ACIT, COIMBATORE vs. KTM JEWELLERY LIMITED, COIMBATORE

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ITA 1193/CHNY/2017Status: DisposedITAT Chennai02 March 2020AY 2012-132 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 Tribunal noted that the tax effect was below the CBDT limit and that the cross-objections had no independent grounds. Consequently, both the Revenue's appeals and the assessee's cross-objections were dismissed.

What were the facts?

The Revenue filed appeals before the ITAT. The Departmental Representative submitted that the tax effect was below the CBDT monetary limit for filing appeals. The assessee filed cross-objections to support the CIT(A)'s order.

What were the issues?

Whether the Revenue's appeals should be dismissed due to low tax effect as per CBDT circular. Whether the assessee's cross-objections are maintainable without independent grounds.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘A’ BENCH, CHENNAI

Before: SHRI N.R.S. GANESAN & SHRI RAMIT KOCHAR

Hearing: 02.03.2020Pronounced: 02.03.2020

आदेश /O R D E R PER BENCH:

1.

When both the appeals are taken up for hearing, Shri AR.V. Sreenivasan, the Ld. Departmental Representative submitted that the tax effect involved in these appeals is less than the monetary limit fixed by the CBDT for filing appeal before this Tribunal. Therefore

2.

We have also carefully gone through the cross objections filed by the assessee. The assessee has filed the cross objections only to support the order of the CIT(A). There is no independent ground raised. In view of the above, both the appeals of the Revenue and the cross objections of the assessee are dismissed.

3.

In the result, the appeals filed by the Revenue and the cross objections filed by the assessee stand dismissed.

Order pronounced in the open court on 2nd March, 2020 at Chennai.

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