DCIT, NEW DELHI vs. SH. ADITYA KHANNA, NEW DELHI

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ITA 6115/DEL/2014Status: DisposedITAT Delhi26 July 2016AY 2005-062 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the appeal should not have been pressed by the Revenue due to the low tax effect, as per CBDT circular. Furthermore, the issue was already decided in the assessee's own case by a coordinate bench.

What were the facts?

The Revenue filed an appeal against the deletion of an addition made by the Assessing Officer for unexplained investment. The tax effect in the appeal was less than Rs. 10 lakhs.

What were the issues?

Whether the Revenue's appeal should be withdrawn or not pressed due to low tax effect, and whether the issue of unexplained investment was already decided in the assessee's favor.

Which sections of the Income-tax Act were involved?

Section 268A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH ‘SMC-3’, NEW DELHI

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘SMC-3’, NEW DELHI BEFORE SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER DCIT vs. Sh. Aditya Khanna Central Circle 5 R/o B-35, Greater Kailash 1 New Delhi New Delhi PAN: AORPK 0703 M (Appellant) (Respondent) Appellant by : Sh.P.Damkanunjna, Sr.D.R. Respondent by : Sh.BN Goswamy, Adv. O R D E R This is an appeal filed by the Revenue. Admittedly the tax effect in the present appeal is less than Rs.10 lakhs. 1.1. In terms of CBDT Circular No.21/2015 dated 10th December,2015, F.No. 279/Misc./142/2007-ITJ(Pt.) read with S.268 A of the Income Tax Act 1961, this appeal by the Revenue should have been withdrawn or should not have been pressed by the Revenue.

2.

Even otherwise the sole issue raised in this appeal i.e. deletion of an addition made by the Assessing Officer (A.O.) on account of unexplained investment is covered by the order of the F Bench of the ITAT in the assessee’s own case in ITA 1915-1916-1917/Del/10 and other cases vide order dt. 15th July, 2014.

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