ACIT, CIRCLE-19(2), NEW DELHI vs. PANACEA BIOTECH LTD., NEW DELHI

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ITA 6185/DEL/2017Status: DisposedITAT Delhi15 December 2020AY 2008-093 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 Tribunal held that the appeal was not maintainable due to the low tax effect as per the CBDT circular. Consequently, the appeal was dismissed.

What were the facts?

The Revenue preferred an appeal against the order of the CIT(A) for assessment year 2008-09. The tax effect of the appeal was below the threshold stipulated by CBDT Circular No. 17/2019.

What were the issues?

Maintainability of the appeal before the ITAT based on the tax effect limit prescribed by CBDT circulars.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI ‘F’ BENCH,

Before: SHRI N.K. BILLAIYA, & SHRI KULDIP SINGH

For Appellant: Shri Shailesh Gupta, Adv
Hearing: 17.12.2020Pronounced: 17.12.2020

PER N.K. BILLAIYA, ACCOUNTANT MEMBER:-

1.

This appeal by the Revenue is preferred against the order of the Commissioner of Income Tax [Appeals] – 24, New Delhi dated 28.06.2017 pertaining to assessment year 2008-09.

2.

A perusal of the grievance of the revenue shows that the tax effect would be less than Rs. 50 lakhs, therefore, this appeal is not maintainable as per CBDT Circular No. 17/2019 dated 08.08.2019.

3.

This appeal is, accordingly, dismissed with liberty to the revenue to approach the Tribunal as per the provisions of law, should it feel that the tax effect is more than Rs. 50 lakhs.

4.

In the result, the appeal of the Revenue in stands dismissed.

The order has been pronounced in the open court in the presence of representatives of both the sides on 17.12.2020.

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