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Income Tax Appellate Tribunal, “G” BENCH, MUMBAI
Before: HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM & HON’BLE SHRI RAVISH SOOD, JM
आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeals by revenue for Assessment Years [in short referred to as ‘AY’] 2014-15 & 2015-16 contest separate orders of learned first Appellate Authority which has granted certain relief to the assessee on account of weighted deduction u/s 35(2AB).
The Ld. Counsel for Assessee, Shri Navin Kumar Mishra, at 2. the outset, drawing attention to Form Nos. 36, submitted that tax effect of quantum additions under dispute in both the years is below prescribed threshold limit of Rs.50 Lacs and therefore, the revenue’s appeals are not maintainable in terms of latest low tax effect CBDT Circular No. 17/2019 dated 08/08/2019 [F.No.279/Misc. 142/2007-TTJ(Pt.). The Ld. DR could not point out any exception to controvert the plea raised by Ld. AR.
After going through material on record, we find that the tax effect of quantum additions under dispute, in both the appeals, is below threshold 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. In view of the same, the appeals are not maintainable.
At the same time, 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 appeals exceeds the prescribed monetary limit.