RSA Number | 298619914 RSA 2019 |
---|---|
Assessee PAN | ABFFS7517N |
Bench | Mumbai |
Appeal Number | ITA 2986/MUM/2019 |
Duration Of Justice | 2 year(s) 12 day(s) |
Appellant | ACIT 28(3) , NAVI MUMBAI |
Respondent | M/S SHREE MUKUND ASSOCIATES, NAVI MUMBAI |
Appeal Type | Income Tax Appeal |
Pronouncement Date | 19-05-2021 |
Appeal Filed By | Department |
Tags | tax effect |
Order Result | Dismissed |
Bench Allotted | G |
Tribunal Order Date | 19-05-2021 |
Last Hearing Date | 24-02-2021 |
First Hearing Date | 24-02-2021 |
Assessment Year | 2014-2015 |
Appeal Filed On | 07-05-2019 |
Judgment Text |
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH G MUMBAI BEFORE SHRI SHAMIM YAHYA ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH JUDICIAL MEMBER ITA NO. 2986/MUM/2019 : A.Y : 2014 - 15 ASSTT. COMMISSIONER OF INCOME TAX 28(3) MUMBAI. (APPELLANT) VS. M/S. SHREE MUKUND ASSOCIATES 1/2 SHAKTI ARCADE PLOT 5 SECTOR 19D VASHI NAVI MUMBAI 400 705. PAN : ABFFS7517N (RESPONDENT) APPELLANT BY : SHRI T.S. KHALSA SR. AR RESPONDENT BY : NONE DATE OF HEARING : 24/02/2021 DATE OF PRONOUNCEMENT : 19 /0 5 /2021 O R D E R PER SHAMIM YAHYA AM : THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF LEARNED COMMISSIONER OF INCOME TAX (APPEALS) - 26 MUMBAI (IN SHORT THE CIT(A)) DATED 08.02.2019 AND PERTAINS TO ASSESSMENT YEAR 2014 - 15. 2. THE GROUNDS OF APPEAL READ AS UNDER : - (1) WHETHER ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW THE LD. CIT(A) HAS ERRED IN DELETING THE ADDITION OF NOTIONAL RENT @ 8% OF THE CLOSING STOCK AMOUNTING TO RS.1 21 69 745/ - MADE BY A.O RELY ON THE DECISION OF HON'BLE ITAT G BENCH MUMBAI DATED 27.06.2018 IN THE CASE OF ARIHANT ESTATES PVT. LTD. ? (2) WHETHER ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW THE LD. CIT(A) HAS ERRED IN DELETING THE ADDITION OF NOTIONAL RENT @ 5% PROFIT ESTIMATED ON 2 ITA NO. 2986/MUM/2019 M/S. SHREE MUKUND ASSOCIATES LAND VALUE AMOUNTING TO RS.11 67 985/ - BY HOLDING THAT THE METHOD OF ACCOUNTING ADOPTED BY THE ASSESSEE NEEDS NO INTERVENTION ? (3) THE APPELLANT PRAYS THAT THE ORDER OF LD. CIT(A) ON THE ABOVE GROUNDS BE REVERSED AND THAT OF THE ASSESSING OFFICER BE RESTORED. 3. AT THE OUTSET IT IS NOTED THAT THE TAX EFFECT IN THIS CASE IS BELOW THE LIMIT OF R S.50 00 000/ - FIXED BY THE CBDT VIDE CIRCULAR NO. 17/2019 DATED 08.08.2019 FOR FILING APPEAL BEFORE THE ITAT. HENCE THIS APPEAL BY THE REVENUE IS NOT MAINTAINABLE. 4. LD. DR COULD NOT DISPUTE THAT THE TAX EFFECT IS BELOW THE SAID LIMIT. HE COULD NOT PO INT OUT THAT THE APPEAL FALLS IN ANY OF THE EXCEPTIONS CARVED IN SAID CIRCULAR. 5. UPON CAREFUL CONSIDERATION WE FIND THAT AS THE TAX EFFECT IS BELOW THE LIMIT FIXED BY CBDT FOR FILING APPEALS BEFORE THE ITAT THIS APPEAL BY THE REVENUE IS LIABLE TO BE D ISMISSED IN LIMINE. THE REVENUE WILL HAVE LIBERTY TO SEEK RESTORATION OF THE APPEAL IF THE TAX EFFECT IS FOUND TO BE BEYOND THE ABOVE LIMIT. 6. ACCORDINGLY THE APPEAL STANDS DISMISSED AS SUCH. ORDER PRONOUNCED UNDER RULE 34(4) OF ITAT RULES ON 1 9 T H M A Y 2021. SD/ - SD/ - (AMARJIT SINGH) JUDICIAL MEMBER ( SHAMIM YAHYA ) ACCOUNTANT MEMBER MUMBAI DATE : 1 9 T H M A Y 20 21 *SSL* 3 ITA NO. 2986/MUM/2019 M/S. SHREE MUKUND ASSOCIATES COPY TO : 1) THE APPELLANT 2) THE RESPONDENT 3) THE CIT(A) CONCERNED 4) THE CIT CONCERNED 5) THE D.R G BENCH MUMBAI 6) GUARD FILE BY ORDER DY./ASSTT. REGISTRAR I.T.A.T MUMBAI
|