ITO, JAMSHEDPUR vs. SURENDRA PRASAD, JAMSHEDPUR

The ld. Counsel for the assessee at the outset has pointed out that the tax effect involved in the captioned appeals filed by the Revenue are less than the revised monetary limit of Rs. 50,00,000/- fixed by the C.B.D.T. for filing the appeals of the Revenue before the Tribunal and this position which is clearly evident from the grounds raised by the Revenue in this appeal is not disputed even by the ld. D.R. In the Circular No. 17/2019 dated 8th August, 2019 issued by the C.B.D.T., the monetary limit for filing the appeal by Revenue before the Tribunal is revised to Rs. 50,00,000/-. As further clarified in the said Circular, the monetary limit so revised is applicable even to the pending appeals and the same are directed to be withdrawn or not pressed. We accordingly treat this appeal as withdrawn/not pressed on account of low tax effect in view of the C.B.D.T. Circular No. 17/2019 dated 8th August, 2019 and dismiss the same. Consequent to that the cross-objections filed by the assessee are also dismissed as withdrawn.