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Income Tax Appellate Tribunal, “F” BENCH, MUMBAI
Before: SHRI JASON P. BOAZ, AM & SHRI SANDEEP GOSAIN, JM
आदेश / O R D E R Per Sandeep Gosain, J. M.: This appeal by the revenue is directed against the order dated 09.04.2009 of Commissioner of Income Tax (Appeals)-XIII, Mumbai (hereinafter called as the CIT(A) ) for assessment year 2005-06.
(A.Y.05-06) ITO Vs Birendra Kumar Jhanwar
(i) On the facts and circumstances of the case, and law the Ld.
CIT(A) has erred in directing the AO to delete the addition made u/s 68 of the I.T. Act on account of 15000 shares of M/s. Stanley
Securities Ltd. amounting to Rs.30,03,250/- (ii) On the facts and circumstances of the case, and law the Ld.
CIT(A) has erred in not appreciating the fact that the assessee did not cooperate during the remand proceedings. (iii) On the facts and circumstances of the case, and law the Ld.
CIT(A) has erred in not appreciating the fact that the assessee die not prove the source for the investment which is claimed to be with the broker since year before the previous year. 2. On the facts and circumstances of the case, and law the Ld. CIT(A) has erred in not appreciating the fact that the shares supposed to have purchased in 2004-05 merely for Rs.73,650/- by no stretch of imagination can fetch Rs.30,03,250/- in 2005-06. 3. The appellant prays that the order of ld. CIT(A) on the above grounds be set aside and that of the Assessing Officer be restored.”
At the outset the ld. DR pointed out that the tax effect in this appeal is below Rs.10.00 lakhs and further submitted that in view of the CBDT Circular
(A.Y.05-06) ITO Vs Birendra Kumar Jhanwar No.21/2015, dated 10.12.2015 brought out by the Central Board of Direct Taxes, Department of Revenue, Ministry of Finance , Government of India, the appeal was not maintainable and be dismissed. The ld. DR also agreed to the submission of the ld. AR.
We have heard the rival submissions and perused the material on record.
We find from the records before us that the tax involved in the disputed issue is below Rs.10 Lacs and therefore, in view of the circular no 21/2015 dated 10th December, 2015 no appeals should be filed by the Revenue before the Tribunal which has tax effect of Rs. 10.00 lacs or less and this circular is also applicable retrospectively to all pending appeals. The relevant extract the said CBDT Circular (Supra) is as under:-
“This instruction will apply retrospectively to pending appeals and appeals to be filed henceforth in High Courts/Tribunals. Pending appeals below the specified tax limits in para 3 above may be withdrawn/not pressed. Appeals before the Supreme Court will be governed by the instructions on this subject, operative at the time when such appeal was filed.”
Considering the above, the appeal filed by the Revenue, is therefore dismissed.
In the result, the appeal of the Revenue is dismissed.
(A.Y.05-06) ITO Vs Birendra Kumar Jhanwar
Order pronounced in the open court on 2nd March, 2016 Sd/- Sd/- (Jason P. Boaz) (Sandeep Gosain) लेखा सद�य / Accountant Member �या�यक सद�य / Judicial Member मुंबई Mumbai; �दनांक Dated :02.03.2016 Ps. Ashwini आदेश क� ��त�ल�प अ�े�षत/Copy of the Order forwarded to : 1. अपीलाथ� / The Appellant 2. ��यथ� / The Respondent 3. आयकर आयु�त(अपील) / The CIT(A) 4. आयकर आयु�त / CIT - concerned 5. �वभागीय ��त�न�ध, आयकर अपील�य अ�धकरण, मुंबई / DR, ITAT, Mumbai 6. गाड� फाईल / Guard File आदेशानुसार/ BY ORDER,