ITO, NEW DELHI vs. M/S. HIGH SKY FINANCE & INVESTMENT PVT. LTD., NEW DELHI

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ITA 1017/DEL/2012Status: DisposedITAT Delhi20 September 2018AY 2003-043 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The Tribunal held that in terms of CBDT Circular No. 03 of 2018, the Revenue should not have filed or should have withdrawn the appeal due to the low tax effect. Consequently, the Revenue's appeal was dismissed.

What were the facts?

The Revenue filed an appeal against an order of the CIT(A) for Assessment Year 2003-04. The tax effect in the appeal was admittedly less than Rs. 20 lakhs. The assessee also filed a Cross Objection.

What were the issues?

Whether an appeal filed by the Revenue with a tax effect below the prescribed monetary limit should be dismissed. The impact of a dismissed Revenue appeal on the assessee's Cross Objection.

Which sections of the Income-tax Act were involved?

Section 268A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCHES: ‘C’, NEW DELHI

Before: SHRI RS SYAL & SMT. BEENA A PILLAI

For Respondent: Shri F.R.Meena, Sr.D.R
Hearing: 20/09/2018Pronounced: 20/09/2018

ORDER

PER BEENA A PILLAI, JUDICIAL MEMBER

1.

The appeal is filed by Revenue against order dated 08.12.2011 of Ld.CIT(A)-XV, New Delhi in relation to A.Y. 2003-04. Assessee has filed Cross Objection. Admittedly the tax effect in the present appeal is less than Rs.20 lakhs.

2.

In terms of CBDT Circular No. 03 of 2018, dated 11th July, 2018 read with S.268A of the Income Tax Act, 1961, the Revenue should have either C.O.No.157/Del/12, A.Y. 2003-04 High Sky Finance & Investment Pvt.Ltd. not filed the present appeal, or should have withdrawn the same, as tax effect in this appeal is admittedly less than Rs. 20,00,000/-.

3.

In view of the above, the appeal filed by Revenue is dismissed.

4.

As we have dismissed revenue’s appeal, the Cross Objection filed by assessee becomes ‘infructuous’ and is dismissed as such.

5.

In the result, appeal filed by Revenue as well as the C.O. filed by assessee both are dismissed.

Order pronounced in the Open Court on 20th September, 2018.

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