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Facts
The Revenue filed an appeal and the assessee a cross-objection against the CIT(A)'s order for Assessment Year 2014-15. The tax effect on the disputed additions in the Revenue's appeal was found to be less than Rs. 60 lakh, which is below the monetary limit prescribed by CBDT Circular No. 09/2024 for filing appeals by the Revenue.
Held
The Income Tax Appellate Tribunal dismissed the Revenue's appeal under Section 268A of the Income Tax Act, 1961, due to the low tax effect. The assessee's Cross Objection was also dismissed as withdrawn based on the request of the Ld. Counsel for the assessee.
Key Issues
Whether the Revenue's appeal is maintainable when the tax effect is below the prescribed monetary limit as per CBDT circular, and the dismissal of the assessee's cross-objection upon withdrawal.
Sections Cited
250, 268A
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Income Tax Appellate Tribunal, “A” BENCH, KOLKATA
Before: SHRI GEORGE MATHAN & SHRI SANJAY AWASTHI
Present for: Revenue by : Smt. Amuldeep Kaur, JCIT Assessee by : Shri Akash Mannsinka, AR Date of Hearing : 24.03.2025 Date of Pronouncement : 24.03.2025 O R D E R Per Bench : The captioned appeal by the revenue and the Cross Objection by the assessee are against the order of the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as “the Ld. CIT(A)”] vide order no. ITBA/NFAC/S/250/2023- 24/1057920808(1) dated 14.11.2023 passed u/s. 250 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) for AY 2014-15.
Smt. Amuldeep Kaur, JCIT appeared on behalf of the revenue and Shri Akash Mannsinka, AR appeared on behalf of the assessee.
It is seen, at the outset, in this case that the tax effect on the disputed additions before us is less than Rs. 60 lakh as prescribed in the CBDT’s latest Circular No. 09/2024 dated 17.09.2024 for filing appeal by the Revenue before this Tribunal. A computation of Tax effect under appeal is placed on file which is reproduced as under:
This circular prescribes that the revised monetary limits shall apply retrospectively to pending appeals as well. 4. The Ld. DR has fairly admitted that tax effect involved in this appeal is less than the prescribed monetary limit of Rs. 60 lakh. 5. In view of above stated position, this appeal of the Revenue is dismissed u/s 268A of the Act because of low tax effect than the prescribed limits as per CBDT Circular No. 09/2024 (supra). 6. At the time of hearing, Ld. Counsel for the assessee prayed before the Bench to withdraw the Cross Objection. Hence, the Cross Objection filed by the assessee stands dismissed as withdrawn.
In the result, the appeal of the revenue is dismissed and Cross Objection of the assessee is dismissed. Order dictated and pronounced in the open court.