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Per Pawan Singh Judicial Member:
This appeal by revenue under section 253 of income tax act is directed against the order of ld. Commissioner of Income Tax (Appeals)-45, [CIT(A)], Mumbai dated 22.04.2016 for assessment year 2013-14. The solitary ground of appeal raised by the revenue relates to accepting a lower net profit whereas during the survey the assessee agreed for higher net profit.
2. At the outset of hearing, the ld. Authorized representative (AR) of the assessee submitted that the tax effect involved in the present appeal is below the monetary limit prescribed by CBDT Circular No.3/2018 dated 11th July 2018. The ld AR of the assessee furnished the working of tax effect, wherein the tax effect on the relief by ld CIT(A) is only of Rs. 18,60,524/-.
On the other hand, the ld. DR for the revenue submits that he may be allowed to sent the working of the tax effect to the assessing officer for cross check. Though, after going through the working of tax effect ld DR has fairly agreed that tax effect involved in the present appeal is below the monetary limit. 4. Considering the submissions of the ld representatives of the parties and the working of tax effect furnished before us, which is less than the monetary limit for filing appeal before the Tribunal. No exception mentioned in the said circular, is brought to our notice, therefore the appeal of the revenue is dismissed. However, the revenue is given liberty to get the appeal revive in case the tax effect is discovered more than the monetary limit prescribed by CBDT Circular No.3/2018 dated 11th July 2018
In the result appeal of the revenue is dismissed.