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Income Tax Appellate Tribunal, MUMBAI BENCH “G”, MUMBAI
Before: SHRI C.N. PRASAD, HON’BLE & SHRI N.K. PRADHAN, HON’BLE
O R D E R PER C.N. PRASAD (JM) This appeal is filed by the Revenue against the order of the Learned Commissioner of Income Tax (Appeals)-51, Mumbai [hereinafter in short “Ld.CIT(A)”] in Appeal No. CIT(A)-51/IT-182/DCIT-3(3)/2016-17 dated 04.12.2017 for the Assessment Year 2014-15.
(A.Y: 2014-15) M/s. G.N.M. Realtors Pvt. Ltd 2. The Revenue has raised the following ground in its appeal: -
1. "On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in directing the Assessing Officer to delete the notional interest income of ₹.63 Lakhs on account of the interest free loan / deposits of ₹.3 Crores advanced by the assessee to Shri P.K. Khurana.”
At the time of hearing, Ld. DR fairly submitted that tax effect on the issue in the present appeal is below ₹.50 Lacs and in view of the CBDT Circular No. 17/2019 dated 08.08.2019 in F.No.279/Misc.142/2007-ITJ (Pt), the appeal of the revenue is not maintainable.
We have heard the submissions of Ld. DR and perused the grounds of appeal in this appeal. We find that the tax effect in this appeal is less than ₹.50 Lakhs and therefore the appeal of the Revenue is not maintainable on account of low tax effect in view of the CBDT Circular No.17/2019 dated 08.08.2019. Hence this appeal is dismissed.
In the result, appeal of the Revenue is dismissed.
Order Pronounced in the Open Court on the 19th February, 2020