ITO 17(1)(3), MUMBAI, MUMBAI vs. M/S. DERIVE INVESTMENTS, MUMBAI

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ITA 7105/MUM/2018Status: DisposedITAT Mumbai28 February 2020AY 2012-133 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 ITAT noted that the tax effect was below the revised monetary limit for filing appeals before the ITAT as per CBDT Circular No. 17 of 2019. The Departmental Representative conceded that the appeal was covered by the circular.

What were the facts?

The Revenue filed an appeal before the ITAT against an order of the CIT(A) for AY 2012-13. The tax effect of the relief granted by the CIT(A) was below Rs. 50 lacs.

What were the issues?

The primary issue was whether the Revenue's appeal was maintainable before the ITAT given the low tax effect, in light of the CBDT's revised monetary limits for appeals.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “SMC” BENCH, MUMBAI

Before: SHRI C. N. PRASAD, JM & SHRI S. RIFAUR RAHMAN, AM

M/s Derive Investments, ITO – 17 (1) (3) 903, Dalamal House, Room No. 135, 1ST Floor, बिधम/ 206, Jamnalal Bajaj Aayakar Bhavan, M. K. Vs. Road, Nariman Road, Marg, Mumbai 400 020. Mumbai-400 021 स्थायीलेखासं./जीआइआरसं./PAN No. AAGFD5938A (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant : Shri Kiran Unavekar, DR by प्रत्यथीकीओरसे/Respondentby : None सुनवाईकीतारीख/ : 27.02.2020 Date of Hearing घोषणाकीतारीख / : 28.02.2020 Date of Pronouncement आदेश / O R D E R

Per S. Rifaur Rahman, Accountant Member:

1.

The present Appeal has been filed by the revenue against the order of Ld. Commissioner of Income Tax (Appeals) - 55 in short referred as ‘Ld. CIT(A)’, Mumbai, dated 21.09.2018 for Assessment Year (in short AY) 2012-13. 2 M/s Derive Investments 2. At the outset, we notice none has appeared on behalf of the assessee inspite of calls. On the other hand, Ld. DR is present in the court. We notice that the tax effect of the relief granted by the Ld. Commissioner of Income Tax (Appeals) is below Rs. 50 lacs and as per Circular No.17 of 2019 dated 08.08.2019 issued by the Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance, Government of India, the CBDT has revised the monetary limit for filing appeals before the ITAT from the existing limit of Rs. 20 lacs to Rs. 50 lacs.

3.

The Ld. Departmental Representative (DR) fairly conceded that this appeal is covered by the aforesaid circular issued by the CBDT. The Ld. DR submitted that in case this appeal falls in the exceptional case, the appeal may be allowed to recall.

4.

We have gone through the order of the Ld. Commissioner of Income Tax (Appeals) and the grounds of appeals. We find that the tax effect in the above referred appeal is less than Rs. 50 lacs. Accordingly, we dismiss the aforesaid appeal filed by the Revenue as not maintainable/withdrawn.

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