ITO, NEW DELHI vs. M/S. RAGHVENDER SHANKAR FINANCE & INVESTMENT CO. PVT. LTD., NEW DELHI

The Ld.Sr. DR for the Revenue has submitted that the appeal of the Revenue was dismissed by the Tribunal on account of low tax effect. The Tribunal shall give the liberty to the assessee to revise the appeal if tax effect was found incorrect. 3. Ld.AR for the assessee submitted that the tax effect involved in the appeal was above INR 50 Lakhs in terms of CBDT Circular No.17/2019 dated 08.08.2019 wherein tax effect limit was revised upto INR 50 Lakhs. 4. We have heard the contention of Ld. Sr. DR for the Revenue and perused the material available on record. From the perusal of the records, it was seen that tax effect in this case was more than INR 50 Lakhs when the appeal of the assessee was decided, since at that time, CBDT Circular No.17/2019 dated 08.08.2019 was in operation according to which the tax effect in the case of the Revenue’s appeal should be more than INR 50 Lakhs and therefore, the M.A. filed by the Revenue is allowed and the appeal of the Revenue is restored to its original number. [Assessment Year : 2005-06]

During the course of hearing, it is seen that the tax effect in the present case is below INR 60 Lakhs as the mandatory limit for filing the appeal of the Revenue has been revised in terms of CBDT Circular No.09/2024 dated 17.09.2024 wherein the tax effect limits were increased to INR 60 Lakhs before the Tribunal. Therefore, the appeal of the Revenue is dismissed being low tax effect in view of MA-152/Del/2021 & the CBDT Circular No.09/2024 dated 17.09.2024, the tax limit is INR 60 Lakhs. 6. In the result, M.A. filed by the Revenue is allowed and appeal of the Revenue is dismissed.