Asst. Commissioner of Income Tax, Circle-4(1), Hyderabad v. Subhash Gupta , Hyderabad

MA 122/Hyd/2019 | 2014-2015
Pronouncement Date: 01-11-2019 | Result: Allowed

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Appeal Details

RSA Number 12222524 RSA 2019
Assessee PAN ACAPG1663R
Bench Hyderabad
Appeal Number MA 122/Hyd/2019
Duration Of Justice 4 day(s)
Appellant Asst. Commissioner of Income Tax, Circle-4(1), Hyderabad
Respondent Subhash Gupta , Hyderabad
Appeal Type Miscellaneous Application
Pronouncement Date 01-11-2019
Appeal Filed By Department
Order Result Allowed
Bench Allotted DB-B
Tribunal Order Date 01-11-2019
Last Hearing Date 01-11-2019
First Hearing Date 01-11-2019
Assessment Year 2014-2015
Appeal Filed On 28-10-2019
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH B HYDERABAD BEFORE SMT. P. MADHAVI DEVI JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY ACCOUNTANT MEMBER MA NO.122/HYD/2019 (IN ITA NO. 2078/HYD/2019) ASSESSMENT YEAR: 2014 - 15 ASST. COMMISSIONER OF INCOME TAX CIRCLE - 4(1) HYDERABAD. VS. SRI SUBHASH GUPTA 4 - 3 - 72/1/15 SULTAN BAZAR K.S. LANE HYDERABAD. PAN: ACAPG 1663 R (APPELLANT) (RESPONDENT) ASSESSEE BY: SRI K.C. DEVDAS CA AR REVENUE BY: SMT. MATTA PADMA DATE OF HEARING: 01/11/2019 DATE OF PRONOUNCEMENT: 01/11/2019 ORDER PER A. MOHAN ALANKAMONY AM.: THIS MISCELLANEOUS APPLICATION IS FILED BY THE REVENUE SEEKING TO RECALL THE ORDER OF THE TRIBUNAL PASSED IN ITA NO. 2078/HYD/2018 DATED 03/09/2019. 2. AT THE OUTSET LD. DR SUBMITTED THAT THE APPEAL FILED BY THE REVENUE WAS DISMISSED BY THE ITAT BY FOLLOWING THE CBDT CIRCULAR NO.03/2018 DATED 11/07/2018 AND CIRCULAR NO. 17 OF 2019 DATED 09/08/2019 AS THE TAX LIMITED INVOLVED IN THE APPEAL IS LESS THAN RS. 50 LAKHS. FURTHER LD. DR DRAWN OUR ATTENTION TO THE LATEST CIRCULAR 2 NO.23 OF 2019 DATED 06/09/2019 AND OFFICE MEMORANDUM DATED 16/09/2019 ISSUED BY THE CBDT WHEREIN IT WAS MENTIONED THAT THE MONETARY LIMITS FIXED FOR FILING APPEALS BEFORE THE ITAT HONBLE HIGH COURTS AND THE HONBLE SUPREME COURT SHALL NOT APPLY IN CASE OF THE ASSESSEE S CLAIMING BOGUS L TCG / STCL THOROUGH PENNY STOCKS AND THE APPEAL S IN SUCH CASES SHALL BE HEARD AND DISPOSED OFF ON MERITS. LD. DR ALSO SUBMITTED THAT THE PRESENT CA SE FALLS UNDER THE EXCEPTIONAL CATEGORY TO THE MONETARY LIMITS FOR FILING THE APPEAL BEFORE THE ITAT AS MENTIONED IN THE CBDT CIRCULARS (SUPRA) AS THE ISSUE INVOLVED IN THE APPEAL RELATES TO BOGUS CLAIM OF LTCG WITH RESPECT TO DEALING ON PENNY STOCKS. THEREFORE LD. DR PLEADED THAT THE MONETARY LIMI TS SPECIFIED IN CIRCULAR NO.17 OF 2019 THE ORDER OF THE TRIBUNAL DATED 03/09/2019 MAY BE CALLED AND THE APPEAL MAY BE HEARD ON MERITS NOTWITHSTANDING THE CIRCULAR NO.3/2018 DATED 11/7/2018 AND CIRCULAR NO. 17/2019 DATED 09/08/2019 . ON THE OTHER HAND LD. AR COULD NOT CONTROVERT TO THE SUBMISSIONS OF THE LD. DR. 3. WE HAVE HEARD THE RIVAL SUBMISSIONS AND CAREFULLY PERUSED THE MATERIALS ON RECORD. AFTER EXAMINING THE LATEST CIRCULAR NO.23 OF 2019 DATED 06/09/2019 AND OFFICE MEMORANDUM DATED 16/09/2019 ISS UED BY THE CBDT WE ARE OF THE CONSIDERED VIEW THAT UNAMBIGUOUSLY THE APPEAL OF THE REVENUE FALLS UNDER THE EXCEPTIONAL CATEGORY TO MONETARY LIMITS FOR FILING THE APPEALS BEFORE THE ITAT. THEREFORE CONSIDERING THE PRAYER OF THE LD. DR WE HEREBY RECALL THE ORDER OF THE TRIBUNAL DATED 3 03/09/2019 WITH DIRECTIONS TO THE REGISTRY TO FIX THE APPEAL FOR HEARING IN REGULAR COURSE AND ISSUE NOTICE OF HEARING TO BOTH THE PARTIES AND THE ASSESSEE IS ALSO DIRECTED TO FILE PAPER BOOKS / EVIDENCES ETC. IF ANY AND ALSO A FURNISH A COPY TO THE REVENUE IN ADVANCE IN ORDER TO EXPEDITE THE PROCEEDINGS . IT IS ORDERED ACCORDINGLY. 4. IN THE RESULT MISCELLANEOUS APPLICATION FILED BY THE REVENUE IS ALLOWED. PRONOUNCED IN THE OPEN COURT ON 01 ST NOVEMBER 2019. SD/ - SD/ - (P. MADHAVI DEVI) ( A. MOHAN ALANKAMONY ) JUDICIAL MEMBER ACCOUNTANT MEMBER HYDERABAD DATED: 01 ST NOVEMBER 2019 OKK COPY TO: - 1) SRI SUBHASH GUPTA 4 - 3 - 72/1/15 SULTAN BAZAR K.S. LANE HYDERABAD - 95. 2) ACIT R.NO.742 7 TH FLOOR INCOME TAX TOWERS MASAB TANK HYDERABAD. 3) THE CIT(A) - 1 HYDERABAD 4) THE PR. CIT - 1 HYDERABAD 5) THE DR ITAT HYDERABAD 6) GUARD FILE