Income-tax Officer, Ward-7(1), Ahmedabad v. Jyotiben Jagdishchandra Hirpara
[Citation -2016-LL-0928-162]

Citation 2016-LL-0928-162
Appellant Name Income-tax Officer, Ward-7(1), Ahmedabad
Respondent Name Jyotiben Jagdishchandra Hirpara
Court ITAT-Ahmedabad
Relevant Act Income-tax
Date of Order 28/09/2016
Assessment Year 2010-11
Judgment View Judgment
Keyword Tags private limited company • business loss • tax effect
Bot Summary: The Revenue s sole substantive ground pleaded in the instant appeal challenges the CIT(A) s order inter alia treating the loss of Rs.28,00,000/- on ITA No.3008/Ahd/2013 A.Y. 2010-11 -2- account of sale and purchase of shares of Private Limited Company acquired through private placement as business loss and allowing the same to be set off against the profit of other business as made by the Assessing Officer in assessment order dated 31.12.2012. There is no dispute that the net tax effect in the instant appeal is less than Rs.10 lacs. We find that the Central Board of Direct Taxes; hereafter the Board has issued the circular no. 21/2015 dated 10.12.2015 clearly envisaging therein that department s pending appeals before the tribunal/high courts are to be withdrawn/not pressed as per the above stated circular. The same has been declared to be having retrospective effect in other words. We take into consideration the above stated Boards circular and dismiss the instant appeal accordingly. This Revenue s appeal is dismissed as having low tax effect.


IN INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCH AHMEDABAD BEFORE SHRI N. K. BILLAIYA, ACCOUNTANT MEMBER, AND SHRI S. S. GODARA, JUDICIAL MEMBER. ITA Nos.3008/Ahd/2013 (Assessment Year:2010-11) Income-tax Officer, Ward-7(1), Ahmedabad Appellant Vs. Jyotiben Jagdishchandra Hirpara, Prop. Swami Marketing, 38, Kamal Estate, Rakhial, Ahmedabad 380023 Respondent PAN: ADGPP6413R By Revenue : Shri Deepak Sutaria, Sr. D.R. By Assessee : Shri S. N. Divatia, A.R. Date of Hearing : 21.09.2016 Date of Pronouncement : 28.09.2016 ORDER PER S. S. GODARA, JUDICIAL MEMBER This Revenue s appeal for A.Y. 2010-11, arises from order of CIT(A)-XIV, Ahmedabad, dated 27th September, 2013 in appeal no. CIT(A)- XIV/Ward-7(1)/259/2012-13, in proceedings under section 143(3) of Income Tax Act, 1961; in short Act . 2. Revenue s sole substantive ground pleaded in instant appeal challenges CIT(A) s order inter alia treating loss of Rs.28,00,000/- on ITA No.3008/Ahd/2013 (ITO vs. Jyotiben J. Hirpara) A.Y. 2010-11 -2- account of sale and purchase of shares of Private Limited Company acquired through private placement as business loss and allowing same to be set off against profit of other business as made by Assessing Officer in assessment order dated 31.12.2012. There is no dispute that net tax effect in instant appeal is less than Rs.10 lacs. We find that Central Board of Direct Taxes; hereafter Board has issued circular no. 21/2015 dated 10.12.2015 clearly envisaging therein that department s pending appeals before tribunal/high courts are to be withdrawn/not pressed as per above stated circular. same has been declared to be having retrospective effect in other words. We take into consideration above stated Boards circular and dismiss instant appeal accordingly. 3. This Revenue s appeal is dismissed as having low tax effect. [Pronounced in open Court on this 28th day of September, 2016.] Sd/- Sd/- (N. K. BILLAIYA) (S. S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER Ahmedabad: Dated 28/09/2016 True Copy S.K.SINHA Copy of Order Forwarded to:- 1. Revenue 2. Assessee 3. Concerned CIT 4. CIT (A) 5. DR, ITAT, Ahmedabad 6. Guard file. By order Income-tax Officer, Ward-7(1), Ahmedabad v. Jyotiben Jagdishchandra Hirpara
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