DCIT, CIRCLE-1, MUZAFFARPUR vs. M/S R.P.RAI ESTATE PVT LTD, PATNA
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Income Tax Appellate Tribunal, PATNA BENCH, PATNA
Before: DR. MANISH BORAD, HON’BLE & SHRI SONJOY SARMA, HON’BLE
IN THE INCOME TAX APPELLATE TRIBUNAL, PATNA BENCH, PATNA BEFORE DR. MANISH BORAD, HON’BLE ACCOUNTANT MEMBER AND SHRI SONJOY SARMA, HON’BLE JUDICIAL MEMBER ITA No.27/Pat/2021 Assessment Year: 2012-13 DCIT, Circle-1, Muzaffarpur M/s. R.P. Rai Estate Pvt. Ltd. 19, Goharua, Patliputra vs Colony, Patliputra, Patna- 800013 PAN: AACCR 4972 P (Appellant) (Respondent) Present for: Assessee by : Shri Devesh Poddar, Advocate Revenue by : Shri Sushil Kumar Mishra, JCIT, DR Date of Hearing : 19.03.2024 Date of Pronouncement : 22.03.2024 O R D E R PER SONJOY SARMA, JM: This appeal in ITA No. 27/Pat/2021 for A.Y. 2012-13 is preferred by the revenue against the order of the Commissioner of Income Tax (Appeals), Patna-2 dated 24.06.2020 and the grounds raised therein by the revenue read as under: “i. On the facts and in the circumstances of the case, the ld. CIT(A) erred in law by deleting the addition of Rs. 1,00,00,000/- on account of unexplained credit ignoring the fact that the assessee failed to prove the genuineness of transaction and creditworthiness of lender/creditor.
ii. On the facts and in the circumstances of the case, the assessee is involved in organised tax evasion activity by accepting accommodation entry of its undisclosed income in the guise of unsecured loan. Accordingly, the case is covered under exceptional clause of CBDT Circulars for filing further appeal.
iii. Any other grounds that may be urged at the time of hearing.”
2 ITA No.27/Pat/2021 M/s. R.P. Rai Estate Pvt. Ltd. A.Y. 2012-13 2. The ld. Counsel for the assessee at the outset has pointed out that the tax effect involved in this appeal filed by the Revenue is 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said Circular, the monetary limit so revised is applicable even to the pending appeals and the same are directed to be withdrawn or not pressed.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.
In the result, the appeal of the revenue is dismissed.
Order pronounced in the open court on 22.03.2024
Sd/- Sd/- (DR. MANISH BORAD) (SONJOY SARMA) ACCOUNTANT MEMBER JUDICIAL MEMBER Kolkata: 22.03.2024 Biswajit, Sr. P.S.
3 ITA No.27/Pat/2021 M/s. R.P. Rai Estate Pvt. Ltd. A.Y. 2012-13 Copy to: 1. The Appellant: DCIT, Circle-1, Muzaffarpur. 2. The Respondent: M/s. R.P. Rai Estate Pvt. Ltd. 3. The CIT, 4. The CIT (A) 5. The DR . //True Copy// [ By Order
Assistant Registrar ITAT, Kolkata Benches, Kolkata
