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Income Tax Appellate Tribunal, HYDERABAD ‘A’ BENCH : Hyderabad
Before: Smt. P. Madhavi Devi & Shri A. Mohan Alankamony
O R D E R Per Smt. P. Madhavi Devi, J.M. This is Revenue’s appeal against the order of Ld.CIT(A), Kurnool dated 03.07.2018 for the A.Y. 2006-07.
The appeal was taken up for hearing through video conference on 12.10.2020 and both the parties were heard.
At the time of hearing, Ld.Counsel for the assessee pointed out that the tax effect in revenue’s appeal is less than the monetary limit of Rs.50,00,000/- as prescribed by the CBDT Circular No.03/2018 dated 11.7.2018 and Circular No.17/2019 dated 08.08.2019.
ITO, Ward 2 vs. M/s Vinayaka Transport
Ld.DR confirmed that the tax effect is below the statutory limit of Rs.50,00,000/-.
Therefore, the appeal of the Revenue is dismissed for low tax effect in accordance with the CBDT Circular No.03/2018 dated 11.7.2018 and Circular No.17/2019 dated 08.08.2019 with liberty to seek recall of this Order if this case falls within any of the exceptions to the Circular.
In the result, revenue’s appeal is dismissed. Order pronounced on 12th October, 2020.