DCIT, Circle - 3(1), , Kolkata V. M/s. The Peerless General Finance & Investment Co. Ltd., Kolkata

MA 309/KOL/2019

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 3678 (ITAT-KOLKATA)
• Duration Of Justice: 2 month(s) 3 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 04-03-2020
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2008-2009
• Appeal Filed On: 31-12-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Audit objection; Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA A BENCH, KOLKATA (BEFORE SRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER & SRI ABY T. VARKEY, JUDICIAL MEMBER) M.A. NO. 309/KOL/2019 ARISING OUT OF ITA NO. 1005/KOL/2019 ASSESSMENT YEAR: 2008-09 DCIT, CIRCLE-3(1), KOLKATA...............................................APPELLANT VS. M/S. THE PEERLESS GENERAL FINANCE & INVESTMENT CO. LTD..........RESPONDENT [PAN: AABCT 3043 L] APPEARANCES BY: SMT. RANU BISWAS, ADDL. CIT, APPEARING ON BEHALF OF THE REVENUE. SH. S.K. TULSIYAN, ADV., APPEARED ON BEHALF OF THE ASSESSEE. DATE OF CONCLUDING THE HEARING : FEBRUARY 21 ST , 2020 DATE OF PRONOUNCING THE ORDER : MARCH 4 TH , 2020 ORDER PER J. SUDHAKAR REDDY, AM: BY THIS MISCELLANEOUS APPLICATION THE ASSESSEE SEEKS RECALL OF THE ORDER OF THE TRIBUNAL IN THE ASSESSEES CASE DATED 28.08.2019 FOR THE REASON THAT, THE TRIBUNAL HAS, ON AN INCORRECT ASSUMPTION OF FACTS, DISMISSED THE REVENUES APPEAL ON THE GROUND THAT THE TAX EFFECT IS BELOW 50 LAKH BY APPLYING THE BOARDS CIRCULAR F.NO.279/MISC.142/2007-ITJ(PT) AND THOUGH THIS APPEAL IS COVERED BY THE EXCEPTIONAL CLAUSE AS PER PARA 10(C) OF THE CBDT CIRCULAR NO. 3/2018 DATED 11.07.2018 FROM F.NO.279/MISC.142/2007-ITJ(PT). 2. AFTER HEARING RIVAL CONTENTIONS, WE FIND THAT THE COMMISSIONER OF INCOME TAX AT PAGE 9 OF HIS ORDER REFERRED TO THE AUDIT OBJECTION. 3. IN VIEW OF THE ABOVE, WE ACCEPT THIS PLEA OF THE REVENUE THAT THE REVENUE APPEAL IS COVERED BY THE EXCEPTIONS TO THE BOARDS CIRCULAR AND HENCE, CANNOT BE DISMISSED FOR HAVING TAX EFFECT OF BELOW 50 LAKH. 2 M.A. NO. 309/KOL/2019 ARISING OUT OF ITA NO. 1005/KOL/2019 ASSESSMENT YEAR: 2008-09 M/S. THE PEERLESS GENERAL FINANCE & INVESTMENT CO. LTD. 4. HENCE, WE RECALL OUR ORDER PASSED IN THE ASSESSEES CASE ON 28.08.2019. 5. THE REGISTRY IS DIRECTED TO POST THE CASE FOR FRESH HEARING ON 14.04.2020. 6. IN THE RESULT, THE MISCELLANEOUS APPLICATION OF THE REVENUE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT. KOLKATA, THE 4 TH MARCH, 2020. SD/- SD/- [ABY T. VARKEY] [J. SUDHAKAR REDDY] JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 04.03.2020 BIDHAN COPY OF THE ORDER FORWARDED TO: 1. DCIT, CIRCLE-3(1), KOLKATA. 2. M/S. THE PEERLESS GENERAL FINANCE & INVESTMENT CO. LTD., 3, ESPLANADE EAST, KOLKATA-700 069. 3. CIT(A)-5, KOLKATA. (SENT THROUGH E-MAIL) 4. CIT- 5. CIT(DR), KOLKATA BENCHES, KOLKATA. (SENT THROUGH E-MAIL) TRUE COPY BY ORDER ASSISTANT REGISTRAR ITAT, KOLKATA BENCHES