DCIT (LTU), NEW DELHI vs. M/S. MAX NEW YORK LIFE INSURANCE CO. LTD., NEW DELHI

During the course of hearing, the ld. AR submitted that pursuant to the mandate of section 268A the CBDT has issued Circular No. 03 of 2018, dated 11th July, 2018 with retrospective effect, revising the monetary limit to Rs.20,00,000/- for not filing appeals before the Tribunal. He further submitted that as the tax effect involved in the instant appeals is less than Rs.20,00,000/-, the extant appeals are not maintainable. The ld. D.R., although supported the order of the Assessing Officer, but could not controvert the fact that tax effect involved in these appeals is less than Rs.20,00,000/-. & 3054/Del/2015 CO Nos.469 & 470/Del/2015 3. We have heard the parties and perused the relevant material on record. Going by the prescription of the aforenoted Circular, it is palpable that the Instruction is applicable to the pending appeals also with retrospective effect and there is a clear-cut direction to the Department to withdraw or not press such appeals filed before the ITAT, wherein tax effect is less than Rs.20,00,000/-. We are, therefore, of the view that the Revenue should have either not filed the instant appeals before the Tribunal or withdrawn the same as the tax effect in these appeals is admittedly less than the prescribed limit, i.e., Rs. 20,00,000/- for not filing the appeal. Accordingly, we dismiss the instant appeals without going into merits of the case.

The ld. AR admitted that the Cross Objections of the assessee have become infructuous in view of the dismissal of the appeals of the Revenue. We dismiss the C.Os. of the assessee. & 3054/Del/2015 CO Nos.469 & 470/Del/2015 5. In the result, the appeals of the Revenue stand dismissed.