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Income Tax Appellate Tribunal, “SMC” BENCH, MUMBAI
O R D E R Per Shamim Yahya, A. M.:
This appeal by the Revenue is directed against the order of the learned Commissioner of Income Tax (Appeals)-26, Mumbai (‘ld.CIT(A) for short) dated 23.09.2019 and pertains to the assessment year (A.Y.) 2006-07.
The grounds of appeal read as under:
(i) Whether on the facts and circumstances of the case and in law, the ld. CIT(A) was correct in deleting the addition of Rs.7,57,367/- made under the head unexplained sources which was shown by the assessee in the guise of exemption on account of long term capital gains on sale of shares of M/s. Buniyad Chemicals through M/s. mahasagar Securities Pvt. Ltd., without appreciating the fact that the National Stock Exchange of India has cancelled the registration of M/s. Mahasagar Securities Pvt. Ltd. in the year 2004 and the said shares were sold in the year 2005? (ii) The appellant prays that the order of the CIT(A) on the above grounds be reversed and that of the Assessing Officer be restored.
At the outset, it is noted that the tax effect in this case is below the limit of Rs.50,00,000/- fixed by the CBDT vide Circular No. 17/2019 dated 08.08.2019 for filing the appeal before the ITAT. Hence, this appeal by the Revenue is not maintainable.
(A.Y. 2006-07) ITO vs. Smt. Santosh Anil Parmar 4. Per contra, the ld. Departmental Representative (ld. DR for short) could not dispute that the tax effect is below the said limit. He could not point out that the appeal falls in any of the exception carved in said circular.
Upon careful consideration, we find that as the tax effect is below the limit fixed by CBDT for filing the appeals before the ITAT, this appeal by the Revenue is liable to be dismissed in limine.
Accordingly, the appeal stands dismissed as such.
Order pronounced under rule 34(4) of the Income Tax (Appellate Tribunal) Rules, 1962, by placing the details on the notice board on 24.05.2021