What did the Tribunal hold?

The Tribunal found that the tax effect was below the prescribed limit of Rs. 50 Lacs as per CBDT Circular No. 17/2019. Therefore, the appeal was not maintainable.

The revenue filed an appeal against a relief granted to the assessee. The assessee contended that the tax effect of the dispute was below the monetary limit prescribed by CBDT circulars for filing appeals.

What were the issues?

Whether the revenue's appeal is maintainable before the Tribunal considering the monetary limit for appeals prescribed by CBDT circulars.

ITO vs National Venture Fund for… | ITAT Mumbai 2019

Income Tax Appellate Tribunal, “B” BENCH, MUMBAI

Before: HON’BLE SHRI MAHAVIR SINGH, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

For Appellant: Shri Gautam Nayak-Ld.AR

For Respondent: Ms. Kavita P. Kaushik –Ld.DR

आयकरअपील सं./ (िनधा"रण वष" / Assessment Year: 2010-11) Income Tax Officer (E)-2(1) National Venture Fund for Room No. 512, Piramal Software & Information बनाम/ Chambers, Lalbaug, Parel Technology Industry Mumbai- 400 012. Ground Floor, C-11, G-Block Vs. SME Development Centre BKC Bandra (E), Mumbai-400 051. "थायीलेखासं./जीआइआरसं./PAN/GIR No. AAATN-1889-L (अपीलाथ"/Appellant) (""थ" / Respondent) : Assessee by : Shri Gautam Nayak-Ld.AR Revenue by : Ms. Kavita P. Kaushik –Ld.DR सुनवाई की तारीख/ : 27/11/2019 Date of Hearing घोषणा की तारीख / : 27/11/2019 Date of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by revenue for Assessment Year 2010-11 contest certain relief granted by learned first appellate authority vide impugned order Appeal No. CIT(A)-8/IT-147/15-16 dated 26/09/2016.

The Ld. Authorized Representative for Assessee, at the outset, placed on record a computation sheet to submit the that the tax effect of 2 Assessment Year :2010-11 National Venture Fund for Software & Information Technology Industry quantum under dispute is less than monetary limit of Rs.50 Lacs as prescribed by Central Board of Direct Taxes 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 not maintainable.

Upon perusal of computation sheet, prima facie, it appears that the tax effect being contested by the revenue 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. The Ld. Departmental Representative is unable to point out any exceptions in the appeals as provided in para-10 of Circular no. 3 of 2018 dated 11/07/2018 or in any other subsequent circulars.

We have gone through the circular and find that the tax effect in dispute is below prescribed limit of Rs.50 Lacs and the assessee stood benefitted by the above circular issued by CBDT wherein the minimum monetary limit for filing the appeals before various appellate authorities have been fixed as under: - S. No. Appeals/ SLPs in Income-tax Monetary Limit (Rs.) matters 1 Before Appellate Tribunal 50.00,000 2 Before High Court 1,00.00,000 3 Before Supreme Court 2,00.00,000

ITO (E) 2(1), MUMBAI vs. NATIONAL VENTURE FUND FOR SOFTWARE & INFORMATION TEHCNOLOGY INDUSTRY, MUMBAI

What did the Tribunal hold?

What were the facts?

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