ASST CIT CIR 14(1)(1), V. AKBER POWERGAS P.LTD,

MA 137/MUM/2015

• Counselvise Citation: [2016] 124 COUNSELVISE.COM (IT) 4110 (ITAT-MUMBAI)
• Duration Of Justice: 7 month(s) 17 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 04-02-2016
• Appeal Filed By: Department
• Bench Allotted: A
• Assessment Year: 2008-2009
• Appeal Filed On: 17-06-2015
• Court: TRIBUNAL
• Department Lawyers: VACHARPATI TRIPATHI
• Keywords: Tax effect

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL A , BENCH MUMBAI BEFORE SHRI R.C.SHARMA , A M & SHRI SANJAY GARG , J M MISCELLANEOUS APPLICATION NO . 137 /MUM /20 1 5 (ARISING OUT OF ITA NO. 1346 /MUM/201 3 ) ( / ASSESSMENT YEAR : 20 08 - 0 9 ) THE ACIT, CIRCLE - 14(1)(1), MUMBAI VS. M/S AKER POWERGAS PVT. LTD., 83, POWERGAS HOUSE, I THINK TECHNO CAMPUS, KANJURMARG (E), MUMBAI - 42 ./ ./ PAN/GIR NO. : A A ACD 1981 E ( / APPELLANT ) .. ( / RESPONDENT ) /REVENUE BY : SHRI VACHARPATI TRIPATHI /ASSESSEE BY : SHRI GIRISH DAVE / DATE OF HEARING : 29 / 01 /201 6 / DATE OF PRONOUNCEMENT 04/02 /201 6 / O R D E R PER R.C.SHARMA (A.M) : TH IS MISCELLANEOUS APPLICATION FILED BY THE REVENUE AROSE OUT OF ITAT ORDER DATED 19 - 12 - 2014 IN RESPECT OF ITA NO. 1346 /MUM/201 3 . 2 . IT WAS SUBMITTED BY LD. D R THAT THE TRIBUNAL HELD THAT AS PER ITS FINDINGS THE INVESTMENTS IN MUTUAL FUNDS WITH GROWTH SCHEME HAS NOT GENERATED ANY TAX - FREE DIVIDEND INCOME AND THEREBY UPHELD THE DECISION OF THE CIT(A). HE FURTHER CONTENDED THAT THE GROUND OF DEPARTMENT WAS WITH REGARD TO ADMISSION OF FRESH EVIDENCE BY THE CIT(A) IN THE MANNER OF HOLDING T HAT THE ASSESSEE HAD INVESTMENT IN GROWTH FUND OPTION OF MUTUAL FUND WHICH HAS NOT BEEN ADDRESSED TO BY THE TRIBUNAL. IN VIEW OF THE ABOVE, IT WAS ARGUED BY LD. DR THAT THE DECISION OF THE TRIBUNAL LACKS MA NO. 137 /15 2 IN FACT FINDING AND THE TRIBUNAL OUGHT TO HAVE SET ASIDE THE ISSUE TO THE FILE OF AO FOR VERIFICATION. 3. WE HAVE CONSIDERED RIVAL CONTENTIONS AND GONE THROUGH THE ORDER OF THE TRIBUNAL DATED 19 - 12 - 2014. THERE IS NO MISTAKE MUCH LESS AN APPARENT MISTAKE IN THE ORDER OF THE TRIBUNAL. FURTHER WE FO UND THAT THE TAX EFFECT IN THE APPEAL SO FILED BY THE REVENUE WORKS OUT TO BELOW RS.10 LAKHS. THEREFORE, AS PER THE CBDT CIRCULAR NO. 21/2015 , DATED 10 - 12 - 2015, THE APPEAL OF THE REVENUE DESERVES TO BE DISMISSED. 4 . IN THE RESULT, MISCELLANEOUS APPLICATIO N FILED BY THE REVENUE IS DISMISSED. O RDER PRONOUNCED IN THE OPEN COURT ON THIS 04/02 / 201 6 . SD/ - SD/ - ( SANJAY GARG ) ( R.C.SHARMA ) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI ; DATED 04/02 /201 6 . . /PKM , . / PS / COPY OF THE ORDER FORWARDED TO : / BY ORDER, / ( ASSTT. REGISTRAR) , / ITAT, MUMBAI 1. / THE APPELLANT 2. / T HE RESPONDENT. 3. ( ) / THE CIT(A), MUMBAI. 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE. //TRUE COPY//