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Income Tax Appellate Tribunal - Mumbai

Acit 18(1), Mumbai vs Mayuri Hiralal Kothari, Mumbai on 28 February, 2017

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                                                                ITA No. 8292/Mum/2010
                                                                  C.O. No. 58/Mum/2012

                   IN THE INCOME TAX APPELLATE TRIBUNAL
                        MUMBAI BENCH "B", MUMBAI

               BEFORE SHRI MAHAVIR SINGH (JUDICIAL MEMBER)
                                  AND
                SHRI ASHWANI TANEJA (ACCOUNTANT MEMBER)

                            I.T.A. No.8292 /Mum/2010
                            (Assessment Year 2006-07)

ACIT 18(1), Mumbai                       vs   Mayuri Hiralal Kothari
                                              Flat   No.1701,     Marathon
                                              Heights, Jai Bharat Oil Mills
                                              Compounds, Mumbai-13
                                              PAN No. AACPK8233B
(Appellant)                                   (Respondent)

                              C.O. No.58/Mum/2012
                    (Arising out of I.T.A. No.8292 /Mum/2010
                            (Assessment Year 2006-07)

Mayuri Hiralal Kothari              vs        ACIT 18(1), Mumbai
Flat No.1701, Marathon Heights, Jai
Bharat Oil Mills Compounds,
Mumbai-13
PAN No. AACPK8233B
          (Cross Objector)                             (Respondent)
Revenue by                               Shri Suman Kumar (DR)
Assessee by                              Shri Pradeep Sagar

      Date of hearing                          :      28-02-2017
      Date of pronouncement                    :      28-02-2017
                                      ORDER
Per Ashwani Taneja, AM :-

This appeal filed by the revenue and the crosss objection filed by the assessee are directed against the order passed by the Commissioner of Income-tax (Appeals)-

29, Mumbai [hereinafter called CIT(A)] dated 30-09-2010 passed against the order u/s 143(3) of the Act dated 19/12/2008 for AY. 2006-07.

2. The revenue raised the following grounds of appeal:-

1) "The order of the CIT(A) is opposed to law and facts of the case.

ii) On the facts and circumstances of the case and in law, the Ld.CIT(A) erred in holding that the amount of Rs. 12,19,3561- is Short Term Capital Gain of the Assessee without appreciating the fact that the nature of the activities of the assessee during the relevant previous year is trading in shares and therefore, the income arising to her was business income."

2. During the course of hearing it was jointly stated by both the parties that tax effect involved in the appeal filed by the revenue is less than Rs.10 lakhs. Therefore, appeal filed by the revenue is not maintainable in view of the circular issued by the CBDT No.21 of 2015 dated 10-12-2015.

3. We have considered the submissions made by both the parties and find that the appeal filed by the revenue is not maintainable in view of the aforesaid circular issued by CBDT. Therefore, the appeal is dismissed as such.

4. The cross objection filed by the assessee is not pressed; hence, the same is also dismissed.

5. As a result, the appeal as well as the cross objection are dismissed.

Order pronounced in the open court at the conclusion of hearing.

                  Sd/-                                   sd/-
        (MAHAVIR SINGH)                          (ASHWANI TANEJA)
        JUDICIAL MEMBER                        ACCOUNTANT MEMBER
Mumbai, Dt : 28th February, 2017
Pk/-