Income Tax Appellate Tribunal - Mumbai
Cowesbay Invesments & Trading P.Ltd, ... vs Department Of Income Tax on 25 July, 2012
आयकर अपीलीय अिधकरण,
अिधकरण धनकर खंडपीठ मुंबई
Income Tax Appellate Tribunal, 'Wealth-Tax' Bench-Mumbai.
सव[ ौी आर. के. गुƯा,Ûयाियक सदःय एवं ौी राजेÛि, लेखा सदःय
Before S/Sh.R.K.Gupta, Judicial Member and Rajendra,Accountant Member
W.T.A. No.18 /Mum/2013 Assessment Year 2004-05
WTO 3(1)3 Cowesbay Investment &
Aayakar Bhavan, Vs. Trading Pvt. Ltd.
R.No. 666, M.K.Road, 1105, Regent Chambers,
Mumbai - 400020. 208, Nariman Point
Mumbai-400021
PAN: AAACC9342C
(अपीलाथȸ /Appellant) (ू×यथȸ / Respondent)
W.T.A. No.19 /Mum/2013 Assessment Year 2005-06
WTO 3(1)3 Cowesbay Investment &
Aayakar Bhavan, Vs. Trading Pvt. Ltd.
R.No. 666, M.K.Road, 1105, Regent Chambers,
Mumbai - 400020. 208, Nariman Point
Mumbai-400021
PAN: AAACC9342C
(अपीलाथȸ /Appellant) (ू×यथȸ / Respondent)
W.T.A. No.20 /Mum/2013 Assessment Year 2006-07
WTO 3(1)3 Cowesbay Investment &
Aayakar Bhavan, Vs. Trading Pvt. Ltd.
R.No. 666, M.K.Road, 1105, Regent Chambers,
Mumbai - 400020. 208, Nariman Point
Mumbai-400021
PAN: AAACC9342C
(अपीलाथȸ /Appellant) (ू×यथȸ / Respondent)
अपीलाथȸ ओर से / Appellant by : Mr. Rajarshi Diwediy
ू×यथȸ कȧ ओर से/Respondent by : NONE
सुनवाई कȧ तारȣख / Date of Hearing : 25 -07-2012
घोषणा कȧ तारȣख / Date of Pronouncement : 25-07-2012
आदे श / O R D E R
PER RAJENDRA, AM
2 W.TA. No. 18/Mum/2013
Cowesbay Investment & Trading Pvt. Ltd.
Following identical Grounds of appeal have been filed by the Assessing Officer(AO) against the orders of the CWT(A)-VII, Mumbai for the AYs 2004-05, 2005-06 & 2006-07:
1."Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A)was justified in deleting the addition of Rs. 61,96,375/- on account of immovable property valued by rent capitalization method without appreciating the fact that the assessee is liable to pay wealth tax on commercial properties on which the rental income is earned as per the provisions of section 2(ea) of the W.T. Act 1957."
2. "The appellant prays that the order of CIT(A) on the above ground be set aside and that of the Assessing Officer be restored."
3. "The appellant craves leave to amend or alter any ground or add a new ground which may be necessary."
2.From the records,it was found that the tax effect involved in the cases under considera- tion was less than the prescribed monetary limit by the Central Board of Direct Taxes (CBDT) for filing before the Tribunal.Departmental Representative was informed by the Bench about the tax effect.He submitted that the matter might be decided on merits.
3.We find that while deciding the appeals in the cases of N B Saiyyed Zafar Ali Khan and Others Hyderabad Bench of Tribunalhas held that if the tax effect was less than the limit prescribed by the CBDT,appeals filed by the WTO have to be dismissed. (275 ITR113- AT,Hyd.Bench).Respectfully, following the same we dismiss the appeals filed by the AO.
As a result, appeals of the AO, filed for all the three AYs.(2004-05 to 2006-07) stand dismissed.
पǐरणामःवǾप िनधा[ǐरती अिधकारȣ Ʈारा दाǔखल कȧ गई तीनɉ िनधा[रण वषɟ(िन.व.2004-05 से 2006-
07) कȧ अपीलɅ नामंजूर कȧ जाती हɇ .
Order pronounced in the open court on 25th July, 2013.
आदे श कȧ घोषणा खुले Ûयायालय मɅ 25-07-2013 को कȧ गई.
Sd/ Sd/-
(आर.के. गुƯा, Ûयाियक सदःय/ R.K.GUPTA) (राजेÛि / RAJENDRA)
Ûयाियक सदःय/JUDICIAL MEMBER लेखा सदःय/ACCOUNTANT MEMBER
मुंबई Mumbai,
Ǒदनांक Date: 25th July, 2013
SK
आदे श कȧ ूितिलǒप अमेǒषत/
षत Copy of the Order forwarded to :
1. Appellant
2. Respondent
3. The concerned CIT (A)
4. The concerned CIT
5. DR "WT" Bench, ITAT, Mumbai
6. Guard File
स×याǒपत ूित //True Copy//
/ BY ORDER,
आदे शानुसार
3 W.TA. No. 18/Mum/2013
Cowesbay Investment & Trading Pvt. Ltd.
उप/सहायक
उप सहायक पंजीकार Dy./Asstt. Registrar
आयकर अपीलीय अिधकरण,
अिधकरण मुंबई / ITAT, Mumbai