DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION) - 2(1)(1), MUMBAI vs. COMMONWEALTH BANK OF AUSTRALIA, MUMBAI

O R D E R Per Bench:- 1. Aforesaid appeals by revenue for Assessment Years [AY] 2012-13 and 2013-14 contest the order of first appellate authority on certain grounds of appeal.

ITA No.32-33/Mum/2018 Commonwealth Bank of Australia Assessment Years-2012-13 & 2013-14 2. When the appeals were called for hearing, the learned Authorized Representative for assessee, at the outset, drew our attention to the fact that the tax effect of the quantum additions being contested by the revenue in each of the appeal is below the threshold 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 appeals are not maintainable. 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. The perusal of ground of appeal s, prima facie, establishes that the tax effect of quantum addition being contested by the revenue in each of the appeal is below Rs.50 Lacs.

3. We have gone through the circular and find that the tax effect in both the appeals 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 matters Monetary Limit (Rs.) 1 Before Appellate Tribunal 50.00,000 2 Before High Court 1,00.00,000 3 Before Supreme Court 2,00.00,000 Commonwealth Bank of Australia Assessment Years-2012-13 & 2013-14 The aforesaid limits, as per para 13 of the Circular no. 3 of 2018 dated 11/07/2018, applies to the pending appeals also. In view of the admitted position, we dismiss both the appeals filed by the revenue.

4. At the same time, a liberty is granted to revenue to seek recall of any of the appeal, if at a later stage, it is found that the matter is covered by any exceptions provided in the aforesaid circular or in case the tax effect of the additions in any of the appeal as agitated by revenue exceeds the prescribed monetary limit.

5. Resultantly, both the appeals stand dismissed.

Order pronounced in the open court on 23rd September,2019. (Saktijit Dey) (Manoj Kumar Aggarwal) "ाियक सद" / Judicial Member लेखा सद" / Accountant Member