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Income Tax Appellate Tribunal, “D” BENCH, AHMEDABAD
Before: SHRI PRADIP KUMAR KEDIA
आदेश / O R D E R
PER PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER: The captioned appeal has been filed at the instance of the Revenue against the order of the Commissioner of Income Tax(Appeals)-V, Baroda [CIT(A) in short] dated 16/01/2014 arising in the matter of assessment order passed under s.143 of the Income Tax Act, 1961 (hereinafter referred to as "the Act") dated 24/12/2010 relevant to Assessment Year (AY) 2008-09.
ITA No.1227/Ahd/2014 ITO vs. Shri Bipinchandra S. Tamakuwala Asst.Year –2008-09 - 2 - 2. The ground of appeal raised by the Revenue reads as under:- (i) The learned CIT(A) erred in law and on facts in deleting addition of Rs.27,39,180/- made on account of gain on purchase of stock in trade of the firm, being deemed income of assessee. (ii) The learned CIT(A) erred in law and on facts in holding that the claim of assessee regarding sale/distribution of flat to it in 1996 is apparently correct, despite the fact that assessee failed to produce any evidence to establish that the date of acquisition of the alleged property, was prior to A.Y. 2008-09. (iii) The learned CIT(A) erred in not appreciating the fact that assessee provided completely contradictory sale value of the alleged property at Rs.30,00,000/- as per the Sale Deed dated 3.11.2007 and the value at Rs.9,49,000/--, as admitted, replying to question no. 7 at page no. 4 in his statement recorded u/s 131 of the IT Act on 16.12.2010 during the assessment proceedings, proving the AO's finding that assessee’s version is not reliable.
At the time of hearing, it was submitted by the Ld.AR for the assessee that appeal filed by the Revenue is hit by CBDT Circular No.21 of 2015 dated 10/12/2015. As per aforesaid Circular, all pending appeals filed by Revenue are liable to be dismissed as a measure for reducing litigation where the tax effect does not exceed the prescribed monetary limit which is Rs.10 lakhs. In the instant case, the tax effect on the disputed issue raised by the Revenue is stated to be not exceeding Rs.10 lakhs and therefore appeal of the Revenue is required to be dismissed in limine.
The Ld. DR for the Revenue fairly admitted the applicability of the CBDT Circular No.21 of 2015. Accordingly, appeal of the Revenue is dismissed as not maintainable. However, it will be open to the Revenue to seek restoration of its appeal on showing inapplicability of the aforesaid CBDT Circular in any manner.
ITA No.1227/Ahd/2014 ITO vs. Shri Bipinchandra S. Tamakuwala Asst.Year –2008-09 - 3 - 5. In the result, appeal of the Revenue is dismissed. This Order pronounced in Open Court on 02/05/2018
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