DCIT 24(1), MUMBAI vs. HARESH P. PAHUJA, MUMBAI

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ITA 3982/MUM/2014Status: DisposedITAT Mumbai23 December 2015AY 2006-072 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The Tribunal dismissed the Revenue's appeal as withdrawn/not pressed. This was due to the tax effect being below the threshold specified in the CBDT circular, making the appeal non-maintainable.

What were the facts?

The Revenue appealed against the CIT(A)'s decision to treat gains from share transactions as short-term capital gains instead of business income. The tax effect of the dispute was found to be below the limit prescribed by CBDT circular.

What were the issues?

Whether the appeal filed by the Revenue is maintainable given the tax effect is below the CBDT prescribed limit.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, H Bench, Mumbai

Before: Shri G.S. Pannu & Shri Ram Lal NegiShri Haresh P. Pahuja

For Appellant: Shri C.N. Angolkar
For Respondent: Ms. Champa Purohit
Hearing: 23.12.2015Pronounced: 23.12.2015

This appeal by the Revenue is directed against the order dated 24.03.2013 passed by the CIT(A)-34, Mumbai and it pertain to A.Y. 2006-07.

2.

Although the Revenue has raised multiple grounds of appeal

but the pertinent dispute is with respect to the decision of the CIT(A) in accepting the short term capital gains on purchase and sale of shares declared by assessee in return of income as against the business income assessed by the AO.

3. At the time of hearing, the learned A.R. for the assessee stated that the tax effect of the dispute is below the limit prescribed by the CBDT in circular No. 21/2015 dated 10th December, 2015 and therefore the said appeal of the Revenue is liable to be dismissed.

4. As per the working submitted at the time of hearing, the tax effect of the dispute is `8,41,297/-, which has not been disputed by the learned D.R. for the Revenue. In this view of the matter, filing of Shri Haresh P. Pahuja the captioned appeal by Revenue is in contravention to the CBDT circular dated 10th December, 2015.

5.

In view of the aforesaid factual matrix, which is not disputed by the learned D.R., the captioned appeal is dismissed as withdrawn/not pressed having regard to the CBDT circular dated 10th December, 2015. Order pronounced in the open court in the presence of both the parties on 23rd December, 2015. Sd/- Sd/- (Ram Lal Negi) (G.S. Pannu) Judicial Member Accountant Member Mumbai, Dated: 23rd December, 2015

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