INCOME TAX OFFICER-24(1)(1), MUMBAI vs. AKSHAY MITTAL INDUSTRIAL PREMISES CO OP SOC LIMITED, MUMBAI

This appeal contains the quantum addition of ₹ 34,65,369/- as income from house property. The learned Counsel for the assessee stated that the tax effect in this appeal is ₹ 10,70,799/-, which is below the low tax effect circular brought by the Central Board of Direct Taxes (CBDT) vide circular F.No. 279/Misc. 142/2007-ITJ (Pt) dated 11.07.2018, wherein monetary limits and other conditions for filing of departmental appeal before the Tribunal has been revised and fixed at ₹ 20 lacs. He placed the copy of this circular on record.

In view of the above, we are of the view that the Revenue’s appeal is fully covered by CBDT circular No. 3 of 2018 and there is no exception brought out by the Revenue that these appeals falls under any of the exception as provided in Para 10 which reads as under: - “10. Adverse judgments relating to the following issues should be contested on merits notwithstanding that the tax effect entailed is less than the monetary limits specified in para 3 above or there is no tax effect:

When this was confronted to the learned Sr. Departmental Representative, he could not point out that this appeal falls under any of the exception as provided in Circular No. 3 of 2018. Admittedly, the tax effect in this appeal of Revenue is much below the prescribed limit of filing appeal before the Tribunal i.e. ₹ 20 lacs as per CBDT circular No. 3 of 2018. In view of the above, this appeal of Revenue is dismissed as withdrawn in view of Circular No 3 of 2018.

In the result, the appeal of Revenue is dismissed as withdrawn.