DCIT, CIRCLE-2(1)(1) AHMEDABAD, AHMEDABAD vs. NAVNIRMAN CO OP BANK LTD, AHMEDABAD

"Whether on the facts and in the circumstances of the case and in law, the Ld.CIT(A) was justified in deleting the addition of Rs. 32.49,945/-on account DCIT vs. Navnirman Co-op.Bank Ltd. Asst. Year : 2016-17 2 of unexplained credit u/s 68 of the Act., without appreciating the facts of the case?" 2. “Whether on the facts and in the circumstances of the case and in law, the Id.CIT(A) has erred in ignoring the fact that the assessee has transacted with Jignesh Shah and Sanjay Shah being accommodation entry providers?" 3. The appellant craves leave to amend or alter any ground or add a new ground, which may be necessary." 4. It is, therefore, prayed that the order of Ld. CIT(A) may be set aside and that of the Assessing Officer be restored?"

Before going to the merit of the cases, the Authorized Representative (AR) for the assessee, at the outset, submitted that tax effect on the disputed total additions is below Rs.60 lakhs, therefore, by virtue of recent CBDT Circular No. 9 of 2024 dated 17.9.2024, Department has been instructed not to file appeal before the Tribunal, where tax effect is below Rs.60 lakhs. This instruction is applicable to the pending cases also. Therefore, the present appeal of the Revenue is liable to be dismissed at the threshold. Per contra, the Departmental Representative (DR) did not dispute applicability of the recent CBDT circular and also tax effect being below Rs.60 lakhs in the assessee case. He, however, left the issue to the Tribunal to pass appropriate order in the matter.