Income Tax Appellate Tribunal - Ahmedabad
Sureshchandra B.Agarwal, Ahmedabad vs Assessee on 7 July, 2016
IN THE INCOME TAX APPELLATE TRIBUNAL "SMC" BENCH, AHMEDABAD BEFORE SHRI R.P. TOLANI, JUDICIAL MEMBER आयकर अपील सं./ ./ ITA No. 1701/Ahd/2012 & CO No.166/Ahd/2012 िनधा रण वष / Assessment Year : 2004-05 ACIT, Shri Sureshchandra B. Agarwal, Circle-6, Vs 12, Ratnam, Royal Crescent Ahmedabad Bunglows, Opp. New York Tower, Thaltej, Sarkhej Gandhinagar Highway, Ahmedabad - 380054 PAN : AASPA 4905 A अपीलाथ / अपीलाथ / (Appellant) यथ यथ / थ / (Respondent) & Cross-Objector Revenue by : Shri Antony Pariath, Sr DR Assessee by : Shri G.C. Pipara, AR सुनवाई क तारीख/ Date of Hearing : 07/07/2016 घोषणा क तारीख / Date of Pronouncement: 07/07/2016 आदेश/O R D E R This appeal by the Revenue and the Cross-objection thereof filed by the assessee are directed against the order of the Commissioner of Income- Tax (Appeals)-XI, Ahmedabad dated 07.05.2012 for AY 2004-2005.
2. The Revenue has raised following grounds in its appeal:-
i) The ld. CIT(A) has erred in law and on facts in deleting the addition of Rs.30,77,474/- made by the assessing officer u/s. 69 of the Act.
ii) The ld. CIT(A) has erred in law and on facts in accepting the contention of the assessee that sale of shares was genuine, which was substantiated by bogus documents.
iii) On the facts and circumstances of the case, the Ld. Commissioner of Income tax (A) ought to have upheld the order of the Assessing Officer.
3. Before me, at the outset, ld. Authorized Representative submitted that he is withdrawing the cross-objection; hence the cross-objection filed by the assessee is dismissed as withdrawn.
SMC-ITA No. 1701 & CO No.166/Ahd/2012 ACIT vs. Sureshchandra B. Agarwal AY : 2004-05 2
4. With respect to Revenue's present appeal, the ld. Authorized Representative submitted that the same needs to be dismissed on account of low tax effect in view of the CBDT Circular No.21 of 2015 dated 10.12.2015. The ld. Departmental Representative fairly admitted that the tax effect is less than the limit prescribed by the aforesaid CBDT Circular.
5. I have heard the rival submissions and perused the material on record. I find that prima-facie this appeal of the Revenue is not maintainable in view of CBDT Circular No. 21/2015 in F.No.279/Misc. 142/2007-ITJ (Pt) dated 10th December 2015, vide which it has been provided that if the tax effect by virtue of the Commissioner of Income-tax (Appeals)'s order is below Rs. 10 lacs, then that order would not be challenged before the Tribunal in further appeal. The Board has provided exemptions at clause (8) of the Instructions wherein it has been provided that these instructions will not be applicable, if vires of any provisions has been quashed by impugned order or addition was made on some audit objections or the addition relates to undisclosed foreign assets/bank accounts, etc. I find that the present case does not fall within the exemption clause and the tax is less than Rs.10 lacs. Therefore, the present appeal is not maintainable and hence dismissed.
6. In the result, the appeal of the Revenue and the Cross-objection of the assessee, both are dismissed.
Order pronounced in the Court on 7th July, 2016 at Ahmedabad.
Sd/-
R.P. TOLANI
(JUDICIAL MEMBER)
Ahmedabad; Dated 07/07/2016
*Biju T.
SMC-ITA No. 1701 & CO No.166/Ahd/2012 ACIT vs. Sureshchandra B. Agarwal AY : 2004-05 3 आदेश क ितिलिप अ ेिषत/Copy of the Order forwarded to :
1. अपीलाथ / The Appellant
2. यथ / The Respondent.
3. संबंिधत आयकर आयु / Concerned CIT
4. आयकर आयु (अपील) / The CIT(A)
5. िवभागीय ितिनिध, आयकर अपीलीय अिधकरण, अहमदाबाद / DR, ITAT, Ahmedabad
6. गाड फाईल / Guard file.
आदेशानुसार/ BY ORDER, TRUE COPY उप/सहायक पंजीकार (Dy./Asstt.Registrar) आयकर अपीलीय अिधकरण, अहमदाबाद / ITAT, Ahmedabad