Loading judgment…
No AI summary yet for this case.
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 02.03.2012 of Commissioner of Income Tax (Appeals)-35, Mumbai (hereinafter called as the CIT(A) ) for assessment year 2008-09.
(A.Y.2008-09) ITO Vs Vibhuti K. Sodha
“On the facts and circumstances of the case, and law the Ld. CIT(A) erred
in directing the additions made by the A.O. and allowing the assessee to offer capital gain in the AY 2009-10 without appreciating the fact that the capital gain should be offered in the year in which the agreement was made and registered and when the full sale consideration has been received by the assessee in the year 2007-08 i.e. AY 2008-09. 2. On the facts and circumstances of the case, and law the Ld. CIT(A) erred in directing the additions and allowing claim of exemption u/s.54 of the I.T.Act,1961, in the AY 2009-10 without appreciating the fact that the assessee has purchased the new flat more than one year before the date of transfer took place of the old flat.”
At the outset the ld. AR 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 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.
(A.Y.2008-09) ITO Vs Vibhuti K. Sodha
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 Pending appeals below the specified tax limits in para 3 above may be withdrawn/not pressed.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.
Order pronounced in the open court on 2nd March, 2016