DCIT 2(3),MUMBAI vs. THAKKER AND CO LTD, MUMBAI

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ITA 6104/MUM/2014Status: DisposedITAT Mumbai05 September 2019AY 2010-114 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The ITAT dismissed the Revenue's appeal as withdrawn due to the low tax effect, citing the CBDT circular. The assessee's cross-objection was also dismissed as not pressed.

What were the facts?

The Revenue filed an appeal before the ITAT with a tax effect of ₹ 42,42,787, which was below the monetary limit of ₹ 50 lacs prescribed by CBDT Circular No. 17/2019 for filing appeals. The assessee had also filed a cross-objection.

What were the issues?

Whether the Revenue's appeal should be dismissed for having a tax effect below the prescribed monetary limit for filing appeals before the ITAT as per CBDT circulars.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144,Section 254(2)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “E” BENCH, MUMBAI

For Appellant: Shri Pankaj Kumar, DR
Hearing: 05.09.2019Pronounced: 05.09.2019

Heard together (2 matters)

ITA No. 6104/Mum/2014
CO No. 173/Mum/2019

Read from the judgment's own cause title. This page is filed under one of them.

A a d o S a / O R D E R महावीर ससुंह, न्याययक सदस्य/ PER MAHAVIR SINGH, JM: These cross appeal by assessee is arising out of the order of Commissioner of Income Tax (Appeals)-6, Mumbai in Appeal Nos. CIT(A)-6/IT.42/Rg.2(3)/13-14 dated 26.06.2014. The Assessment was framed by the Asst. Commissioner of Income Tax, Circle 2(3) Mumbai (in short ACIT/ITO/ AO) for AY 2010-11 vide dated 11.03.2013, under section 143(3) read with section 144 of the Income-tax Act, 1961 (hereinafter ‘the Act’).

2.

This appeal contains the quantum addition of ₹ 1,24,82,457/- i.e. on account of sales from purchases of Siddhpad Trading Pvt. Ltd. The learned Counsel for the assessee stated that the tax effect in this appeal is ₹ 42,42,787/-, which is below the low tax effect as prescribed vide CBDT Circular No. 17/2019 vide F.No. 279/Misc.142/2007-ITJ(Pt.) dated 08.08.2019, wherein the monetary limit for filing of appeal before ITAT is enhanced to ₹ 50 lacs. We noted that vide this circular No. 17/2019 dated 08.08.2019 a amendment was made to CBDT Circular No. 3/2018 dated 11.07.2018 vide F.No. 279/Misc. 142/2007-ITJ (Pt) increasing the monetary limit for CO No. 173/Mum/2019 3 | P a g e filing of appeal before Income Tax Appellate Tribunal i.e. ₹ 50 lacs in each of the case from the monetary limit of ₹ 20 lacs. We noted that earlier Circular No. 3 of 2018 was made applicable to pending appeals also and this clause of the circular remains unchanged even after the amendment. Admittedly, in this case tax effect is below prescribed limit for filing of appeal before the Tribunal by the Revenue i.e. ₹ 50 lacs.

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