Nishit Stock Trade And Finvest P.Ltd, ... vs Department Of Income Tax

Dy. Commissioner of Income बनाम/ M/s Nishit Stock Trade and Tax -Circle-3, Vs. Finvest Pvt.Ltd., th Room No.2, B Wing, 6 floor,, Shop No.3, Saraswati Darshan, Ashar IT Park, Opp Saraswati High School Wagle Estate, Panchpakadi, Thane(W), Thane(W)-400602 (अपीलाथ /Appellant) .. ( यथ / Respondent)

थायी ले ख ा सं . /जीआइआर सं . /PAN/GIR No. :AACCN3887B

अपीलाथ ओर से /: Revenue by:: Shri Asghar Zain V P यथ क$ ओर से/ Assessee by Shri Malay H Shah

सन ु वाई क$ तार(ख / Date of Hearing :6.1.2015 घोषणा क$ तार(ख /Date of Pronouncement : 18.2.2015

आदे श / O R D E R

Per B.R.BASKARAN, Accountant Member:

The Revenue has filed this appeal challenging the order dated

30.11.2012 passed by the ld.CIT(A)-1, Thane and it relates to the

assessment year 2005-06.

2. At the time of hearing, the ld. counsel appearing for the assessee

submitted that tax effect in this appeal is below Rs.4 lakhs, since the

amount disputed is only Rs.10 lakhs. Accordingly, he submitted that the

appeal filed by the Revenue is not maintainable in view of Instruction No.5

of 2014 dated 10.07.2014, issued by CBDT. ITA No.2376/M/13 2

3. On the contrary, the ld. DR submitted that the present appeal has

been filed by the Revenue before the date of issuance of CBDT Instruction

No.5/14. The ld. DR submitted that tax effect in the present appeal is

more than Rs.3 lakhs and hence earlier instruction No.3/11 dated 9.2.2011

issued by the CBDT shall apply to the present case and hence the present

appeal is maintainable.

4. We have heard the rival contentions and perused the record. It is

pertinent to refer to decision of the Hon'ble Jurisdictional High Court in the

case of CIT V/s Smt. Vijaya V Kavekar (2013) 350 ITR 237(Bom), wherein

the Hon'ble High Court has held that the instructions issued u/s 268A of

the Act by the CBDT are applicable not only to new cases but also to

pending case as well. In view of the decision of the Hon'ble Jurisdictional

High Court, new circular/instruction shall apply to the present appeal and

hence the same is liable to be dismissed, since it is contrary to the policy

decision taken by the CBDT for preferring the appeal before the Tribunal.

Accordingly, we dismiss the appeal filed by the Revenue in limine as not

maintainable.

ITA No.2376/M/13 3

5. In the result, the appeal filed by the Revenue is dismissed.

The above order was pronounced in the open court on 18th Feb,

2015.

घोषणा खल ु े यायालय म+ ,दनांकः 18th Feb, 2015 को क$ गई ।

sd sd

(आय.पी. बंसल/I.P. BANSAL) (बी.आर. बा करन,/ B.R. BASKARAN) या यक सद य / Judicial Member लेखा सद य/Accountant Member

मुंबई Mumbai: 18th Feb,2015.

व. न.स./ SRL , Sr. PS

आदे श क त ल प अ े षत/Copy of the Order forwarded to : 1. अपीलाथ / The Appellant 2. यथ / The Respondent. 3. आयकर आय2 ु त(अपील) / The CIT(A)- concerned 4. आयकर आय2 ु त / CIT concerned

5. 3वभागीय त न5ध, आयकर अपील(य अ5धकरण, मंब ु ई/ DR, ITAT, Mumbai concerned

6. गाड फाईल / Guard file.

आदे शानुसार/ BY ORDER, true copy सहायक पंजीकार (Asstt. Registrar) आयकर अपील(य अ5धकरण, मुंबई /ITAT, Mumbai