ITO, WARD- 5 (3), NAGPUR vs. SHREE VENKATASH CASTING PVT. LTD., NAGPUR

ITA 62/NAG/2015Status: DisposedITAT Nagpur29 March 2019AY 2007-083 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal dismissed the Revenue's appeal solely on the grounds of low tax effect, as per CBDT Circular No. 3/2018. The Revenue was granted liberty to seek restoration if exceptions in the circular applied.

What were the facts?

The Revenue filed an appeal against the CIT(A)'s order deleting additions made under Section 40A(3) & 40(a)(ia) for transportation charges, and also assailed findings on minor additions. The tax effect involved in the appeal was less than Rs. 20 Lakhs.

What were the issues?

Whether the appeal filed by the Revenue should be dismissed due to low tax effect as per CBDT Circular No. 3/2018, without going into the merits of the case.

Which sections of the Income-tax Act were involved?

Section 40A(3),Section 40(a)(ia)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, NAGPUR BENCH, NAGPUR

Before: SHRI D. KARUNAKARA RAO, AM & SHRI VIKAS AWASTHY, JM

For Appellant: Shri C.J. Thakar & S.C. Thakar

PER VIKAS AWASTHY, JM :

This appeal has been filed by the Revenue against the order of Commissioner of Income Tax (Appeals)-I, Nagpur dated 14-11-2014 for the assessment year 2007-08. 2 ITA No. 62/NAG/2015, A.Y. 2007-08

2.

Shri C.J. Thakar and Shri S.C. Thakar appearing on behalf of the assessee submitted at the outset that the appeal by Revenue is liable to be dismissed on account of low tax effect in terms of recent CBDT Circular No. 3/2018, dated 11-07-2018. T

The order continues below.

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