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Income Tax Appellate Tribunal, DELHI BENCH: ‘A’ NEW DELHI
Before: SMT DIVA SINGH & SH.PRASHANT MAHARISHI
Date of Hearing 21.03.2016 Date of Pronouncement 22.03.2016 ORDER
PER DIVA SINGH, JM
The present appeal has been filed by the Revenue assailing the correctness of the order dated 22.10.2012 of CIT(A)-XXVIII, New Delhi pertaining to 2009-10 assessment year on the following grounds:
– 1. “On the facts and in the circumstances of the case and in law the Ld.CIT(A) erred in deleting the addition of Rs.15,97,402/- by treating the speculative business as a regular business activity and allowing the set off of loss on such speculative business against income from civil contract business.
2. On the facts and circumstances of the case, the Ld.CIT(A) has erred in concluding that the share transactions of the assessee resulting in loss were not speculative in nature as defined in sec. 43(5) of the I.T.Act, even though no reference has been made to any material on which such conclusion is based.
3. That the grounds of appeal are without prejudice to each other.
4. The appellant craves to be allowed to add, amend or modify any/all the grounds of appeal before or during the course of appeal.
2. No one was present at the time of hearing on behalf of the assessee. Considering the amount at stake for the Revenue, the Ld. DR was required to address Circular No.21/2015 dated 10th December, 2015 of CBDT. Considering the same in the facts on record, the Ld. Sr. DR fairly conceded that the I.T.A .No.-408/Del/2013 departmental appeal has been filed wherein the tax effect involved is much less than Rs.10 lakh.
We have heard the submissions of the Ld. DR on this issue and perused the material on record. We find that the CBDT vide the aforesaid Circular dated 10.12.2015 has revised the monetary limit to Rs.10 lakh for filing the appeal by the department before Income Tax Appellate Tribunal. Para 3 of the aforesaid Circular has been made applicable vide para 10 retrospectively. Considering the settled legal precedent that the Board’s instructions or directions issued to the Income Tax Authorities u/s 268A of the Income Tax Act, 1961 are binding on the authorities, we dismiss the departmental appeal considering the material available on record.
In the result, the appeal of the Revenue is dismissed. The order is pronounced in the open court on 22nd March, 2016.