BHUPENDRA N MEHTA,MUMBAI vs. ITO 11(2)-2, MUMBAI

The Ld. AR submitted that the assessee has opted for settlement of dispute for both the years under Direct Tax Vivad Se Vishwas Scheme (VVS Scheme), 2020 and therefore, seeks withdrawal of his appeals. The Ld. DR did not object to the same.

In view of foregoing, both the appeals filed by the assessee stands dismissed as withdrawn with a liberty to assessee to seek restoration of the appeals in case the aforesaid declarations filed under the scheme are not accepted, for whatever reasons. 3. Regarding revenue’s appeals, Ld. AR submitted that tax effect of quantum additions being disputed by the revenue, in both the years, is below prescribed monetary limit of Rs.50 Lacs and therefore, the appeals are not maintainable in terms of recently issued low tax effect Circular No. 17/2019 dated 08/08/2019 [F.No.279/Misc. 142/2007- TTJ(Pt.) issued by CBDT. This recent circular further enhances the monetary limit fixed in earlier Circular No.3 of 2018 dated 11/07/2018 issued by CBDT as amended on 20/08/2018. The Ld. DR could not point out any exception. Accordingly, both the appeals filed by the revenue stands dismissed. However, a liberty is given to revenue to seek recall of the appeals, if at a later stage, it is found that the matter is covered by any exceptions provided in any of the circular or in case the tax effect in the appeal exceeds the prescribed monetary limit. 4. Both the appeals filed by the assessee stands dismissed as withdrawn. Both the appeals filed by the revenue stands dismissed on account of low tax effect.