THE DCIT-AKOLA-CIRCLE, AKOLA, AKOLA vs. SHRI SUSHILKUMAR RATANLAL KHOWAL, AKOLA

ITA 463/NAG/2013Status: DisposedITAT Nagpur25 March 2019AY 2007-084 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the appeal by the Revenue is dismissed due to low tax effect, as the tax involved is less than Rs. 20 lakhs, which is the revised monetary limit set by the CBDT Circular.

What were the facts?

The Revenue filed an appeal against the deletion of an addition made by the Assessing Officer concerning a non-genuine speculative loss. The assessee argued for dismissal based on low tax effect as per CBDT Circular No. 3/2018.

What were the issues?

Whether the Revenue's appeal should be dismissed on the grounds of low tax effect as per the latest CBDT circular, without delving into the merits of the case.

Which sections of the Income-tax Act were involved?

Not explicitly mentioned, but related to appeal filing criteria based on tax effect.

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 S.C. Thakar
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)-I, Nagpur dated 30-09-2013 for the assessment year 2007-08. 2. 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. 3. Shri Shri U.U. Ka

The order continues below.

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