Income Tax Appellate Tribunal - Delhi
Naresh Trehan , New Delhi vs Department Of Income Tax on 4 February, 2010
IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH 'F' ; NEW DELHI
BEFORE SHRI C.L. SETHI, JM AND SHRI A.K. GARODIA, AM
I.T.A. No.1964/Del of 2010
Assessment Year: 2006-07
Dy. CIT, Central Circle 3, Dr. Naresh Trehan,
New Delhi. vs B-4, Maharani Bagh,
New Delhi.
Appellant Respondent
Appellant by: Shri Jayant Mishra, CIT DR
Respondent by: Shri Rahul Khare
ORDER
PER C.L. SETHI, JM
The revenue is in appeal against the order dated 4.2.2010 passed by the ld. CIT(A) in the matter of an assessment made u/s 143(3) of the Income-tax Act, 1961 (the Act) for the Assessment Year 2006-07.
2. The grounds raised by the revenue are as under:
"1(a) The ld. CIT(A) erred on the facts and circumstances and in lawby partially deleting the addition to the extent of Rs.1,84,21,274/- on account of maturity amount towards keyman insurance policy..
1(b) The ld. CIT(A) erred on the facts and circumstances and in law by interpreting the relevant statutory provisions and the circular No.762 dated 18.2.1998 issued by Central Board 2 of Direct Taxes in the context of the facts of the present case.
1(c) The ld. CIT(A) erred on the facts and circumstances of the case and in law relying on in the case of Rajan Nanda especially as the same is not accepted by the revenue and appeal are pending before the Hon'ble High Court,
2. The order of the CIT(A) is erroneous and not tenable in law and on the facts."
3. We have heard both the parties.
4. In this case, an addition of Rs.4,27,50,000/-, being the receipt of LIC Keyman Life Insurance policy was made by the AO. On an appeal, learned CIT(A) sustained the addition to the extent of Rs.2,43,28,726/-, and deleted the addition to the extent of Rs.1,84,21,274/- out of the total addition of Rs.4,27,50,000/-. Against the addition of Rs.2,43,28,726/- confirmed by the learned CIT(A), the assessee preferred an appeal before this Tribunal, which was registered as ITA No.934/Del/2010. The appeal filed by the assessee stands disposed of vide order dated 4.6.2010 by the Income-tax Appellate Tribunal, Delhi Bench 'F', New Delhi, whereby the matter has been restored back to the file of the AO to consider the same afresh with the directions as given in that order. The issue raised by the revenue in this appeal is undoubtedly inter-connected to the issue raised by the assessee. Therefore, respectfully following Tribunal's order dated 4.6.2010 passed in appeal filed by the assessee, we restore the issue raised by the revenue in this appeal to 3 the file of AO for his fresh adjudication, in the light of the observations and directions given by the Tribunal in the assessee's appeal. We order accordingly.
5. In the result, the appeal filed by the revenue is treated as allowed for statistical purposes.
6. This decision was pronounced in the Open Court on 1st July, 2010 immediately after the hearing was over.
(A.K. GARODIA) (C.L. SETHI)
ACCOUNTANT MEMBER JUDICIAL MEMBER
Dated: 1st July, 2010
Vijay
Copy to:
1. Appellant.
2. Respondent.
3. CIT
4. CIT(A)-II, New Delhi.
5. DR Assistant Registrar