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Facts
The Revenue filed an appeal against the order of the Commissioner of Income Tax (Appeals) for the Assessment Year 2019-20. The tax effect involved in the disputed additions was found to be less than Rs. 60 lakh, as per the latest CBDT Circular.
Held
The Income Tax Appellate Tribunal dismissed the Revenue's appeal. It was held that, in accordance with CBDT Circular No. 09/2024, which applies retrospectively, appeals with a tax effect below the prescribed monetary limit of Rs. 60 lakh are not maintainable.
Key Issues
Whether the Revenue's appeal is maintainable when the tax effect is below the monetary limit prescribed by CBDT Circular No. 09/2024.
Sections Cited
268A
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Income Tax Appellate Tribunal, KOLKATA ‘B’ BENCH, KOLKATA
Before: SRI SANJAY GARG & SRI SANJAY AWASTHI
order
: 15.01.2025 ORDER
Per Sanjay Garg, Judicial Member:
The present appeal filed by the Revenue is directed against the order dated 16.07.2024 of the Commissioner of Income Tax (Appeals), Kolkata-21 [hereinafter referred to as Ld. 'CIT(A)'] for Assessment Year 2019-20.
I.T.A. No.: 2311/KOL/2024 Assessment Year: 2019-20 Eskag Pharma Pvt. Ltd.
It is seen, at the outset, 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 appeals by the Revenue before this Tribunal. 2.1. This circular prescribes that the revised monetary limits shall apply retrospectively to pending appeals as well.
The Ld. DR has fairly admitted that tax effect involved in this appeal is less than the prescribed monetary limit of Rs. 60 lakh.
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).