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Income Tax Appellate Tribunal, DELHI BENCH “A” New Delhi
Before: SHRI H.S. SIDHU & SHRI R.K. PANDA
आदेश /O R D E R
PER H.S. SIDHU, J.M. 1. This appeal filed by the Revenue against the impugned order dated 18.07.2016 passed by the Ld. CIT(Appeals)-1, New Delhi in relation to assessment year 2012-13 on the following grounds: 1. “On the facts and in the circumstances of the case, the Ld. CIT(A) has erred in law in adopting the purchase value of shares at Rs. 1,56,75,000/- as against Rs. 28,53,655/- worked out by AO and allowing consequential loss on sale of shares to the tune of Rs. 1,28,35,833/- for the following reasons: 1.1 That the selling parties were not having the shares of Ashutosh Paper Mills Ltd. (which was sold) in their possession as on 03.01.2012 whereas they received the
ITO vs. Aggarwal Tube Suppliers Pvt. Ltd./ I.T.A.No.5068/Del/2016/A.Y.2012-13 Page 2 of 3 shares in the De-mat accounts in the month of March 2012 only. 1.2 That the assessee has failed to prove that there was actual transfer of shares on the date of issue of alleged debit note which could not be confirmed as the assessee has failed to produce the party for verification. 2. The appellant craves leave for reserving the right to amend, modify, alter, add or forego any ground(s) of appeal at any time before or during the hearing of this appeal.”
We have heard the learned CIT (D.R.), who has pointed out the tax effect involved in this appeal, is below monetary limit prescribed by the CBDT. We find that the CBDT vide Circular No.17/2019 dated 8th August 2019 [F.No.279/ Misc.142/ 2007-ITJ (Pt)] by amending para 3 of CBDT Circular No.3/2018 dated 11.07.2018 has enhanced the monetary limit for filing of appeal before Tribunal to Rs.50 lakhs and has also removed the anomaly in para 5 of said Circular No. 3/2018. We find that the present case does not fall within the exceptions clause 10 of said CBDT Circular No. 3/2018. Therefore, the present appeal is not maintainable as
per above Circular No. 17/2019, hence dismissed. This Circular is applicable to all pending appeals as clarified by CBDT letter dated 20.08.2019 [F. No. 279/Misc./M-93/2018-ITJ] and in the light of judgement of Hon`ble Supreme Court in the case of Pr. CIT, Jaipur v.
Meenakshi Modi SLP (Civil) Diary No. 25076 of 2019-dated 16.08.2019 wherein the Hon`ble Supreme Court has dismissed the appeal of ITO vs. Aggarwal Tube Suppliers Pvt. Ltd./ I.T.A.No.5068/Del/2016/A.Y.2012-13 Page 3 of 3 Revenue, as tax involved was less than Rs. 2 Crores. However, the Revenue is at liberty to approach to this Tribunal for recalling this order, if it is comes to the notice of the AO that the tax effect is more than the monetary limit provided under above Circular or the appeals is fall within ambit of the exceptions provided under the said Circular.
In the result, the appeal of the Revenue is stands dismissed. The order pronounced in the open court on 21.11.2019