Income Tax Appellate Tribunal - Jaipur
Assistant Commissioner Of Income Tax, ... vs Shri Narendra Kumar Modi, Alwar on 24 July, 2018
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IN THE INCOME TAX APPELLATE TRIBUNAL,
JAIPUR BENCHES, JAIPUR
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BEFORE: SHRI VIJAY PAL RAO, JM & SHRI BHAGCHAND, AM
vk;dj vihy la-@ITA No. 721/JP/2018
fu/kZkj.k o"kZ@Assessment Year: 2013-14
The ACIT cuke Shri Narender Kumar Modi
Circle-1 Vs. A-11, New Mandi Yard
Alwar Alwar - 301 001
LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: ACBPM 1092 R
vihykFkhZ@Appellant izR;FkhZ@Respondent
jktLo dh vksj ls@ Revenue by:Shri P.P. Meena, JCIT - DR
fu/kZkfjrh dh vksj ls@Assessee by: None
lquokbZ dh rkjh[k@ Date of Hearing : 20/07/2018
?kks"k.kk dh rkjh[k@ Date of Pronouncement : 24 /07/2018
vkns'k@ ORDER
PER BHAGCHAND, AM
The appeal filed by the Revenue emanates from the order of the ld. CIT(A), Alwar dated 08-03-2018 for the Assessment Year 2013-14 raising therein following ground of appeal.
''On the facts and circumstances of the case and in law the ld. CIT(A) has erred in allowing set off of the brought forward share business loss of Rs. 33,09,998/- against the income of assessee on account of the remuneration and the interest on capital received from the partnership firm M/s. G.M. Hi-Tech where there is no profit and gains of business carried on by the assessee and without ITA No.721/JP/2018 The ACIT, Circle - 1, Alwar vs Shri Narendra Kumar Modi, Alwar appreciating the fact that the provision of section 72(1) are applicable only on the income of the assessee falls under the clause (i) and not under the clause (v) of section 28 of the I.T. Act, 1961.''
2. We have heard the ld. DR and perused the materials available on record. It is observed that the demand/ tax effect in the Revenue's appeal in question is below Rs. 20.00 lacs . Under the powers vested by section. 268A(1) of the I T Act, CBDT has recently issued Circular No. 3/2018 dated 11 th July, 2018 (F No. 279/Misc. 142/2007- ITJ(Pt) instructing the authorities below that departmental appeal should not be filed before ITAT where the demand/tax effect does not exceed Rs. 20 lacs. The circular is specifically mentioned to be applicable for all pending appeals.
3. Subject to some exceptions, it is further directed by CBDT that all the departmental appeals pending before ITAT where the demand/tax effect is not exceeding than 20 lacs should be either withdrawn or not pressed by the departmental representatives.
4. The present appeal is not covered by any exceptions mentioned in the said CBDT circular. Since the tax demand in dispute in this departmental appeal is below the limit set out by CBDT for the appeal, the appeal of the assessee is not maintainable in view of CBDT Circular 2 ITA No.721/JP/2018 The ACIT, Circle - 1, Alwar vs Shri Narendra Kumar Modi, Alwar No. 3 of 2018 dated 11.07.2018. Accordingly the appeal of the Department is dismissed as not pressed/withdrawn. 5.0 In the result, the appeal of the Revenue is dismissed.
Order pronounced in the open Court on 24-07-2018.
Sd/- Sd/- ¼ fot; iky jko ½ ¼HkkxpUn½ (Vijay Pal Rao) (Bhagchand) U;kf;d lnL; /Judicial Member ys[kk lnL;@Accountant Member Tk;iqj@Jaipur fnukad@Dated:- 24 /07/ 2018 *Mishra
vkns'k dh izfrfyfi vxzfs "kr@Copy of the order forwarded to:
1. vihykFkhZ@The Appellant- The ACIT, Circle-1, Alwar
2. izR;FkhZ@The Respondent- Shri Narendra Kumar Modi, Alwar,
3. vk;dj vk;qDr¼vihy½@ CIT(A).
4. vk;dj vk;qDr@ CIT,
5. foHkkxh; izfrfuf/k] vk;dj vihyh; vf/kdj.k] t;iqj@DR, ITAT, Jaipur
6. xkMZ QkbZy@ Guard File (ITA No.721 /JP/2018) vkns'kkuqlkj@ By order, lgk;d iathdkj@ Assistant. Registrar 3