Income Tax Officer, Ward -10(4), Hyderabad V. M/s Neelima Constructions, Secunderabad

MA 34/Hyd/2017

• Counselvise Citation: [2017] 124 COUNSELVISE.COM (IT) 5783 (ITAT-HYDERABAD)
• Duration Of Justice: 2 month(s) 6 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 09-08-2017
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: DB-A
• Assessment Year: 2008-2009
• Appeal Filed On: 02-06-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: B RAJARAM
• Assessee Lawyers: P RAVI SESHAGIRI RAO
• Keywords: Tax effect

Judgement Text

MA NO 34 OF 2017 NEE LIMA CONSTRUCTIONS SEC'BAD PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD A BENCH, HYDERABAD BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S.RIFAUR RAHMAN, ACCOUNTANT MEMBER M.A. NO.34/HYD/2017 (ARISING OUT OF ITA NO.1495/HYD/2012) (ASSESSMENT YEAR: 2008-09) INCOME TAX OFFICER WARD 10(4) HYDERABAD VS M/S. NEELIMA CONSTRUCTIONS SECUNDERABAD PAN: AAFFN 5453 K (APPELLANT) (RESPONDENT) FOR REVENUE : SHRI B. RAJARAM, DR FOR ASSESSEE : SHRI P. RAVI SESHAGIRI RAO O R D E R PER SMT. P. MADHAVI DEVI, J.M. THIS M.A. IS FILED BY THE REVENUE SEEKING RECALL OF THE ORDER OF THE TRIBUNAL IN ITA NO.1495/HYD/2012 DATED 13.10.2016 DISMISSING THE REVENUES APPEAL ON ACCOUNT OF LOW T AX EFFECT. IN THIS M.A, THE REVENUE HAS SUBMITTED THAT IN ITS RET URN OF INCOME, THE ASSESSEE HAD DECLARED A LOSS OF RS.24,91,431 AN D THE INCOME TAX OFFICER, WHILE COMPLETING THE ASSESSMENT U/S 14 3(3) R.W.S. 147 OF THE ACT, HAS MADE AN ADDITION OF RS.50,58,21 5. IT IS SUBMITTED THAT THE RELIEF GRANTED BY THE CIT (A) IS TO THE TUNE OF RS.48,22,762 AND AS PER PARA 3 OF BOARDS CIRCULAR NO.21/2015, DATED 10.12.2015, THE TAX EFFECT WOULD INCLUDE NOTI ONAL TAX ON DISPUTED ADDITIONS IN CASES WHERE THE RETURNED LOSS IS REDUCED OR ASSESSED AS INCOME. IT IS SUBMITTED THAT ACCORDINGL Y, THE TAX EFFECT IN THIS CASE WORKS OUT TO RS.14,90,233 (EXCLUDING I NTEREST) AND DATE OF HEARING : 7.7.2017 DATE OF PRONOUNCEM ENT : 09.08.2017 MA NO 34 OF 2017 NEE LIMA CONSTRUCTIONS SEC'BAD PAGE 2 OF 2 NOT RS.7,70,034/- AS HELD BY THE TRIBUNAL. THUS, AC CORDING TO THE REVENUE, AS THE TAX EFFECT IN THIS APPEAL IS MORE T HAN RS.10.00 LAKHS, THE ORDER OF THE TRIBUNAL NEEDS TO BE RECALL ED AND THE APPEAL IS TO BE RESTORED TO THE FILE. 2. THE LEARNED DR REITERATED THE SUBMISSIONS MADE I N THE M.A. AND THE LEARNED COUNSEL FOR THE ASSESSEE A LSO AGREED THAT THE TAX EFFECT IS MORE THAN RS.10.00 LAKHS. TA KING THE SAME INTO CONSIDERATION, WE ARE INCLINED TO RECALL THE O RDER OF THE TRIBUNAL DATED 13.10.2016 AND RE-FIX THE APPEAL FOR HEARING IN DUE COURSE. THE REGISTRY IS DIRECTED TO GIVE NOTICE TO BOTH THE PARTIES ACCORDINGLY. 3. IN THE RESULT, MISCELLANEOUS APPLICATION FILED B Y THE REVENUE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 9 TH AUGUST, 2017. SD/- SD/- (S.RIFAUR RAHMAN) ACCOUNTANT MEMBER (P. MADHAVI DEVI) JUDICIAL MEMBER HYDERABAD, DATED 9 TH AUGUST, 2017. VINODAN/SPS COPY TO: 1 INCOME TAX OFFICER WARD 10(4) ROOM 513 A IT TOWER S, AC GUARDS, HYDERABAD -4 2 M/S. NEELIMA CONSTRUCTIONS, FLAT NO.201, GAYATRI A RCADE, WEST MAREDPALLY, SECUNDERABAD 3 CIT (A)-VI HYDERABAD 4 CIT V HYDERABAD 5 THE DR, ITAT HYDERABAD 6 GUARD FILE BY ORDER