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Income Tax Appellate Tribunal, “D” BENCH, MUMBAI
Before: HON’BLE SHRI AMARJIT SINGH, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM
सुनवाई की तारीख/ : 11/02/2020 Date of Hearing घोषणा की तारीख / : 11/02/2020 Date of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by revenue for Assessment Year [in short referred to as ‘AY’] 2013-14 contest the order of Ld. Commissioner of Income-Tax (Appeals)-16, Mumbai, [in short referred to as ‘CIT(A)’], Appeal No. CIT(A)-16/ITO-9(3)(1)/IT-116/2017-18 order dated 31/07/2018 qua grant of relief u/s 2(22)(e) for Rs.89.77 Lacs.
2 M/s. Discovery Properties & Hotels Private Ltd. Assessment Year :2013-14 2. The learned Authorized Representative for assessee (AR), at the outset, drew attention to the fact that the appeal is not maintainable since the tax effect of quantum additions being contested by the revenue is less than monetary limit of Rs.50 Lacs as prescribed by CBDT in its recently issued Circular No.17/2019 dated 08/08/2019 [F.No.279/Misc.142/2007-TTJ(Pt.) Government of India, Ministry of Finance, Department of Revenue] and therefore, the appeal is liable to be dismissed. The Ld. DR could not point out any exception and also could not controvert the fact that the tax effect of quantum addition was less than Rs.50 Lacs.
Upon perusal of case records, prima facie, it appears that the tax effect of quantum additions under dispute is less than prescribed limit of Rs.50 Lacs and the same is covered by recently issued low tax effect Circular No.17/2019 dated 08/08/2019 issued by Central Board of Direct Taxes [CBDT]. This recent circular further enhances the monetary limit fixed in earlier Circular No.3 of 2018 dated 11/07/2018 issued by CBDT as amended on 20/08/2018. Therefore, the appeal is liable to be dismissed.
At the same time, a liberty is given to revenue to seek recall of the appeal, if at a later stage, it is found that the matter is covered by any exceptions provided in any of the circular or in case the tax effect as agitated by revenue exceeds the prescribed monetary limit.