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Income Tax Appellate Tribunal, ‘J‘ BENCH
Before: SHRI M.BALAGANESH & SHRI AMARJIT SINGH
आदेश / O R D E R PER BENCH: These Cross appeals in ITA Mo.3431/Mum/2014 & CO No.169/Mum/2015 for A.Y.2008-09 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-15, Mumbai in appeal No.CIT(A)-15/Arr-193/13-14 dated 18/02/2014 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) r.w.s. 144C(13) of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 09/02/2012 by the ld. Joint Director of Income Tax (International Taxation), Range-4, Mumbai (hereinafter referred to as ld. AO).
Doha Bank QSC, India Branches (Successor to HSBC Bank Oman S.A.O.G.)
(A.Y.2008-09) & CO No.169/Mum/2015 (A.Y.2008-09)
At the outset, we find that assessee has placed a letter dated 27/08/2021 on record stating that it wishes to withdraw its appeal in and Cross Objections in CO No.169/Mum/2015 considering the smallness of amounts involved in dispute. The assessee had also specifically pleaded that the said withdrawal should not be construed as acceptance of the additions made by the ld. AO and shall not have any precedence value for any other assessment year.
Considering the contentions raised by the assessee vide its letter dated 27/08/2021, we permit the assessee to withdraw its appeal and its cross objections considering the smallness of the amounts involved in dispute. We also categorically hold that the said withdrawal shall not have any precedence value for other assessment years and the said withdrawal shall not be considered as acceptance of the additions made by the ld. AO.
Accordingly, the appeal of the assessee together with its cross objections are dismissed as withdrawn.
Both the parties before us mutually agreed that this revenue appeal is to be dismissed as not maintainable in view of the recent Circular issued by the CBDT dated 08/08/2019 wherein the revenue has been directed to withdraw the appeal preferred by it before the Tribunal if the tax effect
Doha Bank QSC, India Branches (Successor to HSBC Bank Oman S.A.O.G.) on the disputed issues is less than or equal to Rs.50,00,000/-. It is well settled that this Circular is binding on the revenue authorities.
Respectfully following the said Circular, the appeal filed by the revenue is dismissed as not maintainable.
Incase, if the revenue is able to provide evidence that the case falls under any of the exceptions provided in the circular issued by the CBDT, then the revenue may prefer miscellaneous application for recalling of this order, if they so desire, in which circumstance this order shall be recalled by this Tribunal.
In the result, appeal filed by the revenue is dismissed as not maintainable.
In the result, appeal of the assessee, cross objection of the assessee and appeal of the Revenue are dismissed.
Order pronounced in open Court on 30/08/2021