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Income Tax Appellate Tribunal, MUMBAI BENCH “G”, MUMBAI
Before: SHRI C.N. PRASAD, HON’BLE & SHRI M. BALAGANESH, 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)-9, Mumbai [hereinafter in short “Ld.CIT(A)”] in Appeal No. CIT(A)-9/Cir-4/520/2015-16 dated 16.02.2017 for the Assessment Year 2010-11.
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 (A.Y: 2010-11) M/s. Shree Petro Yarn (India) Pvt. Ltd., addition made towards unexplained share application money of ₹.75,00,000/- u/s. 68 of the Act.”
At the time of hearing, Authorized Representative of the assessee submitted that tax effect on the issue in the present appeal is ₹.23,17,500/- which 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.
Departmental Representative also agreed with the above submission of the Authorized Representative of the assessee.
We have heard the submissions 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 03rd February, 2020