ITO, New Delhi v. M/s Shalya Securities Pvt. Ltd.,, New Delhi

ITA 3837/DEL/2009 | 2001-2002
Pronouncement Date: 26-05-2010 | Result: Dismissed

Appeal Details

RSA Number 383720114 RSA 2009
Assessee PAN AABCS5841H
Bench Delhi
Appeal Number ITA 3837/DEL/2009
Duration Of Justice 8 month(s) 17 day(s)
Appellant ITO, New Delhi
Respondent M/s Shalya Securities Pvt. Ltd.,, New Delhi
Appeal Type Income Tax Appeal
Pronouncement Date 26-05-2010
Appeal Filed By Department
Order Result Dismissed
Bench Allotted G
Tribunal Order Date 26-05-2010
Date Of Final Hearing 26-05-2010
Next Hearing Date 26-05-2010
Assessment Year 2001-2002
Appeal Filed On 09-09-2009
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH G : NEW DELHI BEFORE SHRI R.P.TOLANI AND SHRI K.D.RANJAN ITA NO.3837/DEL/2009 ASSESSMENT YEAR : 2001-02 INCOME TAX OFFICER WARD 8(1) NEW DELHI. VS. M/S SHALYA SECURITIES PVT. TD. 56/8 BASEMENT OLD RAJINDER NAGAR NEW DELHI. PAN AABCS5841H (APPELLANT) (RESPONDENT) C.O.NO.355/DEL/2009 (IN ITA NO.3837/DEL/2009) ASSESSMENT YEAR : 2001-02 M/S SHALYA SECURITIES PVT. LTD. 56/8 BASEMENT OLD RAJINDER NAGAR NEW DELHI. PAN AABCS5841H VS. INCOME TAX OFFICER WARD 8(1) NEW DELHI. (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI PRATAP GUPTA C.A. RESPONDENT BY : SHRI KISHORE B. SR. D.R. ORDER PER K.D.RANJAN: THE APPEAL BY THE REVENUE AND CROSS OBJECTION BY TH E ASSESSEE ARISE OUT OF ORDER OF LD. CIT(A)-XI NEW DELHI. BOTH THES E APPEAL AND C.O. WERE HEARD TOGETHER AND FOR THE SAKE OF CONVENIENCE ARE DISPOSED OF BY THIS COMMON ORDER. 2 2. THE ONLY ISSUE FOR CONSIDERATION IN REVENUES AP PEAL RELATES TO DELETING THE ADDITION OF RS.5 LACS MADE BY ASSESSIN G OFFICER U/S 68 OF THE ACT. AT THE OUTSET IT HAS BEEN POINTED OUT BY LD. A.R. OF THE ASSESSEE THAT THE TAX EFFECT IN THE REVENUES APPEAL IS LESS THAN RS. 2 LACS AND THEREFORE APPEAL FILED BY THE REVENUE IS NOT MAINTAINABLE. 3. WE HAVE HEARD BOTH THE PARTIES AND GONE THROUGH THE MATERIAL AVAILABLE ON RECORD. WE FIND THAT ASSESSING OFFICER MADE ADDITION OF RS.5 LACS ON THE GROUND THAT AN INFORMATION WAS RECEIVED FROM DIT(INVESTIGATION) THAT THE ASSESSEE WAS BENEFICIARY OF ACCOMMODATION ENTRIES PROVIDED BY CERTAIN ENTRY OPERATORS. THE ASSESSING OFFICER REOP ENED THE ASSESSMENT AND ADDED THE AMOUNT OF RS. 5 LACS WHICH WAS TAKEN AS L OAN FROM M/S WELL WISH CREDIT PVT. LTD.. ON APPEAL LD. CIT(A) DELETED THE ADDITION AS NO MATERIAL OR INFORMATION WAS AVAILABLE IN THE ASSESSMENT WHICH C OULD CAST ANY DOUBT ABOUT THE RELEVANT TRANSACTION. THE TAX EFFECT ON A CCOUNT OF DELETION OF ADDITION OF RS. 5 LACS IS LESS THAN RS. 2 LACS AND THEREFORE IN OUR CONSIDERED OPINION THE APPEAL IS NOT MAINTAINABLE IN VIEW OF BOARDS INSTRUCTION NO.5/2008 F.NO.279/MISC./142/2007-ITJ ISSUED ON 15/ 5/2008 ACCORDING TO WHICH THE REVENUE IS NOT SUPPOSED TO FILE APPEAL BE FORE THE TRIBUNAL IN THE CASES WHERE MONETARY LIMIT WAS LESS THAN RS. 2 LACS . WE ALSO FIND THAT HON'BLE DELHI HIGH COURT IN THE CASE OF CIT VS. PRA DEEP KUMAR GUPTA 207 CTR 115(DEL.) DISMISSED THE APPEAL OF THE REVENUE I N VIEW OF BOARDS CIRCULAR DATED 24/10/2005. SINCE THE TAX DEMAND IS LESS THAN RS. 2 LACS IN VIEW OF THE LATEST INSTRUCTION OF C.B.D.T. DATED 15 /5/2008 NO APPEAL CAN BE FILED BY THE REVENUE BEFORE THIS TRIBUNAL. HENCE A PPEAL FILED BY THE REVENUE IS NOT MAINTAINABLE AND IS DISMISSED AS SUC H. 3 4. THE ASSESSEE IN CROSS OBJECTION HAS TAKEN A GROU ND RELATING TO ASSUMPTION OF JURISDICTION. SINCE WE HAVE TREATED T HE APPEAL FILED BY THE REVENUE AS NOT MAINTAINABLE THE CROSS OBJECTION FI LED BY THE ASSESSEE BECOMES INFRUCTUOUS AND SAME IS ALSO DISMISSED. AS THE APPEAL FILED BY THE REVENUE HAS NO LEG TO STAND CONSEQUENTIALLY THE CR OSS OBJECTION WILL ALSO NOT SURVIVE. 5. IN THE RESULT APPEAL FILED BY THE REVENUE AND C ROSS OBJECTION BY THE ASSESSEE ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 26/05/2010. SD/- SD/- (R.P.TOLANI ) (K.D.RANJAN ) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 26.05.2010. PSP COPY FORWARDED TO: - 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR ITAT DEPUTY REGISTRAR