN THAT THE QUANTUM INVOLVED IN TH IS CASE IS RS.14,82,688/-AND TAX EFFECT ON THE DISPUTED ADDITION BEFORE US IS RS.4,53,702/-, W HICH IS LESS THAN 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.07 & 02/KOL/2014 ANIL KR. JAIN, AY 2002-03& 2003-04 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. IT(SS)A N O.07/KOL/2014. THE SOLE ISSUE TO BE DECIDED IN THIS APPEAL IS AS TO WHETHER THE LD C IT(A) IS JUSTIFIED IN CONFIRMING THE ADDITION OF RS.1,00,000/- ON ACCOUNT OF CASH EXPEND ITURE TOWARDS FULL AND FINAL SETTLEMENT OF FLAT IN THE FACTS AND CIRCUMSTANCES OF THE CASE. 5. DURING THE COURSE OF HEARING THE LD. AR STATED T HAT IN VIEW OF THE SMALLNESS OF THE AMOUNT INVOLVED IN THE APPEAL, HE IS NOT INCLINED T O PRESS THE SAME. ACCORDINGLY, THE GROUND RAISED BY THE ASSESSEE IS DISMISSED AS NOT P RESSED IN VIEW OF THE SMALLNESS OF THE AMOUNT. 6. IN THE RESULT, BOTH THE APPEALS OF THE REVENUE A ND ASSESSEE ARE DISMISSED. ORDER IS PRONOUNCED IN THE OPEN COURT. SD/- SD/- (A. T. VARKEY) (M. BALAGANESH) JUDICIAL MEMBER ACCOUNTAN T MEMBER DATED : 15 TH DECEMBER, 2016 JD.(SR.P.S.) 3 IT(SS)A NO.07 & 02/KOL/2014 ANIL KR. JAIN, AY 2002-03& 2003-04 COPY OF THE ORDER FORWARDED TO: 1 . APPELLANT DCIT, C.C. XX, KOLKATA 2 RESPONDENT SHRI ANIL KUMAR JAIN, 23A, KALAKAR STRE ET, 1 ST FLOOR, KOLKATA-700 007 3 . THE CIT(A), KOLKATA 4. 5. CIT , KOLKATA DR, KOLKATA BENCHES, KOLKATA / TRUE COPY, BY ORDER, ASSTT. REGISTRAR .