ACIT, CENTRAL CIRCLE-2, NEW DELHI vs. APPU GHAR HOLDIENGS P.LTD, NEW DELHI

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ITA 5551/DEL/2017Status: DisposedITAT Delhi24 November 2022AY 2012-132 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal dismissed the Revenue's appeal, citing a CBDT circular that mandates not filing appeals before the Tribunal if the tax effect is below Rs. 50 lakhs. The tax effect in this case was below the stipulated limit.

What were the facts?

The Revenue appealed an assessment order where additions were made under Section 68 and Section 69 of the Income Tax Act. The First Appellate Authority had set aside the assessment order.

What were the issues?

Whether the Revenue's appeal should be dismissed based on the CBDT's monetary limit for filing appeals before the Tribunal, considering the tax effect involved.

Which sections of the Income-tax Act were involved?

Section 68,Section 69

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH “A”: NEW DELHI

Before: SHRI SHAMIM YAHYA & SHRI ANUBHAV SHARMA

Hearing: 22/11/2022Pronounced: 24/11/2022

O R D E R PER ANUBHAV SHARMA, J. M.:

1. 1. Heard and perused the record.

2. The appeal has been preferred in regard to Assessment Year 2012- 13 and impugned assessment order dated 30.12.2016 u/s 143(3) of the Act has set aside the by the ld CIT(A)-23, New Delhi vide order dated 12.05.2017 in appeal No. 379/2016-17.

3. As the matter was called for hearing it surfaced that ld AO had made addition u/s 68 to the extent of Rs. 18 lakhs and under section 69 of Rs. 13,200/- total taxable income was rounded off to Rs. 17,81,330/-. The First Appellate Authority while passing its order dated 12.05.017 in 16 consolidated cases also referred to the fact that the assessed income was at Rs. 17,81,330/- and income tax effect of Rs. 9,56,813/-.

4. CBDT, vide Circular No.17/2019 dated 08.08.2019 has decided that the Revenue would not prefer an appeal before the Tribunal if the tax effect is less than Rs.50 lakhs. Page | 1

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