ACIT 4(2)(1), MUMBAI vs. PHILIP CAPITAL (INDIA) P.LTD, MUMBAI

The captioned appeal filed by the Revenue pertaining to assessment year 2010-11 is directed against the order passed by CIT(A)-9, Mumbai, dated 21.03.2016, which in turn arises from the order passed by the Assessing Officer under Sec.143(3) of the Income Tax Act, 1961 (for short ‘the Act’), dated 10.03.2014.

On a perusal of the record, it stands revealed that the tax effect involved in this appeal is less than Rs.20.00 lacs. The ld. Departmental Representative (for short ‘D.R’) on being confronted admitted the said factual position.

We find that the CBDT vide its Circular No.03/2018, dated 11/07/2018 has revised the monetary limits for filing of appeals by the Department before the Tribunal, retrospectively. Since the tax effect in P a g e | The DCIT-4(2)(1) Vs. M/s Philip Capital(India) Pvt. Ltd. dispute in the captioned appeal is admittedly below the monetary limit of Rs.20.00 lacs specified in the CBDT Circular No. 03/2018, dated 11/07/2018, therefore, the same is dismissed as not maintainable.