DY. CIT-1(3)(2), MUMBAI vs. WEST COAST MARITIME PVT LTD., MUMBAI

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ITA 3915/MUM/2019Status: DisposedITAT Mumbai09 February 2021AY 2010-113 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal found that the tax effect of the disputed additions was below the monetary threshold limit set by the CBDT circular. Therefore, the appeal was not maintainable.

What were the facts?

The Revenue appealed an order of the CIT(A) which deleted an addition of Rs. 129 Lacs made by the AO. The assessee argued that the tax effect of the disputed additions was below the threshold limit prescribed by CBDT Circular No. 17/2019.

What were the issues?

Whether the Revenue's appeal is maintainable when the tax effect of the disputed additions falls below the prescribed monetary threshold as per CBDT circulars.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “G” BENCH, MUMBAI

Before: HON’BLE SHRI MAHAVIR SINGH, VP & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

For Respondent: Shri T.S. Khalsa- Ld. Sr.AR

आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by revenue for Assessment Year [in short referred to as ‘AY’] 2010-11 contest the order of Ld. Commissioner of Income-Tax (Appeals)-3, Mumbai [in short referred to as ‘CIT(A)’], Appeal No.CIT(A)-3IT-10758/2017-18, dated 18/03/2019 which has deleted addition of Rs.129 Lacs u/s 68 as made by Ld. AO while framing an assessment u/s 143(3) r.w.s. 147 on 29/12/2017.

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