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Facts
The Revenue filed an appeal and the Assessee filed a Cross Objection against an order of the Commissioner of Income Tax (Appeals) for Assessment Year 2010-11. The tax effect involved in the Revenue's appeal was Rs. 54,07,050/-.
Held
The Tribunal dismissed the Revenue's appeal as the tax effect was below the revised monetary limit of Rs. 60,00,000/- for departmental appeals to the ITAT, as per CBDT Circular No. 09 of 2024. Consequently, the Assessee's Cross Objection was dismissed as academic.
Key Issues
Whether the Revenue's appeal met the revised monetary limit for filing before the Income Tax Appellate Tribunal as per CBDT Circular No. 09 of 2024.
Sections Cited
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Income Tax Appellate Tribunal, DELHI BENCH: ‘A’: NEW DELHI
Before: SHRI MAHAVIR SINGH & SHRI S RIFAUR RAHMAN,
This appeal by the Revenue and Cross Objection (C.O.) by the Assessee are arising out of the order of Commissioner of Income Tax (Appeals),-24,New Delhi-110055, in Appeal No. CIT(A), Delhi- 24/10011/2009-10, dated 31.10.2022 for the Assessment Year 2010-11.
At the outset, it is noticed that the grievance of the Revenue shows that the tax effect in this appeal is Rs. 54,07,050/-, which is less than the monetary limit prescribed for filing the appeal before the Tribunal. This appeal pertains to a low tax effect case.
However, the CBDT, in its Circular No. 09 of 2024 dated 17/09/2024, has recently revised the monetary limit for filing of the departmental appeals before the ITAT to Rs. 60,00,000/-. Hence, the appeal is dismissed, and the C.O. has been dismissed as academic.
ITA & C.O. No.- 65/D/23 and 95/D/23 Bhaijee Overseas Ltd. 4. In the result, appeal filed by the Revenue is dismissed, and C.O. by assessee is dismissed as academic.
Order pronounced in the Open Court on 18.12.2024.