Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, ‘B(SMC
Before: Shri P.M. Jagtap, Vice-
This appeal is preferred by the Revenue against the order of ld. Commissioner of Income Tax (Appeals)-14, Kolkata dated 26.02.2019 and the solitary issue involved therein relates to the deletion by the ld. CIT(Appeals) of the addition of Rs.13,54,500/- made by the Assessing Officer on account of bogus LTCG claim on penny stock.
At the time of hearing fixing in this case today, none has appeared on behalf of the assessee. At the outset, it is noticed from the grounds raised by the Revenue in this appeal that the tax effect involved in this appeal is less than the monetary limit of Rs.50,00,000/- fixed by the C.B.D.T. for filing the appeal by the Revenue before the Tribunal. The ld. Assessment Year: 2015-2016 Sunita Jalan D.R. has not raised any objection in this regard. In the Circular No. 17/2019 dated 8th August, 2019 issued by the C.B.D.T., the monetary limit for filing the appeal by Revenue before the Tribunal is revised to Rs.50,00,000/-. As further clarified in the said Circular, the monetary limit so revised is applicable even to the pending appeals and the same are directed to be withdrawn or not pressed. I accordingly treat this appeal as withdrawn /not pressed on account of low tax effect in view of the CBDT Circular No.17/2019 dated 8th August, 2019 and dismiss the same.
In the result, the appeal filed by the Revenue is dismissed. Order pronounced in the open Court on May 04, 2021.