INCOME TAX OFFICER, WARD-6(3)(1), BANGALORE vs. M/S UAS EMPLOYEES HOUSING BUILDING CO-OPERATIVE SOCIETY LTD, BANGALORE

The present appeal is filed by the Revenue against the order of the CIT (A), Bengaluru -6, dt.22.03.2017, for the assessment year 29.04.2016, on the following grounds of appeal ITA.1612/Bang/2017 Page - 2

The Ld. DR has submitted that the case is required to be sent back to the assessee as both the CIT (A) has not verified whether the interest earned by the assessee by depositing the amount in a bank was from the investment made by the assessee out of its own fund or from borrowed fund / liability. 04. At the outset, both the Id. AR for the assessee and DR for the Revenue submitted before the Bench that/the tax effect pertaining to the amount disputed by the Revenue is less than the monetary limit of Rs. 20 lakh fixed by the CBDT in Circular No. 03/2018, dated 11/07/2018, which is in supersession of its Circular No. 21/2015 dated 10/12/2015, in relation to filing of appeals before the Income Tax Appellate Tribunal. Taking into consideration the aforesaid submissions of both the Id. Authorized Representative for the assessee and the Departmental Representative for the Revenue and also the fact that the CBDT Circular under reference applies retrospectively even to pending appeals, we hold that the appeal filed by the Revenue is not maintainable and liable to be dismissed in limine.