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Income Tax Appellate Tribunal, “B” BENCH, MUMBAI
Before: HON’BLE SHRI MAHAVIR SINGH, VP & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM
आदेश / O R D E R
Manoj Kumar Aggarwal (Accountant Member)
By way of captioned appeal, the revenue challenges the order of Ld. first appellate authority in deleting penalty u/s 271(1)(c) for Rs.31.98 Lacs. The impugned penalty was levied by Ld. Assessing Officer vide order dated 30/03/2012. 2. The Ld. Counsel for assessee, at the outset, submitted that quantum of penalty under dispute is below prescribed threshold
2 ITA No.4507/Mum/2014 M/s. Mohan Velji Patel Assessment Year: 2002-03 limit of Rs.50 Lacs and therefore, the revenue’s appeal is 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. 3. After going through material on record, we find that the quantum of penalty under dispute is below threshold monetary limit of Rs.50 Lacs and therefore, the appeal is 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 appeal is not maintainable. 4. At the same time, a liberty is given to revenue to seek recall of the appeal, 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.
Order pronounced on 11th January, 2021.
Sd/- Sd/- (Mahavir Singh) (Manoj Kumar Aggarwal) उपा�� / Vice President लेखा सद� / Accountant Member मुंबई Mumbai; िदनांक Dated : 11/01/2021 Sr.PS, Jaisy Varghese
3 ITA No.4507/Mum/2014 M/s. Mohan Velji Patel Assessment Year: 2002-03
आदेशकी�ितिलिपअ�ेिषत/Copy of the Order forwarded to : अपीलाथ�/ The Appellant 1. ��थ�/ The Respondent 2. आयकरआयु�(अपील) / The CIT(A) 3. आयकरआयु�/ CIT– concerned 4. िवभागीय�ितिनिध, आयकरअपीलीयअिधकरण, मुंबई/ DR, ITAT, Mumbai 5. गाड�फाईल / Guard File 6.
आदेशानुसार/ BY ORDER,
उप/सहायक पंजीकार (Dy./Asstt.Registrar) आयकरअपीलीयअिधकरण, मुंबई / ITAT, Mumbai.