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Income Tax Appellate Tribunal, “F” BENCH, MUMBAI
v/s Vipra Closures Pvt. Ltd. B-601, Waterford, Behind Navnit Motors, Andhri (W), Mumbai-400 058 …………….Respondent अपीलार्थी की ओर े / Appellant by : Shri Rajeev Gubgotra, DR प्रत्यर्थी की ओर े / Respondent by : Shri Deepak Tralshawall, AR ुनवाई की तारीख / Date of hearing: 27.08.2019 घोषणा की तारीख / Date of pronouncement : 27.08.2019 AadoSa / O R D E R महावीर स ुंह, न्याययक दस्य/ PER MAHAVIR SINGH, JM: This appeal of Revenue is arising out of the order of the Commissioner of Income Tax (Appeals)-18, Mumbai in 18/IT-153/AC-11 (3)(2)/15-16 dated 27.04.2017. The Assessment was 2 | P a g e framed by the Asst. Commissioner of Income Tax, Circle 11(3)(2), Mumbai (in short ACIT/ ITO/ AO) for AY 2012-13 vide dated 20.03.2015, under section 143(3) of the Income-tax Act, 1961 (hereinafter ‘the Act’).
At the outset, it is noticed that the AO made addition of unexplained cash credit by way of share capital and share premium under section 68 of the Act amounting to ₹ 1,26,00,000/- which is deleted by the CIT(A). The learned Counsel for the assessee stated that the tax effect, 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 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.