ACIT, Circle-8(1), Hyderabad V. Sri Y. Chinnappa Reddy, R.R.Dist

MA 176/HYD/2011

• Counselvise Citation: [2012] 123 COUNSELVISE.COM (IT) 8034 (ITAT-HYDERABAD)
• Duration Of Justice: 7 month(s) 29 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 20-04-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: misc
• Appeal Filed On: 22-08-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: K VISHWANATHAM
• Assessee Lawyers: T CHAITANYA KUMAR
• Keywords: Business income; Tax effect
• Section: 143(3); 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH A', HYDERABAD BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. ASHA VIJAYARAGHAVAN, JUDICIAL MEMBER M.A. NO. 176/HYD/2011 ARISING OUT OF ITA NO. 367/HYD/2010 (ASSESSMENT YEAR : 2005-06) THE ASST. COMMISSIONER OF INCOME-TAX, CIRCLE-8(1), HYDERABAD VS. SHRI Y. CHINNAPPA REDDY MIYAPUR, PAN: AAHPY8543P APPELLANT RESPONDENT APPELLANT BY: SHRI K. VISHWANATHAM RESPONDENT BY: SHRI T. CHAITANYA KUMAR DATE OF HEARING: 2 0.0 4 .2012 DATE OF PRONOUNCEMENT: 20 .0 4 .2012 O R D E R PER CHANDRA POOJARI, AM: BY THIS MISCELLANEOUS APPLICATION (MA) THE REVENUE SEEKS RECALL/AMEND THE EX-PARTE ORDER OF THE TRIBUNAL DAT ED 3.9.2010 IN I.T.A. NO. 367/HYD/2010 FOR ASSESSMENT YEAR 2005-06 . 2. FACTS OF THE CASE ARE THAT THE ABOVE APPEAL OF THE REVENUE WAS DISMISSED BY THIS TRIBUNAL FOLLOWING INSTRUCTIO N NO. 2 OF 2005 DATED 24.10.2005 ISSUED BY THE CBDT AS THE TAX EFFE CT IN THIS APPEAL IS LESS THAN RS. 3 LAKHS. AGAINST THIS THE REVENUE FILED THE PRESENT MISCELLANEOUS APPLICATION FOR RECALLING/AME ND THE TRIBUNAL ORDER AND CONSIDERING THE CASE AFRESH. 3. THE LEARNED DR SUBMITTED THAT THE ASSESSEE FILED HI S RETURN OF INCOME FOR A.Y. 2005-06 ON 28.11.2005 ADMITTING AN INCOME OF RS. 7,15,064. THE CASE WAS CONVERTED INTO SCRUTINY AND THE ASSESSMENT WAS COMPLETED U/S. 143(3) OF THE I.T. AC T BY MAKING THE ADDITIONS OF RS. 6,41,059 FROM SALE OF FLAT AND RS. 1,65,000 U/S. 68 OF THE ACT. THE DR SUBMITTED THAT IN THIS CASE EVEN M.A. NO. 176/HYD/2011 SHRI Y. CHINNAPPA REDDY =================== 2 THOUGH THE TAX EFFECT IS LESS THAN RS. 2 LAKHS APPE AL WAS PREFERRED BEFORE THE TRIBUNAL AS A LEGAL QUESTION WAS INVOLVE D WITH REGARD TO THE ISSUE AS TO WHETHER INCOME OF THE ASSESSEE HAS TO BE ASSESSED UNDER THE HEAD 'BUSINESS INCOME' OR 'CAPITAL GAINS' . ACCORDINGLY, HE SUBMITTED THAT THE ORDER OF THE TRIBUNAL MAY BE RECALLED/ AMENDED. 4. THE LEARNED COUNSEL FOR THE ASSESSEE SUPPORTED THE ORDER OF THE TRIBUNAL. 5. WE HAVE HEARD BOTH THE PARTIES AND CONSIDERED THE M ATERIAL ON RECORD. THE TRIBUNAL IS CONSISTENTLY FOLLOWING THE CBDT INSTRUCTIONS IN RESPECT OF TAX LIMIT FOR FILING APP EALS BEFORE THIS TRIBUNAL BY THE REVENUE. APPEAL OF THE REVENUE WA S DISMISSED AS NON-ADMITTED AS THE TAX EFFECT IS LESS THAN RS. 2 LAKHS AND THE REVENUE SHOULD NOT HAVE PREFERRED THE APPEAL BEFORE THIS TRIBUNAL. THE TRIBUNAL IS ALSO CONSISTENTLY FOLLOWING THE CUR RENT INSTRUCTION NO. 3 OF 2011 (F. NO. 279/MISC. 142/2007/ITJ) DATED 9 TH FEBRUARY, 2011 ISSUED BY THE CBDT WHEREIN IT WAS DI RECTED THAT THE REVENUE SHOULD NOT FILE APPEALS BEFORE THE TRIB UNAL WHERE THE TAX EFFECT IS LESS THAN RS. 3 LAKHS. ACCORDINGLY, WE FIND NO MISTAKE APPARENT FROM THE ORDER OF THE TRIBUNAL. 6. IN THE RESULT, MA FILED BY THE REVENUE IS DISMISSED . ORDER PRONOUNCED IN THE OPEN COURT ON 20 TH APRIL, 2011. SD/ - (ASHA VIJAYARAGHAVAN) JUDICIAL MEMBER SD/ - (CHANDRA POOJARI) ACCOUNTANT MEMBER HYDERABAD, DATED THE 20 TH APRIL, 2012 M.A. NO. 176/HYD/2011 SHRI Y. CHINNAPPA REDDY =================== 3 COPY FORWARDED TO: 1. THE ASST. COMMISSIONER OF INCOME - TAX, CIRCLE - 8(1), HYDERABAD. 2. SHRI Y. CHINNAPPA REDDY, NEW H. NO. 1/123, MIYAPUR, NH 9, R.R. DISTICT. 3. THE CIT(A) - III, HYDERABAD 4. THE CIT - II, HYDERABAD 4 . THE DR A BENCH, ITAT, HYDERABAD TPRAO