ITO 3(1)(4), MUMBAI vs. HEADWAY CAPITAL ADVISORS LTD, MUMBAI

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ITA 342/MUM/2019Status: DisposedITAT Mumbai02 March 2020AY 2015-163 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 dismissed the Revenue's appeal as not maintainable due to the tax effect being below the monetary limit specified in CBDT circular 17/2019. The option to file a miscellaneous application was kept open if exceptions applied.

What were the facts?

The Revenue filed an appeal before the ITAT. The assessee argued that the tax effect was below the monetary limit set by CBDT circular for filing appeals. The Revenue conceded the tax effect was below the limit but argued an exception applied.

What were the issues?

Whether the Revenue's appeal is maintainable before the Tribunal given the tax effect is below the prescribed monetary limit by CBDT circular.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “H”, MUMBAI

Before: Shri G MANJUNATHA

For Appellant: Shri R. Bhoopathi, DR
For Respondent: Shri Rajiv Khandelwal, AR
Hearing: 02.03.2020

O R D E R Per G MANJUNATHA, AM :

This appeal filed by the Revenue is directed against order of the ld.

Commissioner of Income tax (Appeals)-8, Mumbai, dated 20/11/2018 and it pertains to AY 2015-16.

2.

We have heard both parties, perused materials available on record

2 ITA .No.342/Mum/2019 Headway Capital Advisors Ltd. and goe through orders of the authorities below. During course of hearing, the ld. AR for the assessee submitted that tax effect involved in this appeal filed by the revenue is less than Rs. 50 lacs and in view of latest CBDT circular No. 17/2019 dated 08/08/2019, appeal filed by the revenue is not maintainable and needs to be dismissed. The Ld. DR, on the other hand, fairly accepted that disputed tax involved in this appeal is less than Rs. 50 Lacs, however, he further submitted that issue involved in this appeal is appears to be covered by exception as provided under clause (e) of subsequent circular and therefore, if required the revenue shall be allowed to file miscellaneous application to recall the order.

We, find that, the CBDT, recently had issued a circular no. 17/2019 dated 08/08/2019, superseding its earlier circular no. 03/2018, dated 11/07/2018 and enhanced monetary limit for filing appeal before various appellate authorities and accordingly, enhanced monetary limit to Rs. 50,00,000/- for filing appeal before the Tribunal. Further, in the said circular, the CBDT had instructed its officer’s to file application for withdrawal of pending appeals. We, therefore, by taking into account the CBDT circular no.17/2019 dated 08/08/2019 and also considering the fact that tax effect involved in the present appeal is less than the amount of monetary limit fixed by the CBDT for not filing appeal before Tribunal, dismissed appeal filed by the revenue as not maintainable. However, we

3 ITA .No.342/Mum/2019 Headway Capital Advisors Ltd. keep open option to the revenue to file a miscellaneous application, if necessary, in case the issues involved in the present appeal comes within any of 3 exceptions as provided in para 10 of said circular and clause (e) of subsequent circular and if disputed tax involved exceeds threshold limit provided in CBDT circular.

3.

In the result, appeal filed by the Revenue is dismissed.

Order pronounced in the open court on 02.03.2020

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