DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-4(2), KOLKATA, AAYAKAR BHAWAN POORVA vs. REGENT HIRISE PRIVATE LIMITED, KOLKATA

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ITA 1435/KOL/2024Status: DisposedITAT Kolkata26 February 2025AY 2012-13Bench: SHRI GEORGE MATHAN (Judicial Member), SHRI RAKESH MISHRA (Accountant Member)2 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Ld. DR conceded that the tax effect involved in both appeals was indeed below the prescribed monetary limit of Rs. 60 lakh. Consequently, the Tribunal dismissed both appeals filed by the Revenue under Section 268A of the Income Tax Act due to the low tax effect as mandated by CBDT Circular No. 09/2024.

What were the facts?

The Revenue filed two appeals against separate orders of the Ld. Commissioner of Income Tax (Appeals) for Assessment Years 2014-15 and 2012-13. At the outset, it was observed that the tax effect on the disputed additions in both cases was less than Rs. 60 lakh, which is the monetary limit prescribed for filing appeals by the Revenue as per CBDT Circular No. 09/2024 dated 17.09.2024, applicable retrospectively.

What were the issues?

Whether the Revenue's appeals should be dismissed under Section 268A of the Income Tax Act due to the tax effect on disputed additions being below the monetary limit prescribed by CBDT Circular No. 09/2024.

Which sections of the Income-tax Act were involved?

Section 250,Section 268A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” BENCH KOLKATA

Before: SHRI GEORGE MATHAN & SHRI RAKESH MISHRA

For Appellant: Shri Praveen Kishore, CIT, DR
Hearing: 26.02.2025Pronounced: 26.02.2025

Present for: Appellant by : Shri Praveen Kishore, CIT, DR Respondent by : N o n e Date of Hearing : 26.02.2025 Date of Pronouncement : 26.02.2025 O R D E R Per Bench : Both these appeals filed by the revenue are against the separate orders of the Ld. Commissioner of Income Tax (Appeals), Kolkata-27 [hereinafter referred to as “the Ld. CIT(A)”] vide order nos. ITBA/APL/S/250/2023-24/1059223500(1) & ITBA/APL/S/250/2023- 24/1059223152(1) dated 30.12.2023 passed u/s. 250 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) for AYs 2014-15 and 2012- 13.

2.

None appeared on behalf of the assessee and Shri Praveen Kishore, CIT, DR appeared on behalf of the revenue.

3.

It is seen, at the outset, in both the cases that the tax effect on the disputed additions before us is less than Rs. 60 lakh as prescribed in the & 1435/Kol/2024 Regent Hirise P. Ltd., AYs: 2014-15 & 2012-13 CBDT’s latest Circular No. 09/2024 dated 17.09.2024 for filing appeals by the Revenue before this Tribunal.

31.

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 both these appeals is less than the prescribed monetary limit of Rs. 60 lakh.

5.

In view of above stated position, both these appeals of the Revenue are 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.

In the result, both the appeals of the revenue are dismissed. Order pronounced in the open court.

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