ASSTT. C.I.T, CIR- 1., NAGPUR vs. SHRI BAJRANGLAL BANKATLAL MALOO, NAGPUR

ITA 499/NAG/2014Status: DisposedITAT Nagpur28 March 2019AY 2007-084 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the tax effect in the appeal was less than the monetary limit prescribed by CBDT Circular No. 3/2018. Therefore, the appeal was dismissed on account of low tax effect without going into the merits of the issue.

What were the facts?

The Revenue filed an appeal against the CIT(A)'s order deleting an addition of Rs. 56,48,750/- made on account of deemed dividend. The assessee argued for dismissal due to low tax effect as per CBDT Circular No. 3/2018.

What were the issues?

Whether the Revenue's appeal should be dismissed due to low tax effect as per CBDT Circular No. 3/2018, irrespective of the merits of the case.

Which sections of the Income-tax Act were involved?

Section 2(22)(e)

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 Abhay Agarwal
For Respondent: Shri U.U. Kasar

PER VIKAS AWASTHY, JM :

The appeal has been filed by the Revenue against the order of Commissioner of Income Tax (Appeals)-1, Nagpur dated 29-01-2018 for the assessment year 2014-15. 2. Shri Abhay Agarwal 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. 3

The order continues below.

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