THE ITO, WARD-8(4), AHMEDABAD vs. YASH BHUMI CONSTRUSTION PVT.LTD., AHMEDABAD

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ITA 1201/AHD/2012Status: DisposedITAT Ahmedabad30 August 2017AY 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 dismissed all four appeals filed by the Revenue. This was because the net tax effect in each appeal was less than the amount prescribed by CBDT circular no. 21/2015, and no exceptions applied.

What were the facts?

The Revenue filed four appeals against the CIT(A)'s order which deleted additions made under Section 68 and disallowedances under Section 80IB(10). The appeals pertained to assessment years 2005-06, 2008-09, 2007-08, and 2006-07.

What were the issues?

Whether the appeals should be dismissed due to low tax effect as per CBDT circulars, despite the merits of the additions/disallowances.

Which sections of the Income-tax Act were involved?

Section 68,Section 80IB(10)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, AHMEDABAD “SMC” BENCH AHMEDABAD

Before: SHRI PRAMOD KUMAR, & SHRI S. S. GODARA.

Hearing: 13.09.2017Pronounced: 20.09.2017

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “SMC” BENCH AHMEDABAD

BEFORE SHRI PRAMOD KUMAR, ACCOUNTANT MEMBER, AND SHRI S. S. GODARA, JUDICIAL MEMBER. ITA Nos. 1201 to 1204/Ahd/2012 (Assessment Years: 2005-06, 2008-09, 2007-08 & 2006-07)

ITO, Wd.8(4), B-205, 2nd Floor, Pratyakshkar Bhavan, Ambawadi, Ahmedabad Appellant Vs. Yash Bhumi Construction Pvt. Ltd., 401, Saubham Complex, Nr. Jain Derasar, Navrangpura, Ahmedabad 380009 Respondent PAN: AAACY1129M

राज�व क� ओर से/By Revenue : Shri Roop Chand, Sr. D.R. आवेदक क� ओर से/By Assessee : Shri P. B. Parmar, A.R. सुनवाई क� तार�ख/Date of Hearing : 13.09.2017 घोषणा क� तार�ख/Date of Pronouncement : 20.09.2017 ORDER PER S. S. GODARA, JUDICIAL MEMBER These Revenue’s four appeals for assessment years 2005-06, 2008-09, 2007- 08 & 2006-07 arise against the CIT(A)-XIV, Ahmedabad’s common order dated 19.03.2012, in case nos. CIT(A) XIV/Wd.8(4)/140,141,142 & 143/10-11, inter alia deleting Section 68 unexplained cash credits addition of Rs. 7lacs and Rs.1.5 lacs in former two appeals as well as identical Section 80IB(10) disallowance of Rs.9,34,367/-, Rs.2,89,991/-, Rs.16,37,867/- and Rs.17,20,089/-; appeal-wise respectively, in proceedings u/s. 148 r.w.s. 143(3) of the Act in former three

ITA Nos. 1201 to 1204/Ahd/12 ( ITO vs. Yash Bhumi construction Pvt. Ltd.) A.Ys. 2005-06, 2008-09, 2007-08 & 2006-07 - 2 -

assessment years and u/s.143 of the Income Tax Act, 1961; in short “the Act” in last assessment year 2008-09. Heard both sides. Case files perused.

2.

A bare perusal of the Revenue’s above narrated grievance seeking to revive Section 68 addition(s) and Section 80IB(10) disallowance pertaining to the housing project in question “Nar Narayan Bungalow” as spread over in the four impugned assessment years. Learned Departmental Representative fails to dispute that the net tax effect involved in any of the appeal is less than Rs.10lacs as prescribed in CBDT circular no. 21/2015 dated 10.12.2015. Nor it is the Revenue case that these four cases do come under the exception clauses envisaged in the above circular. We therefore decline all these four appeals since involving lower than prescribed tax effect.

3.

These four Revenue’s appeals are dismissed.

[Pronounced in the open Court on this the 20th day of September, 2017.]

Sd/- Sd/- (PRAMOD KUMAR) (S. S. GODARA) JUDICIAL MEMBER ACCOUNTANT MEMBER Ahmedabad: Dated 20/09/2017 True Copy S.K.SINHA आदेश क� ��त�ल�प अ�े�षत / Copy of Order Forwarded to:- 1. राज�व / Revenue 2. आवेदक / Assessee 3. संबं�धत आयकर आयु�त / Concerned CIT 4. आयकर आयु�त- अपील / CIT (A) 5. �वभागीय ��त�न�ध, आयकर अपील�य अ�धकरण, अहमदाबाद / DR, ITAT, Ahmedabad 6. गाड� फाइल / Guard file. By order/आदेश से,

उप/सहायक पंजीकार आयकर अपील�य अ�धकरण, अहमदाबाद ।

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