INCOME TAX OFFICER, DELHI vs. TWO AXIS FINTECH PVT. LTD., DELHI

ITA 3590/DEL/2024Status: DisposedITAT Delhi12 December 2024AY 2021-22Bench: SHRI VIKAS AWASTHY (Judicial Member)2 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 dismissed the Revenue's appeal for low tax effect. It was noted that CBDT Circular no. 09/2024, dated 17.09.2024, increased the monetary limit for filing appeals by the Department before the Tribunal to Rs. 60 lakhs, and no exceptions applied to this case.

What were the facts?

The Income Tax Officer (Revenue) filed an appeal before the ITAT, Delhi against an ex-parte order of the CIT(A)-2, Nagpur for the assessment year 2021-22. The appeal involved a tax effect of Rs. 1,08,000, which is below the monetary limit for departmental appeals.

What were the issues?

Whether the Revenue's appeal, having a tax effect below the prescribed monetary limit for departmental appeals set by CBDT circulars, should be entertained by the Tribunal.

Which sections of the Income-tax Act were involved?

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH “SMC”, DELHI

Hearing: 12/12/2024

(A.Y.2021-22) Income Tax Officer, R. No. 413 A, 4th Floor, CR Building, ...... अपीलाथ�/Appellant IP Estate, New Delhi 110002 बनाम Vs. Two Axix Fintech P. Ltd., C-14, C.C Colony, Opp. Ratna Pratap Bagh, Delhi 110007 ..... �ितवादी/Respondent PAN No. AABCF-2186-Q अपीलाथ� �ारा/ Appellant by : Shri Rajesh Tiwari, Sr. DR �ितवादी�ारा/Respondent by : None सुनवाई क� ितिथ/ Date of hearing : 12/12/2024 घोषणा क� ितिथ/ Date of pronouncement : : 12/12/2024 आदेश/ORDER

PER VIKAS AWASTHY, JM:

This appeal by the assessee is directed against an ex-parte order of Commissioner of Income Tax (Appeals)/Additional/Joint Commissioner of Income Tax (Appeals)-2, Nagpur (hereinafter referred to as 'the CIT(A)') dated 10.06.2024, for assessment year 2021-22.

A perusal of the grounds of appeal show that the tax effect involved in this appeal is merely Rs.1,08,000/- i.e. far less than the tax effect for filing of appeal by the Department before the Tribunal. The CBDT vide Circular no. 09/2024 dated (AY 2021-22) 17.09.2024 has increased the tax effect for filing of appeal before the Tribunal to Rs.60 lakhs. The ld. DR has not been able to show that the issue raised in appeal falls under any of the exceptions specified in para 3.1 of Circular No. 5/2024 dated 15.03.2024.

3. Hence, appeal of the Revenue is dismissed on account of low tax effect. Order pronounced in the open court on Thursday the 12th day of December, 2024. Sd/- Sd/- (VIKAS AWASTHY) �याियक सद�य/JUDICIAL MEMBER िद�ी/Delhi, �दनांक/Dated 12/12/2024 NV/- �ितिलिप अ�ेिषतCopy of the Order forwarded to :

1. 1. अपीलाथ�/The Appellant , �ितवादी/ The Respondent. 2.

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